Annual Report
2018

“If you choose to sail upon the seas  
of banking, build your bank as  
you would your boat, with the strength  
to sail safely through any storm.”
Jacob Safra (1891 – 1963)

Group Chairman’s
Foreword 
———
6 – 7
Report of the 
Board of Directors 
———
12  –13
Market 
Environment 
———
20 – 21
Year in Review 
———
16 –17
Contents

Corporate 
Governance 
———
24 – 31
Group Companies 
———
34 – 37
Consolidated 
Financial Statements 
———
40 – 77
Sustainability
Report 
———
80 – 109
Address List 
———
112 – 113

Endurance

Oak Tree  |  “Quercus”
Group 
Chairman’s  
Foreword

6 | J. Safra Sarasin Holding Ltd., Annual Report 2018
In the second half of 2018 the storm clouds gathered, 
with the global economy entering the late stage of the 
business cycle and the transition by global central 
banks to a less accommodative monetary policy. 
Against this backdrop, Switzerland remains the best 
country from which to operate a global private bank. 
Political neutrality, economic competitiveness, low gov-
ernment debt, a reliable legal system and a safe-haven 
currency, all provide a bedrock of stability. The presence 
of international organisations and forums dedicated to 
Group Chairman’s
Foreword
good global governance further reinforce the region’s 
ecosystem which we are part of. 
This Swiss bedrock is synonymous with the strength of 
our Group. We remain naturally prudent and are privi-
leged to be able to take a long-term perspective thanks 
to no competing voices or interests. We regularly rein-
vest into equity capital, adding to the Group’s stabil-
ity. The Group’s shareholders’ equity stands today at  
CHF 5.1 billion, making J. Safra Sarasin one of the best 
capitalised banks in Switzerland.
I have had the privilege of witnessing many different 
economic cycles, and steering our Group through chal-
lenging environments. The world today may seem par-
ticularly perturbed by competing visions of how govern-
ment should be conducted, of how economies should 
be regulated and of how the financial sector should act 
more responsibly. Broader challenges such as climate 
change and the increasing digitalisation of services and 
society impact all people and sectors across the world. 
However, it is at times of greatest stress that human-
kind also shows the most resilience and ingenuity to 
learn and take different paths to progress. Within each 
Welcome to the Annual Report of J. Safra 
Sarasin Group for 2018. Once again we 
delivered robust results, particularly in the 
context of geopolitical uncertainty and a 
global economic slowdown. Our strong 
performance is testament to our founding 
principle: “If you choose to sail upon the 
seas of banking, build your bank as you 
would build your boat, with the strength 
to sail safely through any storm.”

J. Safra Sarasin Holding Ltd., Annual Report 2018 | 7
challenge exists an opportunity. As bankers, we are 
uniquely positioned to analyse the world and identify 
favourable circumstances for our clients.
This brings me to a guiding principle of banking: if you 
look after your clients carefully, and nurture your staff, 
then everything else falls into line. When you lose sight of 
what is best for your clients or for your staff, then you en-
danger the very essence of banking: trust and reputation.
Our Group’s longevity is also due to simplicity through wise 
and considered investment, as well as a clear understand-
ing of our evolving environment. Deep involvement, risk 
management, tight controls: these are trademarks of the 
consistent way we run the Group. At its heart, wealth man-
agement is a simple business – focusing on risk-adjusted 
performance, but also ensuring good service, knowing your 
clients, and thinking about them all the time. 
In 2019 we are celebrating 30 years since the Group 
conducted the first ever sustainability investment ana- 
lysis of a company. Sustainability is at the heart of the 
Group’s philosophy, and we continue to be a global lead-
er in this investment approach. This year we have cho-
sen the theme of trees to illustrate our commitment 
Group Chairman’s Foreword
to sustainability. Trees are universally recognised as a 
core part of the planet’s ecosystem. They also repre-
sent a continual cycle of renewal across generations, 
whatever the environmental conditions. Different spe-
cies of trees symbolise distinct qualities, many of which 
exemplify our approach to wealth management – such 
as endurance, protection, wisdom and renewal. 
Our core focus has always been, and will continue to be, 
on our clients and their future generations. We carry out 
this role with pride and passion. So long as we continue 
to focus on your needs, then we will do our job properly 
and prosper together.
I would like to thank all our clients and employees for 
their trust and their significant achievements in 2018. I 
am confident that the Group has the scale and strengths 
to ensure consistent performance in the years ahead. 
Every bank is like a child – you have to nurture it so it is 
able to grow and thrive.
Joseph Y. Safra
Chairman of the Board of Directors
J. Safra Sarasin Holding Ltd.

8 | J. Safra Sarasin Holding Ltd., Annual Report 2018
Consolidated income statement
2018  
CHF 000
2017  
CHF 000
Operating income
1,209,223
1,187,285
Operating expenses
–671,673
–650,797
Operating profit
537,550
536,488
Consolidated profit
347,264
315,261
Consolidated balance sheet
31.12.2018  
CHF 000
31.12.2017  
CHF 000
Total assets
35,230,892
35,170,035
Due from customers
13,904,706
13,687,354
Due to customers
26,848,174
26,107,696
Equity
5,119,114
4,792,113
Ratios
2018 
%
2017 
%
Cost-income ratio
55.5%
54.8%
CET1 ratio
31.8%
28.8%
Consolidated Key Data

Consolidated Key Data
J. Safra Sarasin Holding Ltd., Annual Report 2018 | 9
Assets under management
31.12.2018 
CHF million
31.12.2017 
CHF million
Assets under management
164,609
170,019
Headcount (full-time equivalents)
31.12.2018
31.12.2017
Consolidated headcount
2,151
2,155
Assets under management by booking centre
(CHF billion)
31. 12. 2018
 Switzerland
 Europe (excluding Switzerland)
 Asia
 Other
 Switzerland
 Europe (excluding Switzerland)
 Asia
 Other
Headcount by location
(full-time equivalents)
31. 12. 2018
Total 164.6
Total 2,151
83.4
44.9
17.5
18.8
1,148
599
279
125

Adaptability

Willow  |  “Salix”
Report of  
the Board 
of Directors

12 | J. Safra Sarasin Holding Ltd., Annual Report 2018
Client focus remains central to our success. We are 
privileged to accompany many clients across genera-
tions as they build patrimony that requires careful stew-
ardship. That is why we are very selective in the talent 
we hire, the businesses we acquire, and the manner in 
which we integrate people into the culture of a family-
owned private bank. 
Thanks to this ownership and its financial strength,  
J. Safra Sarasin continues to play a leading role in the 
ongoing industry consolidation. During 2018 we wel-
comed clients and colleagues from Bank Hapoalim in 
Luxembourg and Switzerland, and we were delighted to 
announce the return of our physical presence to Israel.
In 2018, J. Safra Sarasin was proud to join the 
UN Global Compact Network in Switzerland. J. Safra  
Sarasin was also honoured to receive Global Finance 
magazine’s “World’s Best Private Bank for Social Re-
sponsibility” award, a trusted standard of excellence. 
These have been new milestones in our journey in sus-
tainability which we began 30 years ago. 
Capital strength and risk management 
J. Safra Sarasin Group is ranked as the 5th largest  
banking group in Switzerland by Tier 1 capital, the 
ultimate measure of a bank’s financial strength,  
holding more than twice its regulatory requirements 
with a CET1 ratio of 31.8%2. 
A sound capital base is the foundation stone needed 
for a global private bank. This philosophy is also reflect-
ed in the conservative structure of the Group’s balance 
sheet, which maintained a high level of liquidity. 
The Group deploys ample resources to manage in-
creasing regulatory requirements and a challenging 
market environment, in combination with a proven risk 
management approach. Assessment reviews are con-
ducted on a regular basis. The Group’s comprehensive 
approach to risk management is detailed in the notes 
to the consolidated financial statements.
Robust results in 2018 
Client assets under management reduced slightly to 
CHF 164.6 billion as client net new assets of CHF 4.7 
billion were offset by negative market performance.  
We are pleased to report another solid 
performance in 2018 for the J. Safra  
Sarasin Group, particularly in the con-
text of worsening economic fundamen-
tals and a decline in risk appetite. This 
year’s robust results are a testament to the 
consistent revenue generation of our core 
business, and the prudence with which 
we manage the Group. We are proud to 
be ranked amongst the leading banks of 
Switzerland1, and to be recognised glob-
ally as an employer of choice. 
Report of the 
Board of Directors
1)	 The Banker Top 1000 World Banks July 2018.
2)	 Capital adequacy disclosures under FINMA Circulars 08/22 and 
16/1 are published on our website www.jsafrasarasin.com.

J. Safra Sarasin Holding Ltd., Annual Report 2018 | 13
Operating income increased by 2% to CHF 1,209.2 
million in 2018 compared to 1,187.3 million in 2017. 
Despite a challenging environment during the second 
half of the year, this overall increase and in particular 
the 3% rise in net commissions and fee income are a 
testament to the strength and dependability of our core 
wealth management services. 
Operating expenses increased slightly by 3.2% to 
CHF 671.7 million in 2018 against CHF 650.8 million in 
2017, thanks to the efficient integration of new teams 
and acquired businesses. Indeed, the Group cost in-
come ratio of 55.5% remains one of the best in class in 
the wealth management industry. 
The stable operating profit of CHF 537.6 million in 
2018 demonstrates the reliability of our core business 
even in difficult headwinds. 
Moreover, the real financial strength of the Group 
is reflected in how net profit rose solidly by 10.2% to  
CHF 347.3 million for the year 2018 against CHF 315.3 
million for 2017. 
The consolidated balance sheet at 31 December 
2018 remained stable at CHF 35.2 billion. The Group 
maintained high levels of liquid assets at CHF 7.1 bil-
lion at the end of 2018 compared with CHF 6.8 billion 
at the end of 2017.
With the allocation of all Group net profit for 2018 to 
retained earnings, Group shareholders’ equity reached 
CHF 5.1 billion at the end of 2018 compared with  
CHF 4.8 billion at the end of 2017. 
Total headcount (full-time equivalents) remained  
stable at 2,151 at the end of 2018. 
The Group operates in more than 25 locations world-
wide and continues to seek appropriate locations to 
best serve its clients as it executes its growth strategy 
across Europe, Asia, the Middle East, Latin America 
and the Caribbean. 
Outlook 2019 
As we enter 2019, the geopolitical climate and eco-
nomic environment remain volatile and challenging in 
many parts of the world. Public distrust of several insti-
tutions remains high. All sectors continue to face dis-
ruption from digitalisation, amidst the growing role of 
data, algorithms, blockchain and artificial intelligence. 
At times like these, we can depend on the strength of 
the Group to sail through turbulent waters and provide 
a safe harbour to our valued clients. This also includes 
the next generation of “Millennial” clients, whose 
needs and expectations must be accounted for. 
We are confident that the Group will deliver another 
solid performance in 2019. Our business continues to 
generate reliable revenues with sector-leading efficien-
cy. This is supported by exceptional capital strength, 
built up over years of prudent risk management and 
reinvestment of retained earnings. 
We continue to welcome new teams of bankers, and 
to also carefully evaluate potential opportunities as 
one of the leaders in the consolidation of the sector.  
The Board of Directors would like to thank our loyal 
clients for their continued trust and support, and to ex-
press our gratitude to all employees for their expertise 
and dedication as we continue to grow and thrive. 
Jacob J. Safra
Chairman of J. Safra Holdings International 
(Luxembourg) S.A.
Vice-Chairman of J. Safra Sarasin Holding Ltd.
Report of the Board of Directors

Protection

n
Ash Tree  |  “Fraxinus”
Year in Review

16 | J. Safra Sarasin Holding Ltd., Annual Report 2018
In last year’s report we remarked about the disconnect 
between global economic performance and geopolitical 
tensions. As these came home to roost in 2018, we had 
already prepared well in advance, and so we are pleased 
to report robust results again this year.  As conservative 
private bankers with a heritage of over 175 years, we al-
ways look way beyond a single year’s performance. In-
deed it is our first responsibility to ensure that the Group 
remains as strong as possible to weather different eco-
nomic cycles, to provide a safe harbour to our clients and 
to guide them accordingly.
Our resilience and performance continues to be 
founded on stable family ownership, exceptional capital 
strength, prudent controls, and investments with a long-
term perspective. These qualities ensure that the Group 
is well positioned to benefit from opportunities that may 
arise as the banking industry develops.  
2018 – a strong performance
We performed strongly in the context of worsening eco-
nomic fundamentals and a decline in risk appetite. 
Client assets under management reduced slightly to  
CHF 164.6 billion as client net inflows were offset by mar-
ket performance. Operating income increased by 2%, re-
flecting the strength of our core wealth management ser-
vices. Operating expenses were kept under control even 
as we integrated new teams across the globe. Indeed, 
Year in Review
our cost income ratio of 55.5% remains one of the best in 
class in global private banking and reflects our discipline 
in managing the Group prudently at all times, not only due 
to lower costs but also thanks to the quality and consis-
tency of our revenues. 
The bottom line of our efforts is reflected in the consoli- 
dated net profit which reached CHF 347.3 million for the 
year 2018. Over the years our steady financial returns 
are regularly reinvested into the Group to augment even 
further its strong capital reserves. With shareholders’  
equity of CHF 5.1 billion, the Group significantly exceeds 
its regulatory requirements.
In January 2019, Standard and Poor’s affirmed the 
Group’s “A” long-term and “A-1” short-term counter-party 
credit ratings together with a stable outlook, which re-
flects “strong brand name recognition and a solid private 
banking franchise; sound liquidity and very strong capi-
talisation supported by committed family shareholders”. 
Prudence and efficiency
A key point of differentiation for our Group is that as a 
family-owned business we take care of our clients’ wealth 
like our own. This core philosophy means we evaluate 
risks thoroughly and above all keep things simple and 
efficient. We are also using this pragmatic approach to 
evaluate the potential of fintech and digitalisation on our 
business practices. 
Sector leadership
Thanks to our strong base the Group continues to be a 
proactive consolidator in the private banking industry. The 
number of Swiss private banks has continued to decrease 
in 2018 and industry commentators expect that only the 
most efficient and competitive banks will thrive. Over the 
past few years, the Group has acquired several private 
banking businesses in Europe and this continued in 2018 
with the successful integration of Bank Hapoalim’s pri-
vate banking businesses in Switzerland and Luxembourg. 
As the sector undergoes challenges and pressures, 
there will be more opportunities for us to evaluate. How-
ever, such acquisitions would not be done solely for the 
sake of scale; they must fit with our client focus and cul-
ture. Indeed, each acquisition is looked at not just as a 
stand-alone deal, but as a stepping stone to future talent 
and clients.
In 2018 we were delighted to return to Israel with a 
physical presence thanks to the start of activities of  
J. Safra Sarasin Asset Management (Israel) Ltd, a compa-
2018 was marked by dissynchronised  
economic growth across different regions. 
During the second half of the year most 
financial markets reflected concerns over 
a US-China trade war, the slow-down 
in China’s economy, shrinking central 
bank liquidity, political instability across  
Europe and long-standing debt issues in 
emerging markets.

