Sarasin executives in bid to thwart Julius Baer takeover

TWELVE top managers at Swiss private bank Sarasin, including its chief executive Joachim Straehle, have written a letter to the bank’s board to fend off a takeover by Julius Baer, it is understood.

It is understood the letter was written by practically the whole top level of management at Sarasin, meaning the bank would likely see an exodus of top staff if Baer were to take over.

A spokesman for Sarasin declined to comment.

Sarasin, one of a host of smaller private banks in Switzerland, said last month Rabobank was looking at all options for the 46 per cent of Sarasin it owns, which corresponds to 68 per cent of voting rights. Sarasin’s management said earlier it hoped Dutch Rabobank will make a decision this month about its controlling stake.