Deals
Billionaire Safra's Swiss Bank Could Make ‘Large’ Acquisition
- Safra Sarasin could buy manager half its size, chairman says
- Managed assets surpass medium-sized rivals after buying spree
Bank J. Safra bank in Zurich.
Photographer: Harold Cunningham/Getty Images
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Billionaire Joseph Safra’s Swiss private bank has the owner’s blessing to pursue a big deal after surpassing local banking rivals, according to Chairman Ilan Hayim.
"We would not have a problem buying a large entity," Hayim, head of Bank J. Safra Sarasin, said in an interview in Zurich. "Let’s not exaggerate, but for an entity with assets under management of 50 billion Swiss francs ($53 billion) to 100 billion francs -- it’s not a financial issue."