Swiss private bank Julius Baer has raised its bid for unlisted Rabobank's stake in Swiss bank Sarasin and is now making an all cash offer, a newspaper reported on Sunday, citing sources close to the matter. "The management of Julius Baer has raised the offer and Chairman of the board Raymond Baer is now ready to pay Rabobank in cash for its majority stake in Sarasin," SonntagsZeitung reported without giving any figures.
Baer had initially offered to pay in cash and Julius Baer shares for the stake in Sarasin, a bank catering for rich clients, the newspaper said. Swiss co-operative lender Raiffeisen is also interested in acquiring a stake in Sarasin. Julius Baer spokesman Jan Vonder Muehll declined to comment on the report.