Last month, Swiss private wealth manager Sarasin, a subsidy of Rabobank Groep, issued a statement saying that it was open to a buy-out option following news of a possible bid by Swiss private bank Julius Baer.
The Swiss private bank had even raised the bid offer for stakes in Sarasin from a mixed offer to an all cash offer. This change seemed to have been triggered by strong interests expressed by Raiffeisen, a Swiss cooperative lender.
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At the time, it was reported that Sarasin’s senior executives were more in favour of Raiffeisen’s offer, as they feared major job losses under Julius Baer, who is a direct competitor.
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