J. Safra Sarasin Holding Ltd., Annual Report 2018 | 17
Year in Review
ny licensed by the Israel Securities Authority (ISA), togeth-
er with the opening of a representative office, both locat-
ed in Tel Aviv. We have also incorporated J. Safra Sarasin  
Asset Management (North America) Ltd in Geneva, a com-
pany registered with the U.S. Securities and Exchange 
Commission (SEC) as an investment adviser which pro-
vides investment advisory and discretionary asset man-
agement services mainly to clients resident in the United 
States of America.
A sure sign of sector leadership is the credibility of our 
brand and our reputation as an attractive employer. We 
are pleased to report that highly respected bankers and 
specialist staff continue to join us. We thank them for 
their new perspectives and client relationships, and the 
smooth manner in which they have become integrated 
into our entrepreneurial culture.    
Staff loyalty
Our Group is also thankful to the many staff who have 
worked with the Group for most of their professional ca-
reer. They share the family’s approach to careful, con-
servative banking, building deep and trusting relation-
ships with clients, steering and advising them in times of 
growth and times of turbulence. Their loyalty and depth 
of knowledge of clients and products create a legacy of 
know-how that is unequalled. 
Celebrating 30 years of sustainable investments
In 1989 the Bank undertook its first analysis of a compa-
ny and potential investments through the lens of sustain-
ability – one of the first done by any bank in the world. The  
subsequent launch by the Bank of the first investment 
fund based on environmental criteria marked the start 
of a success story that triggered a boom in sustain-
ably managed assets. Today, Bank J. Safra Sarasin is  
Switzerland’s market leader amongst private banks in 
sustainable investments – a market enjoying an extreme-
ly dynamic pace of growth and valued at CHF 390.6 billion 
in 2018. This reflects broader trends in society and politi-
cal determination to implement new sustainable ways of 
doing business. The financial sector has a significant role 
to play in incentivising, measuring and holding to account 
how companies invest in sustainable best practices.
For us, sustainability is not a niche offering, but an inte- 
gral part of our brand. Our claim, “Sustainable Swiss  
Private Banking since 1841”, is a clear expression of 
Bank J. Safra Sarasin’s commitment to ensuring that sus-
tainability is firmly embedded in every aspect of our busi-
ness activities. As a Group we follow a clear corporate 
sustainability strategy. This is why we are also committed 
to the UN Global Compact with its Principles of the United 
Nations Global Compact. During 2018 we were delighted 
to be a prominent supporter of the launch of the “Tour 
de Suisse” by the Swiss Global Compact, aimed at edu-
cating companies, institutions, and the public about the 
fundamental benefits of managing all our activities in a 
sustainable manner. We were particularly pleased to re-
ceive the 2018 award for “Best Private Bank for Social 
Responsibility” by Global Finance magazine. 
Trees and sustainability 
This year’s Annual Report focuses on the theme of trees 
as globally recognised symbols of life and sustainability. 
Trees are an integral part of the planet’s ecosystem, and 
their health is a vivid litmus test of man’s global footprint. 
However much we as a species destroy our habitat, trees 
remain extremely resilient and for millennia have man-
aged constant renewal across generations. It has been 
demonstrated that trees have highly sophisticated mech-
anisms for communication and nourishment, protecting 
their young and sick, particularly in times of adversity. 
Different species of trees symbolise distinct qualities. 
For example, the Oak represents endurance. We hope 
that you will recognise and empathise with the qualities 
of other trees illustrated in this Annual Report such as 
the Willow (adaptability), the Ash (protection), the Wal-
nut (knowledge) and the Japanese Cherry (renewal). We 
strongly believe that we can only serve you best as  
clients if we stick to these same tried and tested quali-
ties which have ensured the resilience and performance 
of our Group for over 175 years. It is reassuring to our  
clients that we have the heritage and capacity to  
perform robustly even as we face another year of eco-
nomic volatility.
In conclusion, on behalf of the leadership team, we 
would like to thank all of our clients, employees and busi-
ness partners for their continued trust and confidence 
as we continue to grow a truly exceptional global private 
bank of which we can all be proud.
Ilan Hayim	
Edmond Michaan
Chairman	
Chief Executive Officer
Bank J. Safra Sarasin Ltd	
Bank J. Safra Sarasin Ltd

Strength

Huangshan Pine  |  “Pinus hwangshanensis”
Market  
Environment

20 | J. Safra Sarasin Holding Ltd., Annual Report 2018
Market Environment 
Review of 2018
2018 has been a year of dissynchronised growth, with 
the US outgrowing other developed markets as the 
large fiscal stimulus enacted in January supported 
domestic demand and boosted investments. Chinese 
economic growth gradually lost steam, as the Chinese  
government curtailed loan growth, aiming to reduce  
shadow banking as well as speculative lending activities. 
These measures gradually reverberated through East 
Asia, where manufacturing indicators in export-oriented 
economies like Japan, Taiwan and South Korea started 
heading south during 3Q 2018. Growth in continental 
Europe peaked in early 2018 and decelerated during the 
year, reflecting the effect of slowing Chinese growth and 
rising oil prices. Japanese 3Q 2018 GDP growth over 
past quarter even turned negative, while South Korean 
export growth declined sharply in late 4Q. Ongoing dis-
cussions between the UK and the European Union about 
a post-Brexit framework failed to bear fruits, as Mrs May 
struggled to get the negotiated deal approved by Parlia-
ment. Trade tensions between the US and China wors-
ened significantly in June and intensified further in the 
second half of 2018, as President Trump implemented 
his plans of taxing numerous Chinese imports. Rising 
trade tensions, combined with previous policy tightening 
in China, have weighed on capital spending and global 
trade in the second half of 2018.
The Federal Reserve increased short-term rates by 100 
basis points in 2018 as the US economy grew strong-
ly, supported by fiscal stimulus in the form of tax cuts. 
US 10-year yield rose by 40 basis points in 2018. They 
reached their high in November at 3.2% before dropping 
to 2.8% by year end as the global economic outlook wors-
ened and equity markets fell significantly. German 10-year 
bond yields, however, dropped by 20 basis points in 2018 
as the European economy started to lose steam and con-
sequently, the ECB was expected to keep its expansion-
ary monetary policy for longer than anticipated. 
Emerging Market (EM) assets suffered losses across 
the board in 2018. The normalisation of Fed policy and a 
booming US economy sent the hunt for yield that buoyed 
EM markets in past years into reverse. China’s economy 
continued to slow, while fears of a trade war with the 
US triggered outflows. The difficult backdrop exposed 
long-standing debt problems in Argentina and Turkey, 
while Brazilian assets suffered ahead of the presiden-
tial election in October before recovering strongly after 
it. While the subsequent crises in those countries were 
contained, fears of contagion also contributed to a gen-
eral repricing of EM assets.
US corporate tax cuts bolstered US earnings growth, 
which sustained significant outperformance of US equi- 
ties until December 2018. Large US technology com-
panies significantly contributed to this outperformance 
before topping in October. EM and Chinese equities 
drifted lower during the year. European equities gradu-
ally lost momentum during 1H 2018, as manufacturing 
activity slowed and Brexit uncertainty penalised British 
equities. They corrected more heavily in 4Q 2018 as 
shrinking central bank liquidity and trade war concerns 
put an end to the outperformance of US equities. 
2018 started on a strong note thanks to 
US tax cuts. Global growth slowed in the 
second half, becoming particularly visible 
in China and Europe.

J. Safra Sarasin Holding Ltd., Annual Report 2018 | 21
Market Environment
Outlook for 2019
The world economy is entering a later stage of the 
business cycle and global growth should slow further 
in 2019. However, the year is likely to be a tale of two 
halves, with a further drop in growth momentum in the 
first half of the year, reflecting tighter global liquidity and 
lower Chinese domestic demand. As we enter the sec-
ond half of the year, global growth should pick up some-
what as the effects of policy loosening in China fully 
kick in and the impact from the recent spike in financial 
stress moderates. 
The US should continue to grow above trend, with 
a strong labour market supporting higher wages and 
some further tightening in US monetary policy in the 
second half of the year. However, the Bank sees trade 
tensions posing a downside risk to 2019 growth fore-
casts. So far, the US administration has backed off from 
its stand-off with its allies, and trade talks with China 
have shown some signs of progress, raising hopes that 
the trade truce will be extended beyond February. Over 
the medium term, we expect the conflict with China to 
remain. Hardliners in Washington view the country as a 
strategic competitor to the US – on the technological, 
economic and geopolitical fronts – that needs to be con-
tained. A “permanent” threat by the US administration 
to impose higher tariffs if China fails to comply with the 
terms of the “deal” could over time deter multinationals 
to expand their supply chains in China. 
In Europe, political risks will continue to weigh on the 
economy. Indeed, the UK government and Parliament re-
main divided over Brexit, and the latest developments 
suggest that Article 50 will have to be extended; i.e. 
the UK will not leave on March 29. While there is very 
little appetite for a disorderly Brexit, the next steps re-
main uncertain. This uncertainty over the direction of 
travel will continue to weigh on the economy. Weaker 
global growth will also be a challenge for the euro area. 
While the external environment in 2018 was still quite 
supportive, 2019 might be more difficult and we expect 
euro area growth to slow towards its long-run potential 
of around 1.5%. A further decline in the unemployment 
rate and higher wages should support domestic de-
mand, pushing core inflation higher in 2019. 
After taking a “pause” in March, we expect the Fed to 
hike twice in the remainder of the year. The ECB and the 
SNB are expected to raise rates once towards the end of 
the year. As a result, we see scope for global long-term 
bond yields to rise from current levels. However, the 
move should be modest. We are already at an advanced 
stage in the rate cycle in the US with a slowing growth 
profile. In the euro area, the ECB will be very cautious 
in tightening monetary policy. Since growth and inflation 
rates are not likely to accelerate significantly, the upside 
for European yields is also going to be limited. As far as 
the UK is concerned, we do not regard a “hard Brexit” a 
base case, hence we would expect growth expectations 
and bond yields to increase somewhat once the worst 
fears are overcome.
Emerging markets will face many of the same chal- 
lenges in 2019 as they did in 2018. In the near term, a 
further slowdown in China’s economy and fears of a “hard 
landing” will continue to challenge sentiment. While we 
think that policy support will ultimately stabilise China’s 
economy in mid-year, this will probably coincide with a 
resumption of Fed tightening. The good news, however, is 
that valuations are now more attractive, which will create 
selective opportunities for investors.
Equities will face more volatile conditions in 2019 and 
are unlikely to repeat their performance of the past three 
years as the global manufacturing cycle appears to have 
passed its peak. The leadership of IT stocks has prob-
ably come to an end, as the US-Chinese trade tensions 
have engulfed the technology sector too. The decline 
in central bank liquidity is likely to create headwinds 
for equities. A strong derating of equities in December 
2018 has created some opportunities in terms of valu-
ation, for instance among EM equities, and should open 
the way for a rebound during the first half of the year.

