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Banque Jacob Safra (Suisse) to Acquire Banque du Gothard (Monaco) from Banca del Gottardo.

15.11.2005

Acquisition Expands Banque Jacob Safra’s Private Banking Business Into Monaco. Sale Represents Additional Step in Banca del Gottardo’s Strategy Implementation.

Banque Jacob Safra (Suisse) SA, headquartered in Geneva, and Banca del Gottardo, headquartered in Lugano, today announced an agreement under which Banque Jacob Safra (Suisse) will acquire for cash Banque du Gothard (Monaco) from Banca del Gottardo. The acquisition, financial terms of which were not disclosed, will close as soon as practicable following regulatory approvals.

With the acquisition of Banque du Gothard (Monaco), Banque Jacob Safra (Suisse) will add a strong presence in Monaco’s private banking marketplace. The addition of Banque du Gothard (Monaco)'s CHF 3.5 billion of client assets under management will increase Banque Jacob Safra's client assets under management to CHF 15 billion.

Marco J. Netzer , Chief Executive Officer at Banca del Gottardo, said: ”The sale of Banque du Gothard (Monaco) represents an important step in the process of focusing our private banking activities and has no impact on our financial targets, announced on October 6. We are confident that this transaction places the clients and bankers of the Monaco bank with another exceptionally strong organization that is highly respected in the private banking marketplace.”

Jacob J. Safra , Member of the Board of Banque Jacob Safra (Suisse) SA, stated, “This acquisition strategically expands Banque Jacob Safra’s private banking business into the attractive Monaco market, strengthening our ability to serve our worldwide client base. We look forward to meeting the needs of the Monaco bank’s clients and are confident that they will benefit significantly from the Banque Jacob Safra banking philosophy."


Contacts :

Banca del Gottardo
Media Office

Viale S. Franscini 8
CH-6901 Lugano

Franco Rogantini
Tel. +41 91 808 33 60
Fax +41 91 923 94 33
franco.rogantini@gottardo.com

Banque Jacob Safra (Suisse) SA
70 Rue du Rhone
CH-1201 Geneva
Switzerland

Mark Semer / Robert Siegfried
Kekst and Company - NY
Phone +1 212 521 4800
Mobile +1 917 495 1502
Banca del Gottardo , member of the Swiss Life Group, is headquartered in Lugano (Switzerland) and located in Zurich, Geneva, Lausanne, Bellinzona, Chiasso, Locarno, Bergamo, Milan, Rome, Treviso, Turin, Athens, Luxembourg, Madrid, Monaco, Paris, Hong Kong and Nassau (Bahamas).

Banque Jacob Safra (Suisse) SA has banks in Geneva, Zurich, Lugano, Gibraltar and, upon this acquisition’s closing, in Monaco. The Safra family also owns banks with offices in Argentina, the Bahamas, Brazil, Cayman Islands, Chile, France, Gibraltar, Israel, Luxembourg, Mexico, Switzerland, the United States and Uruguay.
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