Safra Group is acquiring a stake in Switzerland’s Bank Sarasin for more than $1.1 billion, Bloomberg reports. The group, which will buy Rabobank Groep’s controlling stake in the bank, is looking to expand its private banking operations in Europe, the Middle East and Asia.

As part of the deal, Safra will pay $38.8 per unit for B shares. With this acquisition, Safra, which had $109 billion of assets under management as of June, gets 68.6 percent of the voting rights and a 46 percent equity interest. On the transaction, which is pending for regulatory approval, Rabobank is being advised by JPMorgan Chase & Co.

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