Sarasin, the Swiss private bank, hopes that Netherlands-based Rabobank will make a decision this month on its controlling stake that allows Sarasin to remain independent, its management told staff in an internal memo.

There is widespread media speculation that Julius Baer, the Swiss private bank which announced results today, as reported in this publication, is to announce a definite bid for Sarasin. A spokesperson for Julius Baer, when contacted by WealthBriefing this morning, treated such media reports as “just weekend speculation”.

The Swiss private banking industry, composed of hundreds of small financial institutions as well as top-bracket players such as UBS and Credit Suisse, is facing margin pressures as Swiss bank secrecy, long a source of low-maintenance clients, is eroding. The strength of the Swiss franc against other currencies, coupled with low cash yields, has also blunted performance in recent months.

Sarasin confirmed a report in the SonntagsZeitung newspaper that its chairman, Christoph Ammann, and chief executive Joachim Straehle told staff last week that they were in close contact with Rabobank, which owns 46 per cent of Sarasin.

"By the end of November 2011 there should be clarity about the future of our bank and the shareholding structure in agreement with Rabobank," the men are reported to have said in the memo.

"There are several attractive options at the moment," they said, adding they wanted to stick to the bank's "independent position as a strong Swiss private bank" even with different shareholders.

Sarasin said last month Rabobank was looking at all options for the 46 per cent of Sarasin it owns, which corresponds to 68 per cent of voting rights.

On Saturday, the Finanz und Wirtschaft newspaper cited unnamed sources as saying Raiffeisen has made a non-binding offer for Rabobank's stake and did not plan to delist Sarasin.