Truth
Fir Tree  |  “Abies”
Corporate  
Governance

24 | J. Safra Sarasin Holding Ltd., Annual Report 2018
Corporate 
Governance
J. Safra Holdings International (Luxembourg) S.A., 
Luxembourg, holds the entire share capital and voting 
rights of JSSH. JSSH is ultimately owned by Mr. Joseph 
Y. Safra and his family.
Both JSSH and BJSS are regulated by the Swiss 
Financial Market Supervisory Authority (FINMA).
Consolidated supervision
The JSS Group qualifies as a financial group within the 
meaning of Article 3c al. 1 of the Swiss Banking Act, over 
which FINMA exercises consolidated supervision. The 
scope of consolidated supervision applies to all direct 
and indirect subsidiaries, branches and representative 
offices of the JSS Group.
JSSH has delegated to BJSS governing bodies all duties, 
responsibilities and competencies related to the manage- 
ment and operation of its current business. These respon- 
sibilities include the organisation, the financial consolida-
tion and the risk diversification as well as the supervision 
on a consolidated basis of the JSS Group’s activities.
Accordingly the implementation of the criteria for 
the consolidated supervision of the JSS Group is the 
responsibility of the Board of Directors and the Group 
Executive Board (“GEB”) of BJSS, under the auspices of 
the Board of Directors of JSSH. The main functions and 
departments at the level of BJSS, and in particular, the 
following functions and departments, exercise Group-
wide consolidated supervision on the JSS Group:
•	 Finance
•	 Credit
•	 Legal and Compliance
•	 Risk Management
•	 Treasury & Trading
•	 IT
•	 Group Internal Audit
The duties and responsibilities of the above functions 
are governed by the regulations, directives, working 
directives and guidelines issued by JSSH and/or BJSS.
The implementation of an adequate and effective 
framework of consolidated supervision throughout the 
JSS Group ensures inter alia:
•	 Compliance with the relevant accounting standards 
of the JSS Group;
•	 Compliance with consolidated capital adequacy 
provisions for the JSS Group;
Group structure and shareholder
J. Safra Sarasin Holding Ltd. is a holding company 
incorporated under the laws of Switzerland with its 
registered office in Basel. JSSH is the shareholder of 
Bank J. Safra Sarasin Ltd (“BJSS”) and other direct and 
indirect subsidiaries and, as the case may be, their 
branches and representative offices (each a “Group 
Company” and together the “J. Safra Sarasin Group” or 
the “JSS Group”). Reference is made to the organisation 
chart on page 31 and the information provided in the 
section Group Companies of this report.
Bank J. Safra Sarasin Ltd is a company incorporated 
under the laws of Switzerland with its registered office 
in Basel. It holds a banking licence and has the status 
of a securities dealer.
Corporate Governance at J. Safra  
Sarasin Holding Ltd. (“JSSH”) ensures 
that the management and supervision of 
the Group are focused on the long-term 
success of the organisation to the benefit 
of all stakeholders.

J. Safra Sarasin Holding Ltd., Annual Report 2018 | 25
Corporate Governance
•	 Compliance with risk provisions on a consolidated 
basis for the JSS Group;
•	 Compliance with the liquidity requirements of the 
JSS Group;
•	 Adequate system of internal controls and supervision 
of the governing bodies of all JSS Group entities and 
separation of functions;
•	 Operation of a Group-wide system of directives, 
which serves as a management instrument for the 
implementation of regulations and processes which are 
necessary in the context of the consolidated supervision;
•	 Group-wide anti-money laundering and combatting 
the financing of terrorism;
•	 Group-wide regulatory compliance, risk management 
and internal audit; and
•	 Immediate access to any information required to 
ensure the integrated management of all entities 
within the JSS Group.
Board of Directors
Area of responsibility
The Board of Directors (the “Board”) of JSSH is the 
ultimate governing body of the JSS Group. It lays down 
the Group’s objectives and business strategy and 
supervises the GEB, entrusted with the management of 
the business.
Furthermore, the Board is responsible for the financial 
situation and development of the JSS Group and 
approves the capital and liquidity plans, as well as the 
financial statements.
The Board is also responsible for all business 
matters that the Articles of Association and the law 
do not specifically reserve for the General Meeting of 
shareholders.
The Board signs off the Group-wide risk management 
framework and is responsible for monitoring and 
controlling the main risks of the JSS Group as required by 
Swiss banking regulation and the implementation of an 
appropriate business organisation and the consolidated 
supervision framework.
The Board delegates the running of the JSS Group to 
the CEO of BJSS and the GEB in accordance with the 
applicable Organisational Regulations and is regularly 
briefed by the CEO and the members of the GEB.
The allocation of responsibilities between the 
Board, the CEO and the GEB is further specified in the 
Regulations on Allocation of Competencies of JSSH.
Internal organisational structure
Meetings of the Board are convened by its Chairman or, 
should he be impeded, by the Vice-Chairman. Meetings 
take place as often as business requires, generally 
once a quarter. In addition, any Board member may 
submit a request that a meeting be convened. Usually 
the Boards of BJSS and JSSH meet on the same day 
and both meetings together last several hours. In 2018, 
the Board of JSSH met five times and the Board of BJSS 
met six times.
Board members have access to all information 
concerning the business and the affairs of the JSS 
Group as may be necessary or appropriate for them to 
fulfil their duties. During Board meetings, any Board 
member is entitled to request information on any matter 
relating to the JSS Group regardless of the agenda.
The Board has set up an Audit & Risk Committee.
Information and control instruments vis-à-vis 
senior management
The CEO and the GEB assure the implementation of the 
Board’s decisions and of plans and projects approved 
by the Board. The GEB and the CEO are responsible for 
the operational management of the JSS Group.
In coordination with the Chairman of the Board, the 
CEO is responsible for promptly informing the Board 
and/or the Audit & Risk Committee of any aspects of 
the JSS Group or a Group Company that are material for 
decision-making and monitoring.
In addition, the CEO or, in certain cases, the competent 
Division Head (or Function Head) provides the Board 
with the general information it requires to carry out its 
supervisory and control functions. This includes regular 
information about the general course of business, the 
Group’s financial performance and the implementation 
of the Group’s risk management framework.
The Board may invite the Division Heads or Business 
Units Heads to Board meetings to discuss unit-specific 
matters.

26 | J. Safra Sarasin Holding Ltd., Annual Report 2018
Since 1998, Jacob J. Safra is responsible for the main 
business activities of the J. Safra Group outside of 
Brazil. From 1998 until 2005, he served as COO and 
subsequently CEO of Safra National Bank of New York, 
USA, where he is currently Vice-Chairman of the Board of 
Directors (since 2015). In 2002, he became Director of 
the Joseph Safra Foundation, a position he holds to this 
day. Since 2005, Jacob J. Safra is a member of the Board 
of Directors of BJSS (including Banque J. Safra (Suisse) 
SA) and since 2008 he is Vice-Chairman of JSSH. He 
is also a member of the Board of Directors of various 
entities of the J. Safra Group and member of the Board 
of Banque J. Safra Sarasin (Monaco) SA (from 2006 until 
2014 as Vice-Chairman and since 2014 as Chairman). 
In addition, since 2015 he is a member of the Board of 
Directors of Chiquita Brands International.
Pierre Alain Bracher
Born in 1947; Swiss national; lives in Switzerland;
Chartered Accountant Diploma – EXPERTsuisse,  
Swiss Institute of Accounting & Tax Experts
Pierre Alain Bracher joined the accounting firm Deloitte 
Ltd, Zurich, in 1972 as junior accountant in the financial 
industry group. He moved to Geneva in 1974 and became 
a partner at Deloitte Ltd from 1984 until 2007. From 2007 
until 2013, he was a member of the Board of Directors of 
Banque J. Safra (Suisse) SA and from 2009 until 2015 
member of the Board of Directors of Royal Bank of Canada 
(Suisse) SA. Since 2012 Pierre Alain Bracher is member 
of the Board of Directors of BJSS and JSSH. Since 2017 
he is also a member of the Board of Directors of Banque 
J. Safra Sarasin (Monaco) SA.
Philippe Dupont
Born in 1961; Luxembourg national; lives in Luxembourg; 
Master’s Degree in Law – University of Paris, France; 
Master of Laws (LL.M.) – London School of Economics 
and Political Science, UK; Member of the Luxembourg Bar
Philippe Dupont began his professional career as a 
lawyer in 1986. He is a founding partner of Arendt & 
Medernach where he serves as head of the firm’s banking 
and finance industry group. Philippe Dupont is a member 
of the Board of Directors of Pictet & Cie (Europe) SA, 
Luxembourg. He further acts as conciliator and arbitrator 
at the International Centre for Settlement of Investment 
Disputes of the International Bank for Reconstruction and 
Composition of the Board
As of 31 December 2018, the composition of the Board 
of JSSH was as follows:
•	Joseph Y. Safra	
Chairman
•	Jacob J. Safra	
Vice-Chairman
•	Pierre Alain Bracher 	
Member*
•	Philippe Dupont	
Member*
•	Ilan Hayim	
Member*
* Independent member
As of 31 December 2018, the composition of the Board 
of BJSS was as follows:
•	Ilan Hayim	
Chairman
•	Pierre Alain Bracher 	
Vice-Chairman
•	Philippe Dupont	
Member
•	Jorge A. Kininsberg	
Member
•	Jacob J. Safra	
Member
Collectively, the members of the Board have a thorough 
understanding of the banking and financial services 
sector in general and in particular of the JSS Group, as 
well as the global regulatory environment.
Joseph Y. Safra
Born in 1938; Brazilian national; lives in Switzerland 
Joseph Y. Safra heads the J. Safra Group, which 
consists of privately owned banks under the Safra 
name and investment holdings in asset-based business 
sectors such as real estate and agribusiness. The  
J. Safra Group’s banking interests are: J. Safra Sarasin 
Holding Ltd., headquartered in Basel, Switzerland; 
Banco Safra SA, headquartered in São Paulo, Brazil; 
and Safra National Bank of New York, headquartered in 
New York City, USA, all independent from one another 
from a consolidated supervision standpoint.
From 2000 until 2012, Joseph Y. Safra was Chairman of 
the Board of Directors of Banque J. Safra (Suisse) SA. Since 
2001, he is Chairman of the Board of Directors of JSSH. 
Currently, he is also a member of the Board of Directors of 
Safra National Bank of New York, USA (since 1986).
Jacob J. Safra
Born in 1975; lives in Switzerland;
Bachelor of Sciences in Economics; Finance Major – Wharton 
School, University of Pennsylvania, Philadelphia, USA

J. Safra Sarasin Holding Ltd., Annual Report 2018 | 27
Corporate Governance
Development. Since 2012, Philippe Dupont is member of 
the Board of Directors of BJSS and JSSH.
Ilan Hayim
Born in 1951; Swiss national; lives in Switzerland;
Master Degree in Economics (MBA) – University of 
Geneva
Ilan Hayim has extensive experience in the banking 
sector both at the operational level and as a member 
of the Board of Directors. He started his professional 
career at Paribas (from 1975 until 1988) where he 
was a member of the Executive Committee. Between 
1988 and 2006, he held the CEO position in several 
banking institutions (Banque Unigestion, UBP Ltd, HSBC 
Guyerzeller Bank SA). In 2007, Ilan Hayim was elected 
member of the Board of Directors of Unigestion Holding 
SA, a position he held until 2010. Since 2013, Ilan 
Hayim is Chairman of the Board of Directors of BJSS 
and a member of the Board of Directors of JSSH.
Jorge A. Kininsberg
Born in 1950; Brazilian national; lives in Panama;
Bachelor in Business Management – Mackenzie 
University, Faculty of Economics/Accounting and 
Administrative Science, São Paulo, Brazil
During his professional career, Jorge A. Kininsberg  
collected extensive experience in the banking sector 
both at the managerial level and as a member of Boards 
of Directors. Jorge A. Kininsberg held various leading 
managing positions amongst others at Banco Safra de 
Investimento SA and Banco Safra SA, São Paulo, Brazil. 
In 1982, he became CEO of Trade Development Bank 
(Uruguay) S.A., Montevideo, Uruguay. Between 1985 and 
1989, he was CEO of Safra National Bank of New York, 
USA. In 1990, Jorge A. Kininsberg moved to Luxembourg 
taking the positon as CEO and member of the Board 
of Directors of Banque J. Safra Sarasin (Luxembourg) 
SA, Luxembourg, positions he held until early 2017. 
Between 2008 and 2015, he was member of the Board 
of Directors of Bank J. Safra Sarasin (Bahamas) Ltd., 
Bahamas and since 2018 he was again elected to the 
Board of Directors. Since 2017, Jorge A. Kininsberg is a 
member of the Board of Directors of BJSS.
Audit & Risk Committee
The Board has set up an Audit & Risk Committee (ARC).
As of 31 December 2018, the ARC was composed of 
the following members:
•	Pierre Alain Bracher	
Chairman
•	Philippe Dupont	
Member
•	Ilan Hayim	
Member
Collectively, the members of the ARC have a thorough 
understanding of all entities of the JSS Group 
worldwide and the international banking industry and 
its regulation. The ARC maintains regular contact with 
the audit committees of the individual companies of 
the JSS Group. It receives copies of minutes of such 
committees and ensures consistent implementation of 
its own decisions within the JSS Group.
The ARC is responsible for the definition of general 
guidelines on internal audit and financial reporting, the 
monitoring and assessment of financial reporting and 
the integrity of the annual financial statements before 
they are presented to the Board for approval.
The ARC regularly receives information regarding 
compliance with legal and regulatory obligations by Group 
Companies as well as with regard to the existence of adequate 
and effective internal controls on financial reporting. The 
ARC is also responsible for monitoring and assessing the 
adequacy and effectiveness of the internal control systems, 
specifically risk controls, compliance and internal audit. 
The ARC sets down the standards and methodologies for 
risk controls with regard to all types of risk (including legal 
and regulatory risks) in order to ensure compliance with 
the principles of the risk policy adopted by the competent 
supervisory authority, the Board or management bodies 
within the JSS Group. The ARC reviews and proposes to the 
Board the JSS Group-wide framework for risk management 
and its guiding principles. It controls and assesses them 
periodically (at least annually), making recommendations of 
any required changes to that framework.
The ARC assesses the regulatory audit plan, audit 
rhythm and audit results produced by Group Internal 
Audit and the external auditors. It also ensures contact 
with the external auditors at the level of the Board and 
monitors their performance and independence as well 
as their cooperation with Group Internal Audit. The 
Chairman of the ARC regularly reports its activities and 
findings to the Board. The Chairman of the Board of 
BJSS is also a member of the ARC.

