It is almost three years
since Rabobank acquired
a 28% stake in one of
Switzerland's best-known
private banks. In a ground-
breaking move, Rabobank
and Bank Sarasin joined
forces with a number of
goals in mind. The Word
looks at the progress so far.
The Sarasin alliance
Direct access
Natural fit
'Synergy' was the term used to describe the strategie thinking
behind the Rabobank/Bank Sarasin alliance back in 2002.
Rabobank wanted a firm foothold in the private banking world
and the international distribution access it offered. Bank Sarasin
was looking to expand its international network, its services to
clients and access to new markets, in particular Asia. Guido van
Berkel, member of the Group Executive Board and Head of
International Private Banking says, 'And Rabobank's Triple A
rating definitely makes us even more secure for our clients
who want their assets managed by a safe bank they can trust.'
Thirty months into the alliance, both partners have made real
progress in on-going initial goals. Last year, Rabobank used
Bank Sarasin's strong distribution network to market both Rabo
Securities and Rl products. Bank Sarasin is currently making
private banking headway in a number of European countries,
markets that would have been more difficult to enter before the
partnership. Both banks benefit from direct access to each other's
products, including the Robeco range, which is now a Standard
part of the Bank Sarasin fund offering.
In 2005, Bank Sarasin is looking to further intensify and optimize
its relationship with the entire Rabobank Group. According to
Frank Wulms, Bank Sarasin's Vice President of International
Private Banking, 'Our relationship with Robeco is already strong.
It is a natural fit and we are working on strengthening that co-
operation. But we also see further opportunities for interaction
within the group.
When Triple A rated Rabobank and top branded
Bank Sarasin announced their alliance, they made
Swiss private banking history. This was the first
time a 'foreign' player had acquired a significant
stake in a Swiss private bank. At the time, Rik van
Slingelandt said: The alliance represents an
opportunity to combine their good name with our
top rating.'
It was a non-cash transaction. In return for the 28%
stake, Rabobank brought in its international private
banking offices and assets under management.
These were integrated into Bank Sarasin's existing
network. For Rabobank, the alliance offered an
opportunity to gain a real foothold in international
private and personal banking business. Bank
Sarasin benefited from ourTriple A rating and
gained a presence in such attractive private
banking markets as Hong Kong and Singapore.
In addition to the initial stake, Rabobank has a call
option to 2009 on an additional stake that would
make us the majority shareholder.
The Word 25
