Addax Investment Bank announces strategic cooperation with Bank Sarasin

The partnership was sealed on behalf of Addax by Omar Al Muttawa, Board Member of Addax and on behalf of Sarasin by Eric.G.Sarasin, Member of the Group Executive Board & Head of Private Banking Basel, Geneva and Lugano. According to Al Muttawa, the agreement between the two banks will enhance banking and investor relationships, and intends to bring a wider array of financial products and services to clients in the region.

'Helping investors find the right investment opportunities is the ultimate objective of our partnership with Addax,' said Eric G. Sarasin. 'It is imperative that investors have convenient tailored-made solutions to investments and other valuable services that help them achieve their objectives. By teaming with Addax Investment Bank, we would be able to
provide private banking clients in the region with a comprehensive set of financial solutions that meets their needs,' added Sarasin.

Addax's Acting CEO V.Shiv Krishnan said: 'In today's complex business environment, our clients face a wide range of business and financial issues on a local, national and global scale that calls for financial organizations to join forces in order to provide better services and solutions. Our alliance with a leading international private bank such as Sarasin will enable us to tap into their international network of business advisors, and depth of resources to provide offshore banking services.'

The 'AAA Rated' Dutch Rabobank Group holds a 28% stake in Bank Sarasin reflecting the strategic alliance between the two banking groups. Bank Sarasin currently has over CHF 48 billion assets under management (as of 31st December 2003).

Bank Sarasin recently announced the acquisition of Chiswell Associates Limited, a UK based company specializing in asset management for wealthy private clients, charities and pension funds. Chiswell's total funds under management as at 31st December 2003 amounted to £ 1.8 billion.

Vijey Kapoor, Senior Vice President and Head of Wealth Management Products at Addax Investment Bank said that 'Addax's decision to join efforts with Bank Sarasin reflects Addax's commitment to be the premier independent financial advisor in the region by providing a diverse set of financial products and services to help our clients optimise their returns and risk.'