28 | J. Safra Sarasin Holding Ltd., Annual Report 2018
External audit firm
Deloitte Ltd has been appointed as external auditor of 
J. Safra Sarasin Holding Ltd. and all relevant JSS Group 
Companies in 2013. For 2018, the audit firm and its 
affiliated companies were appointed by the General 
Assembly of J. Safra Sarasin Holding Ltd. and all relevant 
Group Companies for a one-year term for the financial 
and the regulatory audits. Re-election is possible.
Sandro Schönenberger is the responsible partner 
leading the audit activities. He holds this function since 
2018.
Auditing fees
The JSS Group paid Deloitte Ltd and its affiliated 
companies fees totalling CHF 3,325,000 for services 
connected with the financial and regulatory audit for the 
year 2018.
Additional fees
The JSS Group paid Deloitte Ltd and its affiliated 
companies fees totalling CHF 231,000 for services not 
connected with the financial and regulatory audit for 
the year 2018.
Information instruments pertaining to external audit
The ARC holds regular discussions with representatives 
of the external audit firm regarding the audit planning, 
the results of the audit activity in relation to supervisory 
controls and the preparation of financial statements, as 
well as the adequacy of internal control systems, in light 
of the Group’s risk profile.
During 2018, representatives of Deloitte Ltd attended 
six meetings of the ARC and one meeting of the Board 
for specific agenda items.
The ARC monitors the scope and organisation of 
the audit activity and evaluates the performance of 
the external audit firm. The audit firm and its affiliated 
companies must be independent from J. Safra Sarasin 
Holding Ltd. and its Group Companies.
Representatives of the external audit firm have direct 
access to the ARC at all times.
Group Internal Audit (GIA)
GIA is the internal audit function responsible for the 
entire JSS Group.
The Board has issued regulations for GIA setting out 
its tasks, duties and responsibilities. GIA prepares its 
audit reports without instructions from any other party.
GIA reports to the Boards of BJSS and JSSH and to the 
ARC. In addition, GIA representatives also report to the 
respective board of directors and audit committees of 
the Group Companies for their related matters.
GIA has an independent and objective monitoring and 
consulting role designed to add value and improve BJSS’s 
and JSS Group’s operations. It helps each Group Company 
to accomplish its objectives by bringing a focused and 
systematic approach to evaluating and improving the 
effectiveness of risk management, control processes and 
Group governance by systematically assessing:
i.	
the appropriateness and effectiveness of processes 
implemented to define strategy and risk tolerance, 
as well as the overall adherence to the strategy ap-
proved by the Board;
ii.	 the appropriateness and effectiveness of govern-
ance processes;
iii.	 the effectiveness of risk management, including 
whether risks are appropriately identified and con-
trolled;
iv.	 the appropriateness and effectiveness of internal 
controls, specifically whether they are commensu-
rate with the risks taken;
v.	
the effectiveness and sustainability of the imple-
mentation of remedial actions;
vi.	 the reliability and integrity of financial and opera-
tional information, i.e. whether activities are prop-
erly, accurately and completely recorded, as well as 
the quality of underlying data and models; and
vii.	 the compliance with legal, regulatory and statutory 
requirements, as well as with internal directives 
and contractual obligations.
GIA has unrestricted auditing rights within the JSS 
Group. It has access to any relevant documents and 
information required to fulfil its auditing responsibilities.
GIA reports in a timely manner on all material findings 
directly to the Board, through the ARC and/or the GEB. 
GIA publishes at least annually a report describing 
the key audit findings and important activities during 
the audit period and submits this report with any 
corresponding conclusions to the ARC, the GEB and the 
external audit firm.
Group Executive Board
Under the leadership of the CEO, the Group Executive 
Board (GEB) has executive management responsibility

J. Safra Sarasin Holding Ltd., Annual Report 2018 | 29
for the steering of the JSS Group and its business in 
line with the direction given by the Board. The GEB 
is entitled to delegate certain responsibilities and 
authorities to other management bodies such as the 
Executive Committee or other operational committees 
according to the relevant Organisational Regulations of 
BJSS and the Regulations on Allocation of Competencies 
of JSSH. In his capacity as Chairman of the GEB, the 
CEO provides the Board with all information it requires 
to carry out its supervisory and control functions and 
requests the approval of the Board for matters which are 
in the competence of the Board according to relevant 
internal regulations.
The following individuals are members of the GEB:
Stephane Astruc
Born in 1969; French national; lives in Switzerland;
Master’s Degree in Private Law – University of Nice 
Sophia Antipolis;
Qualified French Lawyer – Bar of Paris
Stephane Astruc began his professional career in 1993 
at HSBC Private Bank (Monaco) SA where his main 
responsibilities were Head of the Legal and Compliance 
department, Member of General Management and 
Corporate Secretary. In 2005, he moved to Geneva 
(Switzerland) and joined Banque J. Safra (Suisse) SA 
as Head Legal and Compliance. Since 2013, Stephane 
Astruc is General Counsel of BJSS and since April 2017, 
member of the GEB.
Daniel Belfer
Born in 1975; Brazilian national; lives in Switzerland;
Bachelor of Science in Business Administration – 
Boston University, Boston, USA; CFA Charterholder
Daniel Belfer began his professional career in 1997 at 
BancBoston Robertson Stephens Inc. in Boston, USA, 
in the Emerging Markets Sales, Trading & Research 
department. In 2000, he joined Safra National Bank of 
New York where he was responsible for Fixed Income 
Trading and Structured Products. In 2004, he was 
promoted to Head of Trading. From 2008 to 2010, he 
was CEO and member of the Board of Directors of Bank
J. Safra Sarasin (Bahamas) Ltd. In 2010, he moved to 
Geneva (Switzerland) where he joined Banque J. Safra 
(Suisse) SA. In 2012, he became Head of Treasury, Trading 
& ALM and Head of Credit of JSSH and since 2013 Head 
of the division Trading, Treasury and Asset Management of 
BJSS. Daniel Belfer is member of the GEB.
Edmond Michaan
Born in 1970; Brazilian national; lives in Switzerland;
Bachelor of Arts in Political Science and International 
Relations – Bar Ilan University, Israel, and Master of 
Science in Management – Boston University
Edmond Michaan began his professional career in 1991 
at First International Bank of Israel. In 1995, he moved 
to Brazil and started at Safra Leasing S.A. in São Paulo. 
In 1997, he joined Banco Safra SA in São Paulo first 
as senior account officer and then as general manager 
of a local Branch. In 2001, he relocated to Geneva 
(Switzerland) and joined Banque J. Safra (Suisse) SA 
where he was active in various management functions 
in the Private Banking division and after 2012 as CEO. 
Since 2013, Edmond Michaan is CEO of BJSS. He 
chairs the GEB.
Elie Sassoon
Born in 1954; Swiss and Brazilian national; lives in 
Switzerland;
Studied Economics at the  Pontificia  Universidade 
Católica São Paulo, Brazil
Elie Sassoon began his professional career in 1977 
at Banco Safra SA in São Paulo where he was active 
in various functions in the back and front office. In 
1985, he joined Banque Safra (Luxembourg) SA in 
Luxembourg first as director of Private Banking and then 
as managing director responsible for the operation. 
In 2000, he moved to Geneva (Switzerland) where he 
joined Banque J. Safra (Suisse) SA where he was active 
in various management functions in the Private Banking 
division and since 2012 as Deputy CEO. Since 2013, 
Elie Sassoon is Head of the division Private Banking 
Region II & EXAM of BJSS. He is member of the GEB.
Marcelo Szerman
Born in 1977; Brazilian national; lives in Switzerland;
Bachelor in Business Administration – Finance – EAESP
– Fundação Getulio Vargas (FGV), São Paulo, Brazil
Marcelo Szerman began his professional career in 1999 
at Brascan S.A. CTV (Brascan Holdings/Mellon Bank) 
in São Paulo as International Equities and Futures 
Corporate Governance

30 | J. Safra Sarasin Holding Ltd., Annual Report 2018
tional implementation of and trends in the compensa-
tion systems. In accordance with the Regulations on  
Allocation of Competencies of JSSH, the Board approves 
the annual total pool for all variable pay and the annual 
salary increase, including the GEB.
The payment of variable remuneration is at the 
discretion of management and is in principle contingent 
on the fulfilment of certain conditions, including 
performance and conduct.
Employees and senior executives who hold controlling, 
auditing, legal, compliance and risk management 
functions are generally paid a fixed salary in line with 
the market and the calculation of variable remuneration 
is not directly dependent on the performance of the 
business units, specific products or transactions.
Risk strategy and risk profile
Private banking and asset management are business 
activities which inevitably entail inherent direct and 
indirect risks.
The main risks are:
•	 Market, liquidity and financing risk
•	 Credit risk
•	 Operational and reputational risk
•	 Legal conduct and compliance risk
•	 Business and strategic risk
The section on Risk Management (page 49) describes 
in details the main risks to which JSS Group is exposed. 
The Group considers that its risk management framework 
is a central component of its strategy, and maintaining 
it constantly adequate to the regulatory environment, to 
the business evolution, and to the customer needs is 
an absolute condition for a sustainable and long-term 
success.
The Board defines the risk strategy by which certain 
risks will be avoided, mitigated or transferred, and the 
residual risks will be assigned a level of appetite and 
tolerance. The strategy is implemented by the GEB, 
who ensures that the controls and processes are in 
place and efficiently performed. A sound monitoring 
and accurate reporting with a fast escalation process 
complete the risk management framework.
By complementing the expertise of the front units with 
a strong risk culture and adequate levels of controls, the 
JSS Group strives to preserve its client assets, keep a solid 
capital base and maintain its reputation in the long run.
Sales trader. In 2000, he joined Safra National Bank 
of New York where he acted as Vice President in the 
Investment Advisory Group. In 2005, he moved to 
Geneva (Switzerland) where he joined Banque J. Safra 
(Suisse) SA in the Trading & Treasury department and 
from 2008 as CEO. From 2012 to 2013, he was CEO of 
JSSH. Since 2013, Marcelo Szerman is the COO of the 
JSS Group. He is a member of the GEB.
Remuneration
Basic principles
JSS Group’s compensation principles are issued by 
the Board of BJSS and govern the fundamentals of the 
compensation systems for the entire JSS Group.
The compensation philosophy of the JSS Group is 
based on a transparent and sustainable approach 
to operating a performance-related compensation 
system. Compensation is based on quantitative and 
qualitative performance measurement criteria which 
are as objective as possible. Such criteria are graded 
according to specific responsibilities and positions held, 
with the aim to align reward closely with performance 
and conduct of the JSS Group, the Group Company 
concerned and the individual employee.
Any performance measurement criteria shall in 
particular foster ongoing compliance with all applicable 
laws, rules and internal regulations and promote 
the general risk awareness of employees as well as 
encourage them to perform their business activities in a 
sustainable client-orientated manner.
Elements of remuneration
The JSS Group aims to offer competitive remuneration 
aligned with the market in order to attract, develop and 
retain employees for the long term.
Total remuneration generally consists of fixed and 
variable remuneration and applicable fringe benefits.
The elements of compensation are communicated to 
employees in a transparent manner and form an integral 
part of their employment contracts.
Procedure for determining compensation
Certain members of the Board receive Board member 
fees, graded according to position held and membership 
of committees.
The Board periodically reviews the Compensation 
Rules and obtains information each year on the opera-

J. Safra Sarasin Holding Ltd., Annual Report 2018 | 31
Corporate Governance
  Banking status 
Except as indicated, 100% ownership.
(1)	 Branches in Bern, Geneva, Lugano, Lucerne, Zurich
	
Branches abroad: Guernsey, Hong Kong, Singapore
	
Representative offices: Tel Aviv, Warsaw
(2)	 42.5% with Falcon Private Bank Ltd.
(3)	 39.41% with Management
(4)	 Head Office: Gibraltar – Branch: London
(5)	 Head Office: Gibraltar – Branch: London
(6)	 Head Office: London – Branch: Dublin
(7)	 The Company owns the following subsidiaries: Asia Square Holdings Ltd. (BVI),
	
