Safra Group to Acquire Majority Stake in Sarasin From Rabobank

Safra Group, founded in the Syrian city of Aleppo in the 19th century, agreed to acquire Rabobank Groep’s controlling stake in Bank Sarasin & Cie. AG for more than 1 billion Swiss francs ($1.1 billion) to expand private banking in Europe, the Middle East and Asia.

Safra will pay 36 francs apiece for B shares, about 5 percent more than the price of Sarasin’s stock at the market close. Together with the purchase of A shares, that will give Safra 68.6 percent of the voting rights and a 46 percent equity interest, the companies said today in a statement.