Christoph Ammann, chairman, and Peter Derendinger, board member, will resign from Bank Sarasin’s board when Safra’s purchase of Rabobank’s stake in the Swiss bank has gone through.

Ammann and Derendinger, the independent members of the board, are expected to step down next month when the deal is predicted to be completed. Safra, the Brazilian banking group, announced its intention to acquire Rabobank’s shares in Sarasin last year.

The remaining members of the board of directors will then be the two representatives of Rabobank, Sipko Schat and Pim Mol, as well as Hans-Rudolf Hufschmid and Dagmar Woehrl.

The board will convene an extraordinary general meeting as soon as the transaction has been approved by the Swiss financial market supervisory authority. Sarasin intends to appoint a new board of directors at the EGM.