Edinburgh Management Ltd. (BVI), Shenton Management Ltd. (BVI)
(8)	 Head Office: Basel – Branches: Geneva, Zurich
(9)	 Head Office: Luxembourg – Branch: Vienna
(10)	The remaining 0.01% of the shares are held by Bank J. Safra Sarasin Ltd
(11)	The remaining 0.05% of the shares are held by Fiduciary
(12)	The remaining 0.01% of the shares are held by SIBTL Holding Ltd.
(13)	Representative office: Tel Aviv
(14)	Not yet operational
Legal structure as at 31. 12. 2018
J. Safra Sarasin Holding Ltd., Basel
SIBTL Holding 
Ltd., Nassau
52%
Bank J. Safra 
Sarasin 
(Bahamas) 
Ltd., Nassau 
(11)
99.95%
J. Safra 
Sarasin 
Asset 
Management 
S.A., Panama
Banque 
J. Safra 
Sarasin 
(Monaco) SA, 
Monaco
J. Safra 
Sarasin 
Asset 
Management 
(Bahamas) 
Ltd., Nassau
JSS (Gibraltar) 
Ltd, Gibraltar
JSS Servicios 
S.A. de C.V., 
Mexico (12)
99.99%
Lyford JSRE 
(Bahamas) 
Ltd., Nassau
JSS Global 
Real Estate 
Management 
Company 
S.à r.l., 
Luxembourg
Banque J. 
Safra Sarasin 
(Luxembourg) 
SA, 
Luxembourg 
(13)
JSS Private 
Equity 
Investments 
Fund GP 
S.à r.l., 
Luxembourg
J. Safra 
Sarasin Asset 
Management 
(North 
America) Ltd, 
Geneva
J. Safra 
Sarasin 
Polska 
sp. z o.o., 
Warsaw (14) 
J. Safra 
Sarasin 
Investment-
fonds Ltd, 
Basel (8)
J. Safra 
Sarasin Fund 
Management 
(Luxembourg) 
S.A., 
Luxembourg 
(9)
SIF Nominees 
UK Ltd, 
London
Sarasin (U.K.) 
Ltd, London
JSS 
Administradora 
de Recursos 
Ltda., 
São Paulo 
(10)
99.99%
J. Safra 
Sarasin 
Nominees 
(Singapore) 
Pte. Ltd., 
Singapore
Sarasin 
Investment
Funds Ltd, 
London
J. Safra 
Sarasin 
Gestion 
(Monaco) SA, 
Monaco
J. Safra 
Sarasin 
(Deutschland) 
GmbH, 
Frankfurt
Sarabet Ltd, 
Basel
J. Safra 
Sarasin Trust
Company 
(Singapore)
Ltd., 
Singapore (7)
S.I.M.
Partnership 
(London) Ltd, 
London (3)
60.59%
Sarasin Asset 
Management 
Ltd, London
Sarasin Funds 
Management 
(Ireland) Ltd, 
Dublin
Bank J. Safra 
Sarasin Ltd, 
Basel (1)
Eichenpark 
Verwaltungs 
GmbH, 
Glashütten
(in liquidation)
Sarasin &
Partners LLP, 
London (6)
Bank JSS 
(Gibraltar) 
Ltd, Gibraltar
(in liquidation)
Sarasin-Alpen 
& Partners 
Ltd, Dubai 
(in liquidation)
 
19%
Bank 
J. Safra 
Sarasin (QFC) 
LLC, Doha
Bank J. Safra 
Sarasin Asset 
Management 
(Middle East) 
Ltd, Dubai
Bank J. Safra 
Sarasin 
(Gibraltar) 
Ltd, Gibraltar 
(4)
J. Safra 
Sarasin 
Asset 
Management 
(Europe) Ltd, 
Gibraltar (5)
bank zweiplus 
ltd, Zurich (2)
57.50%
J. Safra 
Sarasin Asset 
Management 
(Israel) Ltd,
Tel Aviv

Wisdom

Redwood  |  “Sequoiadendron giganteum”
Group  
Companies

34 | J. Safra Sarasin Holding Ltd., Annual Report 2018
Group Companies
The companies described in this chapter are the main 
operating companies of the J. Safra Sarasin Group. For a 
complete list of all companies being consolidated under 
J. Safra Sarasin Holding Ltd., please see the notes to the 
consolidated financial statements on page 61. A chart 
showing the legal structure of the Group is available as 
part of the chapter on “Corporate Governance” on page 
31. All subsidiaries of J. Safra Sarasin Holding Ltd. are 
subject to consolidated supervision by FINMA.
Bank J. Safra Sarasin Ltd
Bank J. Safra Sarasin Ltd was founded in 1841. As a 
leading Swiss private bank, its many years of banking 
experience have made it consciously opt for sustain-
ability as a key component of its corporate philosophy.
Within Switzerland, Bank J. Safra Sarasin Ltd has offices 
in Basel (head office), Bern, Geneva, Lucerne, Lugano 
and Zurich. It also has representative offices in Poland 
and Israel and branches in Hong Kong, Singapore and 
Guernsey.
Bank J. Safra Sarasin Ltd is recognised as a leader 
among full-service banks in the private banking seg-
ment, offering all the advantages of the Swiss banking 
environment together with dynamic and personalised 
asset management and advisory services focusing on 
opportunities in international financial markets. Its 
team of highly experienced professionals develops 
tailor-made products to meet the needs of clients, 
as well as offering a comprehensive array of financial 
services. Financial strength, excellent client service 
and outstanding quality are the key elements of its 
philosophy. It provides a high level of service and 
expertise when acting as investment advisor and asset 
manager for private and institutional clients.
Bank J. Safra Sarasin (Bahamas) Ltd.
Incorporated in 1983 under the laws of the Bahamas, 
Bank J. Safra Sarasin (Bahamas) Ltd. focuses on asset 
management services as well as portfolio management 
for private clients. Its private banking operations have 
expanded strongly in recent years, alongside successful 
forays in the wider international markets.
Banque J. Safra Sarasin (Monaco) SA
Acquired in 2006, Banque J. Safra Sarasin (Monaco) 
SA is one of the largest banks in the Principality of 
Monaco. Banque J. Safra Sarasin (Monaco) SA delivers 
the services of a global bank with the flexibility and 
the agility of a private bank. With its trading desk, the 
Bank has direct and immediate access to the major 
international financial markets.
Private banking is a global growth market, 
presenting opportunities that the J. Safra 
Sarasin Group actively seeks to exploit. 
The Group is represented in more than 25 
locations in Europe, Asia, the Middle East, 
Latin America and the Caribbean.

J. Safra Sarasin Holding Ltd., Annual Report 2018 | 35
Group Companies
Bank J. Safra Sarasin (Gibraltar) Ltd
Incorporated in 2001 with a full banking licence, Bank 
J. Safra Sarasin (Gibraltar) Ltd offers private banking 
services and accepts deposits both from individual 
clients and other banking institutions. From inception, 
Bank J. Safra Sarasin (Gibraltar) Ltd has maintained its 
growth strategy and strong capitalisation.
Bank J. Safra Sarasin (Gibraltar) Ltd, London Branch 
Bank J. Safra Sarasin (Gibraltar) Ltd, London Branch, 
started operating in 2007. It offers UK residents and 
international clients based in London access to one of 
the world’s most important financial centres. The team 
develops comprehensive and flexible private banking 
services to individuals and families, as well as the full 
array of financial services to corporate clients.
Bank J. Safra Sarasin Ltd, Guernsey Branch
The Bank established a presence in Guernsey in 
1992. The branch accepts deposits from other 
banking institutions and institutional clients as well 
as offering a discretionary investment management 
service, principally to private clients, in conjunction with 
Sarasin & Partners LLP, London. The branch is licensed 
and regulated by the Guernsey Financial Services 
Commission.
Bank J. Safra Sarasin Ltd, Hong Kong Branch
Bank J. Safra Sarasin Ltd, Hong Kong Branch, was 
established in 2010 by conversion from a Hong 
Kong-based investment services subsidiary and is 
an authorised institution licensed by the Hong Kong 
Monetary Authority. The branch offers private banking 
services and accepts deposits both from individual and 
corporate clients.
Bank J. Safra Sarasin Ltd, Singapore Branch
Bank J. Safra Sarasin Ltd, Singapore Branch, was es-
tablished in 2012 by conversion from a Singapore-
based banking subsidiary and operates under a 
wholesale bank licence granted by the Monetary 
Authority of Singapore. The branch offers private 
banking services and accepts deposits from both 
individual and corporate clients.
Basel

36 | J. Safra Sarasin Holding Ltd., Annual Report 2018
Services Authority. It offers residents of the UAE and 
other international clients based in the Middle East and 
Africa comprehensive and bespoke advisory services.
Bank J. Safra Sarasin (QFC) LLC
Bank J. Safra Sarasin (QFC) LLC has been incorporated 
in 2014 and is a wholly owned subsidiary of Bank  
J. Safra Sarasin Ltd, located in the Qatar Financial Centre 
(QFC), Doha, and operating under a licence from the QFC 
Regulatory Authority. It offers residents of Qatar and 
other international clients based in the Middle East and 
Africa comprehensive and bespoke advisory services.
J. Safra Sarasin Asset Management S.A.
Incorporated in 2008 under Panamanian laws, the 
wholly owned subsidiary of Bank J. Safra Sarasin 
(Bahamas) Ltd. provides investment advisory services 
and operates as a broker. J. Safra Sarasin Asset 
Management S.A. is licensed by the National Security 
Commission of Panama.
J. Safra Sarasin Asset Management (Bahamas) Ltd. 
Incorporated in 2014 under the laws of the Bahamas, 
J. Safra Sarasin Asset Management (Bahamas) Ltd. 
focuses on asset management services as well as 
administration and advisory services for in-house funds.
Banque J. Safra Sarasin (Luxembourg) SA
Established in 1985, Banque J. Safra Sarasin (Luxembourg) 
SA focuses on private and commercial banking, offering 
an array of products and personalised services tailored 
to the needs of customers. Thanks to the expertise in the 
banking sector, Banque J. Safra Sarasin (Luxembourg) SA 
meets its customers’ expectations by developing financial 
strategies to achieve their targets in accordance with their 
investment profiles. Banque J. Safra Sarasin (Luxembourg) 
SA has a representative office in Israel. 
J. Safra Sarasin Asset Management (Europe) Ltd
J. Safra Sarasin Asset Management (Europe) Ltd is a 
subsidiary of Bank J. Safra Sarasin (Gibraltar) Ltd. It 
opened its London Branch in 2010 with the objective of 
focusing its offerings of services on investment funds, 
thus being attractive to wealth managers who want to 
invest across a wide range of asset classes.
Bank J. Safra Sarasin Asset Management 
(Middle East) Ltd
Bank J. Safra Sarasin Asset Management (Middle East) 
Ltd has been incorporated in 2013 and is a wholly 
owned subsidiary of Bank J. Safra Sarasin Ltd, located 
in the Dubai International Financial Centre (DIFC), Dubai, 
and operating under a licence from the Dubai Financial 
Zurich
London
Geneva
Doha
Bern
Lucerne
Lugano
Hong Kong
Gibraltar
Dubai

J. Safra Sarasin Holding Ltd., Annual Report 2018 | 37
Group Companies
Luxembourg
Tel Aviv
Monaco
Panama
Singapore
J. Safra Sarasin Asset Management (Israel) Ltd 
Established in November 2017 in Tel Aviv, J. Safra 
Sarasin Asset Management (Israel) Ltd has obtained 
in 2018 the relevant licenses for investment marketing 
and portfolio management from the Israel Securities 
Authority (ISA). J. Safra Sarasin Asset Management 
(Israel) Ltd provides investment services mainly to 
private clients.
J. Safra Sarasin Asset Management 
(North America) Ltd
Incorporated in 2018, the company has its registered 
office and place of business in Geneva. J. Safra Sarasin 
Asset Management (North America) Ltd is registered with 
the U.S. Securities and Exchange Commission (SEC) 
as an investment adviser and member of the Swiss 
Association of Asset Managers (SAAM), a self-regulatory 
organisation (SRO) supervised by the Swiss Financial 
Market Supervisory Authority (FINMA). The business 
focus of the company consists in providing investment 
advisory and discretionary asset management services 
mainly to clients resident in the United States of America.
J. Safra Sarasin (Deutschland) GmbH
J. Safra Sarasin (Deutschland) GmbH is licensed under  
§ 34f German Trade Act and supervised by the Chamber 
of Commerce. It provides investment advice and invest- 
ment broking services in relation to domestic, foreign and 
EU registered open/closed-ended investment funds, 
which may be marketed in accordance with the German 
Capital Investment Code.
JSS Administradora de Recursos Ltda.
Incorporated under the laws of Brazil, it commenced 
business in 2017 and operates under a portfolio 
manager license of the Brazilian Securities and Exchange 
Commission (CVM). JSS Administradora de Recursos 
Ltda. offers investment advisory and discretionary asset 
management services mainly to private clients.
J. Safra Sarasin Trust Company (Singapore) Ltd. 
Incorporated under the laws of Singapore, J. Safra 
Sarasin Trust Company (Singapore) Ltd. obtained 
its licence from the Monetary Authority of Singapore 
under the Trust Companies Act 2004 and commenced 
business in December 2010. It offers tailored trust 
and company management services to take care of the 
wealth protection and succession planning needs of its 
clients.
Sarasin & Partners LLP
Sarasin & Partners LLP is a London-based asset 
management group that manages investments on 
behalf of charities, institutions, pension funds and 
private clients, from the UK and around the world. 
Sarasin & Partners LLP is known both as a leader in 
thematic investment and for long-term income and 
dividend management across multi-asset and equity 
mandates. Consistent with a longer-term approach is 
a commitment to “stewardship” principles, embedding 
environmental, social and governance considerations 
into the investment process. Sarasin & Partners LLP is 
61% owned by Bank J. Safra Sarasin Ltd and 39% owned 
by its partners.
bank zweiplus ltd
Incorporated in 2008 in Switzerland, it offers custody 
services to clients of financial services providers, 
independent asset managers and insurance companies 
and in so doing supports these financial intermediaries 
in servicing their clients. bank zweiplus ltd also has 
a sophisticated product offering specifically tailored 
to clients of financial services providers, independent 
asset managers and insurance companies.

