Sarasin: No Plans To Increase NZB Stake Further

Bank Sarasin & Cie AG (BSAN.EB) said Tuesday it has no plans to increase its stake in Neue Zuercher Bank further, adding NZB remains a financial, not a strategic, investment.

"We don't want to increase our stake further. The move announced earlier today was a measure to calm NZB clients and staff," Sarasin spokesman Benedikt Gratzl said.

"Once the situation stabilizes, we may sell the stake again," Gratzl said.

Earlier Tuesday, Sarasin announced plans to raise its stake in NZB to 51%-60% from 40% currently for an undisclosed price.

Neue Zuercher Bank Tuesday said its co-founder and Chief Executive Officer Martin Eberhard is leaving the bank in connection with a Swiss regulatory probe centering on the bank's role in transactions involving shares of industrial company Sulzer AG (SUN.EB).

In August, another senior NZB banker stepped down with immediate effect after the Zurich firm learned of his indictment in Florida for allegedly urging wealthy Americans to hide their money in Switzerland.

Company Web site: http://www.sarasin.ch

-By Martin Gelnar, Dow Jones Newswires, [phone]; [e-mail]