Two Leading Guernsey Banks To Merge, Says Report

by Robert Lee, Tax-News.com, London

24 July 2002

The Guernsey Press and Star reported this week that two of Guernsey's leading local banks are to merge following an agreement between their European parent companies.

According to the newspaper, Rabobank Guernsey and Bank Sarasin (Guernsey) have joined forces as part of a wider alliance between the Rabobank Group and the Sarasin Group, a move which the Managing Director of the combined group, Ronald van Beek believes is bound to benefit the clients of the two banks, as it combines Bank Sarasin's 160 years of private banking experience with the financial strength of the Rabobank Group.

Speaking to the Guernsey Press, Director Philip Baumann announced that:

'We see a lot of opportunities, although life in the sector has become more challenging over the last two years and in the future it will continue to become more challenging.' He continued: 'I think that, with the new group, we are well placed for the future.'

According to the local newspaper, Rabobank Guernsey changed its name to Bank Sarasin (CI) at the beginning of the month in preparation for the change.

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