Bank Sarasin & Cie. AG (BSAN), the Swiss wealth manager being acquired by Safra Group, said it’s closing a unit in Austria and will focus on institutional business in the country.
The company decided to “change its orientation” in Vienna and Sarasin Austria AG will be “wound up,” Franziska Gumpfer- Keller, a spokeswoman for Basel, Switzerland-based Sarasin, said today in an e-mailed statement.
The Vienna office was run by Christian Daimer and was opened in July 2009, according to Austria’s Format magazine, which reported the business was closing earlier today.
Gumpfer-Keller declined to comment on the size of the unit or give further details.
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