Credit Agricole to acquire Bank Sarasin Europe S.A.

Credit Agricole Luxembourg, a subsidiary of Credit Agricole Group, has signed an agreement with Bank Sarasin & Co. Ltd, based in Basel, Switzerland, with a view to acquiring Sarasin’s Luxembourg subsidiary, Bank Sarasin Europe S.A.
Once the acquisition goes through, subject to regulatory approval, Bank Sarasin Europe S.A. and Credit Agricole Luxembourg are scheduled to merge by mid-2008.

This gradual process will allow business to continue as usual and enable the two companies’ teams to amalgamate under optimum conditions. Moreover, customers will keep their existing banking relationship officers.

Credit Agricole Luxembourg continues to grow in line with the Credit Agricole Group’s strategy of expanding in Europe‘s leading private banking markets.

Jean-Frederic de Leusse, head of Group International Development at Credit Agricole S.A., said: “By acquiring Bank Sarasin Europe S.A., the Credit Agricole Group is strengthening its private banking business in Europe and putting Credit Agricole Luxembourg among the top five private banks in the Grand Duchy, measured by assets under management”.

Credit Agricole Luxembourg will leverage its size – post-merger, it will have 15 bln euros under management – and its skill centres to offer Bank Sarasin Europe S.A. customers and employees attractive products and services, and exciting development prospects.

Looking beyond Luxembourg, the acquisition is part of the Credit Agricole’s strategy of expanding into the major private banking markets in Europe: the Group already has leadership positions in Switzerland and Monaco.

— Bank Sarasin puts focus on its growth strategy

In line with its growth strategy, Bank Sarasin & Co. Ltd continues its geographical expansion into growth markets outside of Europe, especially in Asia and the Middle East. The sale of its Luxembourg subsidiary Bank Sarasin Europe S.A., with 2.4 bln Euros under management, to Credit Agricole Luxembourg, is a further step in this direction. “Selling our private banking activities in Luxembourg will give us the financial leeway we were looking for in order to continue our geographical expansion into other target markets”, said Joachim H. Straehle, CEO of Bank Sarasin & Co. Ltd.