Reuters: Private Equity: Safra gets FINMA approval for Sarasin stake

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Safra gets FINMA approval for Sarasin stake Jun 22nd 2012, 18:32 June 22 | Fri Jun 22, 2012 2:32pm EDT June 22 (Reuters) - Brazilian-Swiss private bank Safra said the Swiss financial market supervisory authority, FINMA, has approved the company's acquisition of Rabobank's majority interest in Bank Sarasin. Dutch cooperative Rabobank, the largest shareholder in the private Swiss bank had agreed to sell its majority stake in November, in a deal valued at 1.04 billion Swiss francs ($1.09 billion). On Thursday, Sarasin sent an internal memo to employees about Safra's support of its management to quell speculation of a rift after two independent board members said they would resign on completion of the acquisition. The Safra group also said it expects the new Sarasin board to be composed of eight members, including Jacob Safra, vice chairman of J. Safra Holding AG. ($1 = 0.9581 Swiss francs) (Reporting by Aman Shah in Bangalore; Editing by Joyjeet Das)

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