Annual Report 2012 - Bank Sarasin

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Bank Sarasin & Co. Ltd, Annual Report 2012 | 4
Report of the Board of Directors The reporting year was dominated by political outcomes that reduced uncertainty. Parliamentary elections in Greece and France addressed the survival of the euro and the financial stability of Europe. The divisions over America’s future economic direction exacerbated during the presidential campaign eased somewhat after the election, with a consequent rally on financial markets. Most asset classes managed to achieve double-digit growth in 2012. The past year was also dominated by the completion of the acquisition by Safra announced in November 2011. The acquisition of the majority shareholding in Bank Sarasin from Rabobank Group (Coöperatieve Centrale Raiffeisen- Boerenleenbank B.A.) was closed on 31 July 2012. Following this acquisition, Safra made a public offer for the publicly held registered B shares of Bank Sarasin, which was completed on 19 October 2012. The income statement for the year under review shows an operating income of CHF 664.2 million. Operating expenses amounted to CHF 535.3 million. The operating profit came to CHF 128.8 million. The consolidated balance sheet remained fairly stable. At 31 December 2012, total assets amounted to CHF 17.8 billion. On the asset side, liquidity positions were strengthened and loans to customers decreased. Total assets under management increased to CHF 97.8 billion in the year under review. On 28 January 2013 it was announced that the Boards of Directors of J. Safra Sarasin Holding, Bank Sarasin and Bank J. Safra (Switzerland) have decided to merge the two banks under the name Bank J. Safra Sarasin Ltd. The merger is expected to be completed in the second quarter of 2013 with the necessary regulatory approvals finalised at that time. The head office of Bank J. Safra Sarasin will be in Basel. Bank J. Safra Sarasin will continue to pursue Bank Sarasin’s existing business strategy to position itself as a leading sustainable international provider of financial services. Bank J. Safra Sarasin will enable both Safra and Sarasin to capitalise on their respective brand strengths, and the merger underscores the complementary attributes of both companies with respect to clients, global private banking and wealth management, operations, and corporate governance. To reflect the common strengths of both companies, the J. Safra Sarasin logo embodies the Safra and Sarasin brand identities. It includes not only the two brand names, but the emblem of both institutions. J. Safra Sarasin Group is well positioned to be a prominent player both in the Swiss financial center and in all global markets, consistent with the needs of its clients. The family-ownership of J. Safra Sarasin Group provides the company, its clients, and its business partners with stability and a consistent long-term approach. The Board wishes to reiterate its appreciation to all clients for their loyalty and trust, and would like to associate with these thanks the management and staff of the Bank for their expertise, dedication and enthusiasm. Bank Sarasin & Co. Ltd, Annual Report 2012 | 5
Page 1: Annual Report 2012 Bank Sarasin & C
Page 6 and 7: Bank Sarasin & Co. Ltd, Annual Repo
Page 8 and 9: Consolidated comprehensive income C
Page 10 and 11: Statement of changes in equity CHF
Page 12 and 13: Consolidated statement of cash flow
Page 14 and 15: is transferred and deconsolidated o
Page 16 and 17: asis throughout the time the corres
Page 18 and 19: financial investment that is availa
Page 20 and 21: Securities lending and borrowing In
Page 22 and 23: The value of goodwill items is revi
Page 24 and 25: IAS 1: Presentation of items of oth
Page 26 and 27: 2. Details of positions in the cons
Page 28 and 29: 2.3 Results from trading operations
Page 30 and 31: 2.5 Personnel expenses CHF 000 2012
Page 32 and 33: 2.7 Depreciation and amortisation C
Page 34 and 35: 2.9 Taxes Income taxes CHF 000 2012
Page 36 and 37: 2.10 Deferred taxes CHF 000 31.12.2
Page 38 and 39: 2.12 Pension plans There are pensio
Page 40 and 41: 2.13 Cash and cash equivalents CHF
Page 42 and 43: 2.15 Due from banks and customers C
Page 44 and 45: 2.17 Trading portfolio assets CHF 0
Page 46 and 47: 2.19 Derivative financial instrumen
Page 48 and 49: 2.21 Investment in associates CHF 0
Page 50 and 51: Additional information regarding pr
Page 52 and 53: Intangible assets CHF 000 31.12.201
Page 54 and 55:
2.25 Assets pledged or ceded to sec
Page 56 and 57:
2.27 Due to customers CHF 000 31.12
Page 58 and 59:
2.29 Debt issued Year of issue Name
Page 60 and 61:
2.31 Provisions CHF 000 Restructuri
Page 62 and 63:
3. Transactions with related person
Page 64 and 65:
5. Risk management Structure of ris
Page 66 and 67:
Value at Risk 1 of the Sarasin Grou
Page 68 and 69:
Operational risks and reputation ri
Page 70 and 71:
5.2 Market risks: currency risk - e
Page 72 and 73:
5.4 Market risks: equity price risk
Page 74 and 75:
5.6 Credit risks: analysis of colla
Page 76 and 77:
5.8 Credit risks: total exposure to
Page 78 and 79:
5.10 Credit risks - credit quality
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5.12 Credit risks: presentation of
Page 82 and 83:
5.14 Liquidity risks - maturity str
Page 84 and 85:
6. Segment reporting The Sarasin Gr
Page 86 and 87:
Restatement of the segment informat
Page 88 and 89:
Capital adequacy - risk-weighted as
Page 90 and 91:
7.2 Financial Instruments Fair valu
Page 92 and 93:
Level 3 instruments The next table
Page 94 and 95:
7.4 Client assets under management
Page 96 and 97:
7.6 Swiss banking legislation The S
Page 98 and 99:
7.8 cash zweiplus bank zweiplus ltd
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