Bank J. Safra Sarasin (Deutschland) AG will no longer offer private banking services
The J. Safra Sarasin Group has finalized the review of the private banking business strategy and profitability in Germany and as a result, its local entity Bank J. Safra Sarasin (Deutschland) AG will no longer offer private banking services in the future due to the lack of critical mass, representing less than 1% of the Group’s assets under management.
This decision has no impact and does not affect the Institutional and Wholesale Business (ICWS) in Germany, to which the J. Safra Sarasin Group remains fully committed.
In this context, the J. Safra Sarasin Group will optimize its presence in Germany with regard to its Institutional & Wholesale business with the establishment of a branch of Banque J. Safra Sarasin (Luxembourg) S.A. to operate its ICWS business under the "European Passport", enabling clients to continue to profit from the global expertise of the J. Safra Sarasin Group, its financial and capital strength and its comprehensive range of services.
With this new structure, J. Safra Sarasin Group reaffirms its commitment and confidence in the German market.