euro adhoc: Bank Sarasin + Cie AG / Annual results 2003 of Bank Sarasin & Co. Ltd (E)

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2003 closes with solid group profit
Acquisition of Chiswell Associates Limited

Bank Sarasin & Co. Ltd posted a group profit of CHF 70 million in 2003, a significant improvement on the previous year's net loss of CHF 316 million, which was attributable to a number of exceptional factors. Operating results also improved markedly, doubling to CHF 64 million. The Board of Directors will propose an increase in the dividend from CHF 25 to CHF 50 per class B registered share to the General Meeting of Shareholders on 26 April 2004. Successful cost management enabled a 6% reduction in operating expenses. Total assets under management grew by CHF 2.2 billion (+4.7%) year on year, to stand at CHF 48.6 billion.
Sarasin has entered into an agreement to acquire the asset management company Chiswell Associates Limited. This acquisition makes Sarasin a market leader in asset management for charities in the UK. At end-2003, the assets under Chiswell's management were equivalent to some CHF 4 billion. The purchase price was GBP 20.9 million.

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Further inquiry note:
Dr. Benedikt Gratzl
Head Corporate Communications
T.: +49(61)277 70 88
Tel: +41(61)277 77 77
FAX: +41(61) 272 02 05

Emittent: Bank Sarasin + Cie AG Elisabethenstr. 62 CH-4002 Basel Tel: +41(61)277 77 77 FAX: +41(61) 272 02 05 Email: WWW: ISIN: CH0002267737 WKN: 872869 Indizes: SPI Börsen: regulated dealing SWX Swiss Exchange

end of announcement euro adhoc

Branche: Banking
Sprache: Englisch