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Markets

Sarasin chief assures investors on dividend

ZURICH: The sale of Dutch cooperative Rabobank's majority stake in Swiss private bank Sarasin to Brazilian-Swiss private
03 Dec 2011

downlllZURICH: The sale of Dutch cooperative Rabobank's majority stake in Swiss private bank Sarasin to Brazilian-Swiss private bank Safra should not endanger the bank's dividend, Sarasin's Chief Executive was quoted as saying in a paper on Saturday.

"Of course a listed company has to pay a dividend. In the past Sarasin distributed at any one time 50 percent of its profits," Joachim Straehle told the Finanz und Wirtschaft newspaper in an interview published on Saturday.

"The board of directors is responsible for the distribution of profit, but I assume that the dividend policy will not change," Straehle said.

Family-owned Safra agreed to buy Rabobank's majority stake in Sarasin for 1.04 billion Swiss franc ($1.13 billion) last week, ending months of uncertainty.

Sarasin said the bank's board had set up a three-member independent committee led by chairman Christoph Ammann to represent public shareholders.

Copyright Reuters, 2011