Walnut Tree  |  “Juglans”
Consolidated 
Financial  
Statements
Knowledge

40 | J. Safra Sarasin Holding Ltd., Annual Report 2018
Consolidated balance sheet
Assets
31.12.2018
CHF 000
31.12.2017
CHF 000
Liquid assets
7,095,720
6,812,453
Amounts due from banks
1,804,564
1,226,028
Amounts due from securities financing transactions 
59,148
210,079
Amounts due from customers
10,758,968
10,554,066
Mortgage loans
3,145,738
3,133,288
Trading portfolio assets
1,655,311
1,144,188
Positive replacement values of derivative financial instruments   
692,417
866,505
Other financial instruments at fair value
1,058,177
1,317,015
Financial investments
7,725,000
8,610,233
Accrued income and prepaid expenses
229,982
183,320
Non-consolidated participations
24,286
20,230
Tangible fixed assets
318,748
322,088
Intangible assets
381,049
470,682
Other assets
281,784
299,860
Total assets
35,230,892
35,170,035
Total subordinated claims
157,333
 135,566 
of which subject to mandatory conversion and/or debt waiver
–
–
Liabilities
Amounts due to banks
770,591
948,333
Liabilities from securities financing transactions
0
151,609
Amounts due in respect of customer deposits
26,848,174
26,107,696
Trading portfolio liabilities
8,136
0
Negative replacement values of derivative financial instruments
623,693
804,477
Liabilities from other financial instruments at fair value
805,997
1,230,926
Bond issues and central mortgage institution loans
384,303
453,372
Accrued expenses and deferred income
440,658
394,540
Other liabilities
207,681
217,296
Provisions
22,545
69,673
Reserves for general banking risks
360,742
360,742
Share capital
848,245
848,245
Capital reserve
1,745,862
1,745,862
Retained earnings reserve
1,060,990
852,811
Currency translation reserve
66,334
87,156
Minority interests in equity
689,677
582,036
Consolidated profit
347,264
315,261
of which minority interests in consolidated profit
87,513
107,082
Total liabilities
35,230,892
35,170,035
Total subordinated liabilities
–
 3,600 
of which subject to mandatory conversion and/or debt waiver
–
–

J. Safra Sarasin Holding Ltd., Annual Report 2018 | 41
Consolidated Financial Statements
Consolidated off-balance sheet
CHF 000
31.12.2018
31.12.2017
Contingent liabilities
663,626
738,821
Irrevocable commitments
18,390
17,919
Obligations to pay up shares and make further contributions
1,487
1,487
Credit commitments 
0
0

42 | J. Safra Sarasin Holding Ltd., Annual Report 2018
Consolidated income statement
CHF 000
2018
2017
Interest and discount income
448,972
356,914
Interest and dividend income from trading portfolios
0
0
Interest and dividend income from financial investments
154,490
161,681
Interest expense
–194,303
–115,243
Gross result from interest operations
409,159
403,352
Changes in value adjustments for default risks and losses from interest operations
–3,305
–13,008
Subtotal net result from interest operations
405,854
390,344
 
 
Commission income from securities trading and investment activities
587,031
576,638
Commission income from lending activities
3,883
4,079
Commission income from other services
68,160
59,834
Commission expense
–77,084
–74,477
Subtotal result from commission business and services
581,990
566,074
 
 
Result from trading activities and the fair value option
215,805
205,107
 
 
Result from the disposal of financial investments
–42
9,832
Income from participations
3,923
3,755
of which, participations recognised using the equity method
0
0
of which, from other non-consolidated participations
3,923
3,755
Result from real estate
796
651
Other ordinary income
6,210
12,410
Other ordinary expenses
–5,313
–888
Subtotal other result from ordinary activities
5,574
25,760
 
 
Operating income
1,209,223
1,187,285
 
 
Personnel expenses
–524,290
–494,046
General and administrative expenses
–147,383
–156,751
Operating expenses
–671,673
–650,797
 
 
Depreciation and amortisation of tangible fixed assets and intangible assets and value adjustments on participations 
–115,547
–67,144
Changes to provisions and other value adjustments, and losses
–37,591
–36,972
Operating result
384,412
432,372
Extraordinary income
251
232
Extraordinary expenses
–43
–25
Changes in reserves for general banking risks
0
–77,000
Taxes
–37,356
–40,318
Consolidated profit
347,264
315,261
of which minority interests in consolidated profit
87,513
107,082

J. Safra Sarasin Holding Ltd., Annual Report 2018 | 43
Consolidated Financial Statements
Consolidated cash flow statement
31.12.2018
31.12.2017
CHF 000
Source of funds
Use of funds Source of funds
Use of funds
Consolidated profit
347,264
0
315,261
0
Change in reserves for general banking risks
0
0
77,000
0
Value adjustments on participations, depreciation and amortisation of 
tangible fixed assets and intangible assets
115,547
0
67,144
0
Provisions and other value adjustments
0
–46,571
15,974
0
Change in value adjustments for default risks and losses
23,388
39,125
0
Accrued income and prepaid expenses
0
–49,989
0
–9,880
Accrued expenses and deferred income
56,368
59,221
0
Other items
0
0
0
0
Previous year’s dividend
0
0
0
0
Cash flow from operating activities
446,007
563,845
Share capital
0
0
0
0
Capital reserves
0
0
0
0
Retained earnings reserve
0
0
0
0
Minority interests in equity
0
–9,967
0
–10,847
Cash flow from equity transactions
–9,967
–10,847
Participating interests
0
–3,195
87,825
0
Bank building
0
–7,374
0
–80,598
Other fixed assets
0
–8,997
0
–7,263
Intangible assets
0
–11,296
0
0
Cash flow from transactions in respect of participations,  
tangible fixed assets and intangible assets
–30,862
–36

44 | J. Safra Sarasin Holding Ltd., Annual Report 2018
31.12.2018
31.12.2017
CHF 000
Source of funds
Use of funds Source of funds
Use of funds
Medium- and long-term business (>1 year)
 
 
 
 
Amounts due to banks
19,453
0
0
–27,149
Amounts due in respect of customer deposits
0
–20,255
0
–418,956
Liabilities from other financial instruments at fair value
0
–78,573
396,125
0
Bonds
0
0
0
0
Central mortgage institution loans
0
–49,067
198,343
0
Loans of central issuing institutions
0
–17,035
0
–52,841
Other liabilities
0
–7,384
20,461
0
Amounts due from banks
0
–3,455
0
–96,229
Amounts due from customers
128,956
0
0
–123,402
Mortgage loans
0
–44,110
0
–83,895
Other financial instruments at fair value
0
–14,296
219,593
0
Financial investments
722,411
0
0
–38,158
Other accounts receivable
0
–197,793
422,915
0
Short-term business
 
 
Amounts due to banks
0
–185,591
0
–66,766
Liabilities from securities financing transactions
0
–151,609
151,609
0
Amounts due in respect of customer deposits
1,090,106
0
252,062
0
Trading portfolio liabilities
8,136
0
0
0
Negative replacement values of derivative financial instruments
0
–176,427
182,312
0
Liabilities from other financial instruments at fair value
0
–331,863
0
–427,272
Amounts due from banks
0
–578,289
1,395,136
0
Amounts due from securities financing transactions
151,154
0
74,009
0
Amounts due from customers
0
–393,197
0
–1,017,774
Trading portfolio assets
0
–506,649
0
–184,741
Positive replacement values of derivative financial instruments
167,872
0
0
–143,853
Other financial instruments at fair value
266,847
0
0
–73,106
Financial investments
115,149
0
0
–307,508
Cash flow from banking operations
–85,509
250,915
 
 
Conversion differences
0
–36,403
75,528
0
 
 
 
 
Change in liquid assets
283,267
0
879,405
0
CHF 000
31.12.2018
31.12.2017
Liquid assets at beginning of the year (cash)
6,812,453
5,933,048
Liquid assets at the end of the year (cash)
7,095,720
6,812,453
Change in liquid assets
283,267
879,405
Consolidated cash flow statement

J. Safra Sarasin Holding Ltd., Annual Report 2018 | 45
Consolidated Financial Statements
Presentation of the consolidated statement 
of changes in equity
CHF 000
Share 
capital
Capital 
reserve
Retained 
earnings 
reserve
Reserves 
for general 
banking risks
Currency 
translation 
reserve
Minority 
interests
Result of 
the period
Total
Equity on 01.01.2018
848,245
1,745,862
1,060,990
360,742
87,156
689,118
4,792,113
Currency translation 
differences
–20,822
6,954
–13,868
Dividends and 
other distributions
–9,967
–9,967
Change in scope of 
consolidation
3,572
3,572
Consolidated profit
87,513
259,751
347,264
Equity on 31.12.2018
848,245
1,745,862
1,060,990
360,742
66,334
777,190
259,751
5,119,114
Share capital structure and disclosure of shareholders holding more than 5% of voting rights
31. 12. 2018
31. 12. 2017
CHF 000
Total 
nominal 
value
Number 
of units
Dividend- 
bearing 
capital
%
Total 
nominal 
value
Number 
of units
Dividend- 
bearing 
capital
%
J. Safra Holdings International 
(Luxembourg) S.A.
Share capital
848,245
848,245
848,245
100%
848,245
848,245
848,245
100%
J. Safra Holdings International (Luxembourg) S.A., Luxembourg, holds the entire share capital and the voting rights 
of J. Safra Sarasin Holding Ltd. JSSH is ultimately owned by Mr. Joseph Y. Safra and his family.

46 | J. Safra Sarasin Holding Ltd., Annual Report 2018
Name, legal form and domicile
The J. Safra Sarasin Holding Ltd. (the “Group” or the 
“Holding”) is a global banking group in private banking 
services and asset management. As an international 
group committed to sustainability and well established in 
more than 25 locations in Europe, Asia, the Middle East, 
Latin America and the Caribbean, the Group is a global 
symbol of private banking tradition, emphasising security 
and well-managed conservative growth for clients.
J. Safra Sarasin Holding Ltd. is headquartered in Basel.
Accounting and valuation principles
The Group’s financial statements are presented in 
accordance with Swiss accounting principles applicable 
for Banks (Swiss Financial Market Supervisory Authority 
FINMA Circular 2015/1), the Swiss Banking Act and the 
Swiss Code of Obligations. Capital adequacy disclosures 
under FINMA Circulars 08/22 and 16/1 are published 
on our website www.jsafrasarasin.com.
Changes in accounting and valuation principles
Accounting and valuation principles remained un-
changed. Selectively, changes to the method of pres-
entation were made to improve the level of information 
provided. Consequences are explained in the notes 
where meaningful. Comparative information has been 
reported accordingly.
Consolidation principles
The consolidated financial statements are prepared 
in accordance with the True and Fair View principle. 
The consolidation period for all Group entities is the 
calendar year ending 31 December. The accounting and 
valuation principles of the entities have been adjusted, 
where materially different, to the Group’s consolidation 
principles.
Consolidation perimeter
The consolidated financial statements comprise those 
of J.  Safra Sarasin  Holding  Ltd.,  Basel,  as  well  as 
Consolidated notes
those of its subsidiaries and branches listed on page 
61. Newly acquired subsidiaries are consolidated as 
from the time control is transferred and deconsolidated 
once control is relinquished.
Consolidation method
Participating interests of more than 50% are wholly 
consolidated using the purchase method if the Group 
has the control, i.e. if the Group has the power to govern 
the financial and operating policies of an entity so as to 
obtain benefits from its activities. Assets and liabilities, 
as well as costs and revenues, are stated in full (100%). 
Minority shareholders’ interests in the net assets and 
net profit are stated separately in the balance sheet 
and the consolidated income statement. Participating 
interests between 20% and 50% are consolidated 
according to the equity method. The net profit and 
assets corresponding to such holdings are reflected in 
the consolidated accounts according to the percentage 
owned by the Group. Minor participating interests and 
those of less than 20% are stated as unconsolidated 
participations at their acquisition cost, after deduction 
of provisions for any necessary depreciation in value. 
When acquiring a participation, the difference between 
the book value of the acquired participation and its net 
asset value is allocated to goodwill.
Elimination of intra-Group receivables and payables 
All items stated in the balance sheet and income state-
ment (including off-balance sheet transactions) resulting 
from business relationships between Group companies 
are eliminated from the consolidated accounts.
Recording of transactions
All transactions concluded are recorded according to the 
settlement date accounting principle. Foreign exchange 
spot transactions and security transactions concluded 
but not yet executed are recorded as derivative financial 
instruments in the balance sheet positions “Positive 
(or negative) replacement values of derivative financial

