Bank Sarasin to end its joint venture in Spain

Bank Sarasin & Co. Ltd is closing down its Spanish subsidiary Sarasin Alén Agencia de Valores S.A., a joint venture with Alén Gestión Patrimonial. Sarasin’s Board of Directors made this decision in the light of the adverse market climate in Spain and the subsidiary’s disappointing business performance. Bank Sarasin is committed to consistently managing its revenues and costs, and regularly reviews its business portfolio. The closure of Sarasin Alén does not have any significant impact on the costs reported in the consolidated financial statements of Bank Sarasin.