both banks benefit from
direct access to each other's
products
Banking discretion
rank Wulms
Guido van Berkel
Sustainable business
In 2005, the new European Union/SwissTreaty on
taxation comes into effect. For many years, the EU
attempted to abolish banking secrecy. Says Dr
Georg F. Krayer, President oftheSwiss Banking
Association and Chairman of Bank Sarasin,
'Basically, we in Switzerland have always shared
the EU's concerns on appropriate taxation on
the interest earned. The issue was how to tackle
it without losing the fundamental Swiss right to
banking discretion.'The new Treaty with the EU
allows for both tax 'retention' and continued
privacy for EU citizens with assets in Switzerland.
Tax retention means interest earnings on specific
investments will be taxed at a flat rate at source by
Swiss banks. These monies will then be transferred
to national fiscal authorities, without any
information on the source.
If you would like more information on this issue,
please visit Bank Sarasin's website, www.sarasin.ch
A good example is for instance, that Rabobank International is
a major Mergers and Acquisitions (M&A) player. We believe Bank
Sarasin's asset management reputation and capabilities add a
potential dimension to any M&A pitch. As a Swiss private bank,
we could enhance management of the significant sums received
by entrepreneurs when their company is sold.'
While the mutual advantages of access to more markets and
target groups is a valid enough reason for this alliance, there
is more. Bank Sarasin is committed to sustainability as one of
its three investment and asset management approaches. Says
Van Berkel, This dovetails with Rabobank's corporate social
responsibility activities. We are already recognized as a financial
institution committed to sustainability. More and more investors,
including high-net worth individuals and institutions, want to
see this kind of commitment in the management of their assets.
The product offering of Bank Sarasin in this field reinforces
Rabobank's own sustainable offering.'
26 The Word