J. Safra Sarasin Holding Ltd., Annual Report 2018 | 47
Consolidated Financial Statements
instruments”. The corresponding assets and liabilities 
are recorded as contract volume in the off-balance 
sheet. Firm commitments to underwrite securities 
issues and money market time deposits are recognised 
at the settlement date.
Translation of foreign currencies
Income and expenses in foreign currencies arising during 
the year are translated at the exchange rates prevailing 
at the date of the transaction. Exchange differences 
are recorded in the statement of income. Assets and 
liabilities expressed in foreign currencies are converted 
at the daily rate of the balance sheet date. The income 
statements of Group entities are translated at the yearly 
average rate. Main exchange rates ruling at the balance 
sheet dates are as follows:
Outright forward exchange contracts are translated at 
the residual exchange rate ruling at the balance sheet 
date. Profits and losses on these exchange positions 
are included in the foreign exchange results at the 
balance sheet date.
Consolidated supervision
The Group qualifies as a financial group within the 
meaning of Article 3c al. 1 of the Swiss Banking Act, over 
which FINMA exercises consolidated supervision. The 
scope of consolidated supervision applies to all direct 
and indirect subsidiaries, branches, and representative 
offices of the Group.
The Holding has delegated to the Bank’s governing 
bodies all duties, responsibilities and competences 
related to the management and operations of its 
current business. This management includes the 
financial consolidation as well as the supervision, on a 
consolidated basis, of the activities of the Group.
The statutory financial statements of J. Safra Sarasin 
Holding Ltd. are not deemed representative of the 
banking activities of the Group and are therefore not 
published.
Cash, due from and to banks and clients
These items are stated at their nominal value. Known 
and foreseeable risks are reflected in individual value 
adjustments, which are stated directly under the 
corresponding headings of the balance sheet.
Amounts due from and liabilities from securities
financing transactions
These items contain receivables and obligations from 
cash collateral delivered in connection with securities 
borrowing and lending transactions as well as from 
reverse repurchase and repurchase transactions. 
These items are stated at their nominal value. The 
transfer of securities in connection with a securities 
financing transaction does not require recognition of the 
securities in the balance sheet when the ceding party 
retains the economic power to dispose of the rights to 
the transferred securities.
Securities and precious metals trading portfolios
Trading balances are valued at market price on the 
balance sheet date. Realised and unrealised profits 
and losses are included in the item “Result from trading 
activities and the fair value option”. Securities that 
are not traded regularly are stated at their acquisition 
cost, after deduction of the necessary depreciation. 
Interest and dividend income from trading balances 
are credited to “Result from trading activities and the 
fair value option”. The Group offsets the interest and 
dividend income on trading portfolios with the cost of 
funding from these portfolios. Income from securities 
issuing operations (primary market trading activities of 
structured products) is recorded in the item “Result 
from trading activities and the fair value option”.
Currency
31.12.2018
31.12.2017
USD/CHF
0.986
0.975
EUR/CHF
1.127
1.170

48 | J. Safra Sarasin Holding Ltd., Annual Report 2018
Positive and negative replacement values 
of derivative financial instruments
Derivative instruments include options, futures and swaps 
on equities, stock indices, foreign exchange, commodities 
and interest rates, forward rate agreements, and forward 
contracts on currencies, securities and commodities. 
Derivative instruments are marked-to-market. For trading 
balances, realised and unrealised profits and losses 
are stated under the result from trading activities. 
Hedging transactions are recorded according to the rules 
applicable to the underlying position. If the underlying 
position is not marked-to-market then the market value 
change of the hedge instrument is recorded in the 
compensation account in “Other assets or liabilities”. 
In the case of advance sale of an interest rate hedging 
instrument valued on the principle of accrued interest, 
the realised profit or loss is deferred and reported in 
the income statement over the initial duration of the 
instrument. If the impact of the hedging transactions is 
greater than that of the hedged positions, the surplus 
fraction is treated as a trading transaction.
Other financial instruments at fair value
The items “Other financial instruments at fair value” 
and “Liabilities from other financial instruments at fair 
value” contain self-issued structured products without 
inherent derivatives. Certificates issued are recorded 
in the balance sheet position “Liabilities from other 
financial instruments at fair value” at marked-to-market. 
The assets held for hedging purpose of the certificates 
(e.g. stocks, bonds, etc.) are recorded in the balance 
sheet position “Other financial instruments at fair value” 
at marked-to-market. If the hedging is effected with 
derivative financial instruments, the replacement values 
are recorded in the balance sheet positions “Positive 
(or negative) replacement values of derivative financial 
instruments”.
Financial investments
Financial investments, intended to be held until maturity 
date, are stated at acquisition cost, less amortisation 
of any difference to nominal value over the period until 
maturity date (accrual method). Financial investments 
which are not intended to be held until maturity date, 
shares and similar securities and rights are stated at 
the lower of cost or market value. An impairment test is 
performed on a regular basis to determine any potential 
depreciation in the credit quality of the issuer.
Fixed assets and intangible assets
Fixed assets and intangible assets are stated at their 
acquisition cost. Depreciation is computed using the 
straight-line method over the estimated useful life of the 
respective assets net of impairment considered neces-
sary as follows: 
If, when acquiring a business, the costs of acquisition 
are higher than the net assets acquired, the difference 
represents the acquired goodwill. The goodwill is 
capitalised in the balance sheet and amortised linearly 
over the estimated useful life. Other intangible assets 
consist of acquired clientele.
Impairment of non-financial assets
On the balance sheet date, the Group determines 
whether there are any reasons for an impairment of 
non-financial assets. Goodwill and other intangible 
assets with indeterminate useful life are checked for 
impairment at least once a year, and also whenever 
events suggest their value is too high. Any other non- 
financial assets are reviewed for impairment if there 
are signs that their book value exceeds the realisable 
amount of the fair value. The estimated fair value of 
non-financial assets is determined on the basis of three 
valuation methods:
i.	
Comparable Transactions;
ii.	 Market Comparable; and
iii.	 Model of discounting of cash flows.
2018
2017
Fixed assets
Bank premises and 
other buildings
50 years
50 years
Leasehold 
improvements/
Renovations
10–20 years
10–20 years
Furniture and machines
3–10 years
3–10 years
Hardware
3–8 years
3–8 years
Software
3–8 years
3–8 years
Intangible assets
Goodwill
5–20 years
5–20 years
Other intangible 
assets
3–10 years
3–10 years

J. Safra Sarasin Holding Ltd., Annual Report 2018 | 49
Value adjustments and provisions
For all potential and identifiable risks existing at the 
balance sheet date, value adjustments and provisions 
are established on a prudent basis. Value adjustments 
due from banks or due from customers, mortgages 
and bonds intended to be held until maturity date are 
deducted from the corresponding asset in the balance 
sheet.
Reserves for general banking risks
Reserves for general banking risks can be accounted 
for at consolidated financial statements level only or at 
individual accounts level to cover risks inherent to the 
banking business. These reserves form part of equity 
and are subject to deferred tax. Reserves for general 
banking risks at individual account level have not been 
subject to tax.
Employee pension plans
The Group operates a number of pension plans for its 
employees in Switzerland and abroad, most of them 
comprising defined contribution plans. The adjusted 
contributions for the period are shown as personnel costs 
in the income statement. The corresponding adjustments 
or liabilities and the claims and commitments arising 
from legal, regulatory or contractual requirements 
are shown in the balance sheet. In accordance with 
the Swiss GAAP RPC 16, a study is performed on an 
annual basis to assess a potential financial benefit/
commitment (surplus/deficit) from the Group’s point 
of view. A surplus is recorded only if the Group is 
legally permitted to use this surplus either to reduce 
or reimburse the employer contributions. In the case of 
deficit, a provision is set up if the Group has decided 
to or is required to participate in the financing. When 
the surplus and/or deficit is recorded in the income 
statement, it is recognised under personnel costs. In 
the balance sheet, the surplus is recognised under 
other assets, whereas a deficit is recognised under 
provisions.
Taxes
Current taxes, in general income and capital taxes, are 
calculated on the basis of the applicable tax laws and 
recorded as an expense in the relevant period. One-off 
taxes or taxes on transactions are not included in current 
taxes. Deferred taxes are recorded in accordance with 
requirements. Accruals of current taxes due are booked 
on the liabilities side under accrued expenses and 
deferred income. The tax effects arising from temporary 
differences between the carrying value and tax value 
of assets and liabilities are recorded as deferred taxes 
under provisions in the liabilities section of the balance 
sheet or in other assets for deferred tax assets. Deferred 
taxes are calculated using the expected tax rates.
Risk management
Structure of risk management
General considerations
Achieving a high standard of risk management is not 
simply a question of compliance with formalised in-
ternal and external rules. Moreover, quantitative cri-
teria are only one component of comprehensive risk 
management systems. Indeed, risk awareness must be 
a key governance element to spur the appropriate risk 
culture and become an integral part of an organisation. 
Only then will such risk culture demonstrate itself 
through the discipline and thoroughness with which 
employees perform their tasks.
Governance
The Board of Directors carries ultimate responsibility 
in the Group’s business strategy and principles for the 
corporate culture. It is responsible for establishing the 
business organisation, for issuing the necessary rules 
and regulations, and ensuring that the Group has the 
adequate level of personnel and infrastructure.
The Board defines the risk strategy, approves the  
Group-wide risk management framework, and is res- 
ponsible for establishing an effective risk management 
function and for managing the Group’s overall risks. It 
ensures that the risk and control environment is adequate 
and that the internal control system is efficient. The 
Board of Directors formulates the Group’s risk policy and 
monitors its implementation by the Group Executive Board, 
which is responsible for running the operational business 
activities and for the day-to-day risk management.
Risk management framework
The risk management framework is developed by the 
Group Executive Board and approved by the Board of 
Directors. It is based on a comprehensive assessment 
of the inherent risks resulting from the activities of the 
Group. For each of these activities, the existing controls 
of first, second and third level of defence are assessed 
and revised if necessary. These controls, together with 
Consolidated Financial Statements

50 | J. Safra Sarasin Holding Ltd., Annual Report 2018
other mitigating factors, will serve to derive the residual 
risks which in turn are classified in the corresponding 
principal risk categories.
Risk tolerance, defined as the level of risk that the 
Group is prepared to assume to achieve its business 
objectives, is determined by risk category. Corresponding 
limits are set where applicable.
Under the responsibility of the Board of Directors, 
the Group Executive Board ensures that the necessary 
instruments and organisational structures allow for 
the identification, monitoring and reporting of all risk 
categories.
The elements of risk tolerance are integrated in 
internal regulations, directives and policies which 
govern the activities performed within the Group and 
contribute to enforcing the risk culture. Those policies 
and related documents define the operating limits and 
describe the procedures to follow in case of breaches.  
A programme of training and e-learning is also designed 
to educate and inform personnel on risks and restric- 
tions related to the activities.
The risk management framework is reviewed annually.
Committees
To ensure holistic risk management, the Board of 
Directors and the Group Executive Board have appointed 
the necessary committees to deal with risks and which 
act as decision-making bodies for key issues and risks. 
Their roles also include the promotion of risk awareness 
and compliance with the approved risk standards.
The Audit and Risk Committee (“ARC”) reports to 
the Board of Directors. The committee assesses the 
effectiveness of the internal control system, the risk 
control, the compliance function and internal audit. 
It monitors the implementation of risk strategies and 
ensures that they are in line with the defined risk 
tolerance and risk limits. In addition, the ARC assesses 
the risk management framework and makes relevant 
recommendations to the Board of Directors.
The Risk Committee is the Group’s highest man-
agement committee concerned with risk. Its primary 
function is to assist the Group Executive Board and 
ultimately the Board of Directors in fulfilling their 
responsibilities by implementing the risk guidelines 
set by the Board and reassessing the Group’s risk pro- 
file. When evaluating risk, the Risk Committee takes 
into consideration the findings and measures of other 
committees. 
The Central Credit Committee (CCC) administers the 
credit portfolio and controls the Group’s credit risk. It is 
responsible for the review and approval of the Group’s 
client credit exposure and non-client counterparty limits 
and utilisations and for the review of the Group’s credit 
policy.
The Treasury Committee is responsible for the 
consolidated supervision of the treasury, liquidity, 
investment activities and cash management of the 
Group. It controls and manages interest rate risk, short-
term liquidity risk and mid- to long-term refinancing risks. 
The Treasury Committee is mandated in particular to 
supervise liquidity, refinancing, interest risk exposure, 
investment income and interest-bearing products and 
accounts.
The Product Committees oversee the idea generation, 
the development and the sales support activities 
for the new products offered within the Group. These 
committees bear ultimate functional responsibility for 
the product approval process and for managing the 
product development process.
All 
operational 
committees 
are 
made 
up 
of 
representatives from different divisions and meet at 
regular intervals, at least quarterly.
Organisation of risk management
Risk management is structured along three lines of 
defence. The first line of defence is operated by the 
revenue-generating and operational units. The second 
line is assured by independent control units, with 
unlimited access to information. The third level of 
defence is provided by the Internal Audit function.
Independent controls are executed by Risk Office, 
the Credit department and the Legal & Compliance 
departments which, from an organisational perspective, 
are all independent from the first level of defence units. 
This separation of functions ensures that the business 
units taking decisions on the level and extent of risk 
exposure act independently of the departments that 
analyse the risks assumed and monitor adherence 
to limits and other competencies. This structure 
prevents potential conflicts of interest and incompatible 
objectives as early and as effectively as possible.
The Chief Risk Officer heads the Risk Office 
department, which is responsible for the comprehensive 
and systematic control of risk exposure. It ensures that 
the risk profile of the Group is consistent with the risk 
tolerance and limits approved in the risk management

