euro adhoc: Bank Sarasin + Cie AG / Mergers - Acquisitions - Takeovers / Crédit Agricole Group and Bank Sarasin & Co. Ltd sign an agreement for Crédit Agricole Luxembourg to acquire Luxembourg-based B

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Company Information

16.05.2007

Paris, Basel, Luxembourg, 16 May 2007

Crédit Agricole Luxembourg, a subsidiary of Crédit Agricole Group,
has signed an agreement today with Bank Sarasin & Co. Ltd, based in
Basel, Switzerland, with a view to acquiring Sarasin's
Luxembourg-based subsidiary, Bank Sarasin Europe S.A.

Once the acquisition goes through, subject to regulatory approval,
Bank Sarasin Europe S.A. and Crédit Agricole Luxembourg are scheduled
to merge by mid-2008. This gradual process will allow business to
continue as usual and enable the two companies' teams to amalgamate
under optimum conditions. Moreover, customers will keep their
existing banking relationship officers.

Crédit Agricole Luxembourg continues to grow in line with the Crédit
Agricole Group's strategy of expanding in Europe's leading private
banking markets

Jean-Frédéric de Leusse, head of Group International Development at
Crédit Agricole S.A., said: "By acquiring Bank Sarasin Europe S.A.,
the Crédit Agricole Group is strengthening its private banking
business in Europe and putting Crédit Agricole Luxembourg among the
top five private banks in the Grand Duchy of Luxembourg, measured by
assets under management". Crédit Agricole Luxembourg will leverage
its size - post-merger, it will have 15 billion euros under
management - and its skill centres to offer Bank Sarasin Europe S.A.
customers and employees attractive products and services, and
exciting development prospects.

Looking beyond Luxembourg, the acquisition is part of the Crédit
Agricole's strategy of expanding into the major private banking
markets in Europe: the Group already has leadership positions in
Switzerland and Monaco.

Bank Sarasin puts focus on its growth strategy

In line with its growth strategy, Bank Sarasin & Co. Ltd continues
its geographical expansion into growth markets outside of Europe,
especially in Asia and the Middle East. The sale of its Luxembourg
subsidiary Bank Sarasin Europe S.A., with 2.4 billion Euros under
management, to Crédit Agricole Luxembourg, is a further step in this
direction. "We are delighted to have found in Crédit Agricole the
ideal partner to carry out this transaction. Selling our private
banking activities in Luxembourg will give us the financial leeway we
were looking for in order to continue our geographical expansion
into other target markets", said Joachim H. Straehle, CEO of Bank
Sarasin & Co. Ltd.

Bank Sarasin & Co. Ltd emphasises that the deal does not affect its
existing agreements with other banks. Furthermore, the Luxembourg
domiciled investment fund business is not part of the transaction.

For further information:

Crédit Agricole S.A.
Alain Berry - Telephone: +33 (0)1 43 23 59 44 - e-mail:
alain.berry@credit-agricole-sa.fr
Anne-Sophie Gentil - Telephone: +33 (0)1 43 23 37 51 - e-mail:
anne-sophie.gentil@credit-agricole-sa.fr

Banque Sarasin & Co. Ltd
Harald Melzer, Corporate Communications, Media Relations
Telephone: +41 (0)61 277 70 48 - e-mail: harald.melzer@sarasin.ch

end of announcement euro adhoc 16.05.2007 07:15:36
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ots Originaltext: Bank Sarasin & Cie AG
Im Internet recherchierbar: http://www.presseportal.de

Further inquiry note:
Benedikt Gratzl, Head of Corporate Communications
T.: +41(61)277 70 88
benedikt.gratzl@sarasin.ch

Branche: Banking
ISIN: CH0002267737
WKN: 872869
Index: SPI
Börsen: SWX Swiss Exchange / regulated dealing