ZURICH, Sept 18 Brazilian-Swiss private bank
Safra said it was set to control 90.47 percent of Sarasin
after an offer to minority shareholders, adding it had
extended the offer to Oct. 5 in the hope of getting more
Safra bought a controlling stake in the Swiss private bank
from Dutch cooperative Rabobank last year.
Its stake equates to 94.46 percent of voting rights in
Sarasin, which has two types of shares with different voting
"We would expect more minority shareholders to accept the
offer in this (extended) period," Vontobel analysts said on
Tuesday in a note. The brokerage rates the stock a 'hold'.
Zuercher Kantonalbank said minority shareholders should use
the extension to sell their Sarasin stock.
Safra beat Julius Baer in a contest to buy Sarasin
last November. Baer went on to buy Bank of America Merrill
Lynch's overseas wealth-management business for up to
860 million Swiss francs ($929 million) last month.