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J Safra Sarasin Group Shutters German Private Bank, Creates Luxembourg Entity Instead

Tom Burroughes

7 March 2017

The yesterday said it will shut its private banking unit for the German market because it has not achieved critical mass in business, accounting for less than 1 per cent of the group’s SFr148.5 billion ($146.8 billion) assets under management as reported last week.

The decision to shutter Bank J Safra Sarasin (Deutschland) will have “no impact and does not affect the institutional and wholesale business in Germany, to which the J Safra Sarasin Group remains fully committed”.

The group said it will “optimise its presence in Germany" with regard to its institutional and wholesale business with the establishment of a branch of Banque J Safra Sarasin (Luxembourg) to operate its ICWS business under the "European Passport", enabling clients to use the J Safra Sarasin Group’s services.

Last week, the lender said group net profit increased by 9.4 per cent year-on-year to SFr252.1 million for 2016. Assets under management increased to SFr148.5 billion from SFr144 billion. The cost/income ratio held steady at 60 per cent.