Swiss Watchdog Gives Nod to Aig/Sarasin Bank Launch

Summary

---

ZURICH, Switzerland (HedgeWorld.com) - The Swiss Federal Banking Commission has awarded a banking license to bank zweiplus ltd. The new bank is described as a "joint enterprise" between Bank Sarasin & Cie, a Swiss private bank, and AIG Private Bank.

Founded in 1841, Bank Sarasin, which specializes in investment advisory and asset management services for private and institutional clients, will hold a 57.5% stake in bank zweiplus. Bank Sarasin is quoted on the Swiss stock exchange and had assets under management of 83 billion Swiss francs ($80.4 billion) at the end of 2007. AIG Private Bank, which was founded in 1965, will hold 42.5%. AIG Private Bank, whose parent company is the U.S.-headquartered insurer and financial services group AIG, had assets of 21 billion CHF at the end of 2007.

See the full content of this document

Extract

---

Swiss Watchdog Gives Nod to Aig/Sarasin Bank Launch

It has taken a little more than three months for bank ...

See the full content of this document

---