Luxembourg, 5 July 2007
On 15 May 2007, Banque Sarasin & Cie SA (based in Basel, Switzerland) and Crédit Agricole Luxembourg signed an agreement for the latter to acquire Bank Sarasin Europe S.A, Banque Sarasin’s Luxembourg subsidiary.
The deal has been approved by the regulatory authorities, and since 2 July 2007, Bank Sarasin Europe S.A. has been operating under its new name of Crédit Agricole Luxembourg Bank.
There are plans to merge Crédit Agricole Luxembourg Bank with Crédit Agricole Luxembourg by mid-2008. This gradual process is the best way of ensuring the continuity of commercial activity and the combination of the two entities’ workforces. Customers will retain their usual contact people at the bank.
The acquisition of Bank Sarasin Europe S.A. strengthens the Crédit Agricole Group’s private banking business in Europe. Crédit Agricole Luxembourg is now one of Luxembourg’s top five private banks in terms of assets under management. With its increased scale (AuM of €15bn after the merger) and its extensive expertise, Crédit Agricole Luxembourg now offers attractive products, services and development prospects to customers and employees of Crédit Agricole Luxembourg Bank.