J. Safra Sarasin Holding Ltd., Annual Report 2018 | 51
Consolidated Financial Statements
framework. Risk Office performs in-depth analysis of the 
Group’s exposure to market, treasury, non-client credit, 
operational and other risks. It anticipates risk and takes 
necessary measures to adjust to the Group’s risk profile. 
It is responsible for ensuring compliance with the risk 
management process. Risk Office has developed its own 
risk infrastructure allowing for efficient risk monitoring 
and robust reporting. The infrastructure undergoes 
regular updates and enhancements. Risk Office also 
submits periodic and ad-hoc reports to the Audit and 
Risk Committee, to the Group Executive Board and to 
business units.
The Credit department analyses, grants and records 
client credits and if necessary initiates measures to 
prevent credit losses for the Group. Client credits include 
cash loans, contingent liabilities and transactions with 
initial margin requirement such as forwards, futures 
or option contracts. The Credit department defines 
credit parameters relevant to credit, such as eligibility 
of assets for lending, lending-value rules and initial 
margin requirement according to the type of derivative 
transaction. An independent team monitors the client 
credit activity and the adherence to limits.
The Legal & Compliance function supports the Group 
Executive Board and the management of JSSH Group 
Companies in their efforts to ensure that the Group’s 
business activities in Switzerland and abroad comply 
with applicable legal and regulatory frameworks, as 
well as with generally accepted market standards and 
practices. Compliance assures that an appropriate 
system of directives and procedures is in place and 
adequate training on compliance matters is provided to 
relevant staff. It also performs several controls of second 
line of defence. Other controls such as suitability and 
cross-border compliance are performed by the Business 
Development department. The Legal function guarantees 
that the Group structure and business processes adhere 
to a legally abiding format, particularly in the areas of 
service provision to clients and product marketing. 
Regular and comprehensive risk reporting on compliance 
and legal risk is provided to the Audit and Risk Committee 
and the Group Executive Board.
A clearly structured and transparent risk management 
process allows for the timely identification of risks, their 
documentation, escalation, resolution and/or close 
monitoring. The process is applied to all risk categories, 
both individually and collectively. When introducing new 
business transactions and new procedures, the risk 
management process is the basis for the comprehensive 
assessment and rating of risks associated with a new 
activity or process. The Group has established a clear 
process to detect existing or potential risks before 
entering into any new business. The involvement of 
all relevant business units at an early stage ensures 
comprehensive, cross-discipline assessment of every 
new business transaction or process and its associated 
risks.
Risk indicators
In-depth risk profiling will result in defining quantitative 
and qualitative risk indicators. In the case of quantitative 
indicators and depending on the required level of 
granularity, these will be measured at minimum against 
an internal limit as well as a regulatory limit (if applicable). 
Qualitative indicators are assessed in the context of the 
“appetite statement” defined in the risk management 
framework. To the extent possible, these indicators are 
standardised throughout the Group. The Group makes 
use of stress testing in order to evaluate the impact 
of adverse scenarios on different elements: capital 
adequacy, liquidity, interest rate sensitivity and collateral 
value of the credit portfolios. In order to estimate the 
financial impacts on capital adequacy, different scenarios 
are considered that can be systemic or idiosyncratic. 
Several scenarios occur yearly while others are defined on 
an ad-hoc basis. The recurrent themes are the effects of 
a global recession and a local recession, the impact of a 
significant change of foreign exchange rates and interest 
rates and reputational damage. For each scenario, all 
possible direct and indirect consequences on the profit 
and loss and on the equity of the Group are considered. 
A detailed three-year schedule for capital planning and 
development describes the impact of each scenario on 
capital adequacy over several years. The ARC assesses 
the Group’s capital and liquidity planning and reports 
them to the Board of Directors.
Risk categories
The Group is exposed to the following risks through its 
business activities and services:
•	 Market risk
•	 Liquidity risk
•	 Credit risk, including risk of concentration
•	 Operational and reputation risk, including IT and 
information security risk

52 | J. Safra Sarasin Holding Ltd., Annual Report 2018
•	 Legal and compliance risk
•	 Business and strategic risk
Market risk
Market risk refers to the risk of a loss due to changes  
in risk parameters (share prices, interest rates and 
foreign exchange rates) in on-balance- or off-balance-sheet 
positions. The Group is exposed to market risk on its 
trading book in a limited way. Specific limits are set on 
different parameters at granular level. The monitoring of 
the limits is automated and performed on an ongoing 
basis ensuring a timely intervention when justified. A clear 
and efficient escalation process is in place so that in case 
of breach the remediation measures are presented to the 
competent limit owner. Regarding the banking book, mar-
ket risk limits are in place for the interest rate and fo- 
reign exchange exposures as well as regarding derivatives 
exposures. Specifically, the exposure to interest rate risk 
is measured via diverging maturities of interest-sensitive 
positions per currency (gap). The interest rate risk stress 
testing assesses the impact on the economic value of the 
balance sheet and on the projected interest income for the 
following twelve months.
Liquidity risk
The liquidity risk refers to the potential inability of the 
Group to meet its payment obligations or failure  to 
meet requirements imposed by banking  regulations. 
The Treasury Committee is responsible for monitoring 
liquidity. The prime objective is to guarantee the Group’s 
ability to meet its payment obligations at all times and to 
ensure compliance with legal requirements on liquidity. 
A key task of the Committee is to monitor all relevant 
liquidity risk factors. These include money flows between 
subsidiaries and the parent company, inflows and 
outflows of client funds and changes in the availability 
of liquidity reserves. As a supporting strategy, target 
bandwidths are set for surplus coverage of minimum 
liquidity. These are actively monitored and corresponding 
measures are taken if liquidity falls below the specified 
targets. A contingency funding plan may be triggered if 
certain conditions are met. Stress testing allows for the 
impact of larger outflows combined with the deterioration 
of Group assets on the liquidity indicators to be assessed.
Credit risk
Credit or counterparty risk is the risk related to a client 
or a counterparty being either unable, or only partially 
able, to meet an obligation owed to the Group or to an 
individual Group company. Such potential counterparty 
failures may result in financial losses for the Group.
Lending business with clients
Lending activities are mainly limited to private client 
loans which are secured against securities or mortgages. 
Lending criteria are very strictly formulated and their 
appropriateness is continuously reviewed. The lending 
business with clients respects a strict separation 
rule between front and support functions where the 
assessment, approval and monitoring of such business 
is performed by the latter.
Credit is granted under a system  of  delegation 
of authority, based on the size and risk class of the 
loan, where the Central Credit Committee examines 
applications and authorises them in line with the 
delegated authority and the policy defined. Client loans 
and mortgages are classified by risk classes through 
an internal rating system, which considers the applied 
lending value, the average daily turnover and dynamic 
weightings.
When a loan is granted, the loan-to-value ratio is 
established on the basis of the current value of the 
collateral. The Group applies loan-to-value criteria 
which are in line with Swiss banking industry common 
practice. A system of alerts and internal controls is used 
to monitor individual situations in which credit risk has 
increased. The risk profile of the Group’s loan portfolio 
distributed by type of exposure, risk class and collateral 
type is reviewed on a quarterly basis and reported to 
management. Non-performing loans and collateral 
obtained are valued at liquidation value, taking into 
account any correction for the debtor’s solvency. Off- 
balance-sheet transactions are also included in this 
assessment. The need for provisions is determined 
individually for each impaired loan based on analysis 
performed according to a clearly defined procedure. 
A stress testing on the collateral value of the credit 
portfolio is performed at least on a quarterly basis.
Lending business with banks, governments 
and corporates
Transactions entered into with banks, governments and 
corporates (non-client credit activities) may represent 
direct exposures or serve the Group’s need to manage 
its foreign exchange, liquidity or interest rate risk and 
hedge client transactions.

J. Safra Sarasin Holding Ltd., Annual Report 2018 | 53
An internal framework regulates the granting of credit 
limits to non-clients. This framework is based on the 
Group’s general risk appetite, mainly measured in 
freely disposable capital, and the credit quality of the 
respective counterparty. The Central Credit Committee 
approves and reviews the limits granted to non-client 
counterparties.
The limit requests and the credit analysis of the 
respective counterparties are performed by credit 
analysts. The limits are reviewed regularly, but at least 
once a year or ad-hoc if required by specific credit events. 
The Group’s Risk Office is in charge of monitoring and 
reporting all exposures on a daily basis.
As a general rule, the emphasis when conducting 
business on the interbank market is on the quality  
of the counterparty, but strong focus is also on risk 
reduction measures wherever possible. Over-the-counter 
transactions with third-party banks are mainly executed 
under netting and collateralisation agreements and 
lending is provided against collateral (repo transaction) 
whenever appropriate.
The country risk is monitored via a set framework and 
limits which are both approved by the Board of Directors.
Large exposure and concentration risks
Large exposure risks are monitored for every coun-
terparty and are based on the provisions of the Swiss 
Ordinance on Capital Adequacy and Risk Diversification 
for Banks and Securities Dealers. A group of related 
counterparties is regarded as a single counterparty. 
Large exposure risks are calculated on a risk-weighted 
basis taking into consideration available collateral 
provided. The upper limit per counterparty is 25% 
of the eligible capital calculated in accordance with 
the statutory requirements. While client receivables 
are mostly covered by readily realisable collateral 
and therefore do not represent large exposure risks 
from a regulatory point of view, prior to entering into 
positions involving non-clients the Group’s Risk Office 
checks that the critical size of the concentrations is 
not exceeded.
Operational risk
Operational risk is defined as the risk of loss that 
arises through the inadequacy or failure of internal 
procedures, people or systems, or as a consequence 
of external events. It includes IT and information 
security risks.
The risk of fraud is embedded in Operational Risk. In 
order to mitigate that risk, strict procedures are in place 
and their application is monitored.
All operational risk incidents are notified to and 
analysed by Risk Office. Various reports are produced and 
presented to the Group Executive Board. An Operational 
Risk Committee meets at regular intervals to review the 
incidents and issue the necessary recommendations. 
The continuous measurement, reporting and assessment 
of segment-specific key risk indicators allows potential 
weaknesses to be detected well in advance, monitored 
and escalated. Ongoing risk and control self-assessment 
is performed involving representatives from all business 
units and risk experts in order to identify and catalogue the 
risks and inadequacies of a specific area. If necessary, 
targeted action plans are designed to decrease the risk 
level and align with the Group’s risk appetite.
Business Continuity Management (BCM) is designed 
to maintain or restore critical business functions as 
quickly as possible in the event of internal or external 
incidents. BCM aims to minimise financial impact, and 
protect client assets as well as the Group’s reputation. 
The BCM plan is reviewed yearly by the BCM Board. 
Regular crisis management exercises are conducted to 
validate the efficiency of the plan.
In addition to the BCM and the operation risk 
framework, the Group mitigates potential consequences 
of risk with tailored insurance solutions. These solutions 
are regularly reassessed to comply with new emerging 
risks (fraud, information security) and new regulations.
Reputational risk
Reputation is a critical element shaping stakeholders’ 
perception of the Group’s public standing, profession-
alism, integrity and reliability. Reputational risk can be 
defined as the existing or potential threat of negative 
commercial impacts on the Group created by stakehold-
ers’ negative perception of the Group. It is most often an 
event which has occurred as a direct consequence of an-
other risk materialising. To identify potential reputational 
risks at an early stage and take appropriate preventive 
measures, the Group strives to instil an intrinsic risk cul-
ture in its staff, structures and processes.
Legal and compliance risk
Legal risks relate to potential financial loss as a result 
of the deficient drafting or implementation of contrac-
tual agreements or as a consequence of contractual 
Consolidated Financial Statements

54 | J. Safra Sarasin Holding Ltd., Annual Report 2018
infringements or illegal and/or culpable actions. It also 
covers the deficient implementations of changes in the 
legal and regulatory environment. The legal department 
is involved as soon as a potential risk has been identified. 
It assesses the situation and, if appropriate, retains an 
external lawyer with whom it works to resolve the issue. 
Such risks have been assessed and provisions have 
been set aside on a case-by-case basis.
Compliance risk is defined as the risk of legal 
sanctions, material financial loss, or loss to reputation 
the Group may suffer as a result of its failure to comply 
with laws, its own regulations, code of conduct, and 
standards of best/good practice. Compliance risk 
relates to many areas, such as anti-money laundering 
and combating the financing of terrorism, regulatory 
tax compliance, breaches of the cross-border rules, 
conduct risks including suitability and appropriateness 
of products and investments, or market conduct rules.
Business and strategic risk
Business and strategic risk is inherent to external or 
internal events or decisions resulting in strategic and 
business objectives not being achieved. Assessment 
reviews are conducted on a regular basis to evaluate 
the impact of potential strategic and business risks and 
define mitigating measures.
Treatment of structured products
Self-issued structured products containing option 
components shall be separated in the fixed-income 
instrument and the embedded derivative. The fixed-
income instrument is recognised in the balance sheet 
position “Amounts due in respect of customer deposits” 
and the derivative is recognised in the balance sheet 
position “Positive (or negative) replacement values 
of derivative financial instruments”. Assets (stocks, 
bonds derivatives from third parties, etc.) bought to 
hedge self-issued structured products are recognised 
in the respective balance sheet position. For self-
issued structured products where the fair value option 
is applied, the product itself and the corresponding 
hedging positions in stocks, bonds and funds are 
recognised in the balance sheet position “Liabilities 
from other financial instruments at fair value” or “Other 
financial instruments at fair value”, respectively. 
Potential derivative positions also held for hedging 
purposes are reported under “Positive (or negative) 
replacement values of derivative financial instruments”.
Explanation of the methods used for identifying default 
risks and determining the need for value adjustments 
Based on the inherent risk of a credit facility, the Group 
establishes the individual Credit Risk Class (CRC) which 
in return defines the review cycle of the facility. All 
credits are regularly followed by means of a constant 
monitoring of the adherence to the credit approval and 
the Group’s credit policy. Deviations from the agreed 
contractual terms with regard to interest payments and/
or amortisation, representing potential indicators of 
default risk, are detected by the aforementioned regular 
credit-monitoring process and trigger a review and re-
evaluation of the CRC.
With respect to Lombard facilities, the lending values 
are periodically reviewed and set by the Group’s Central 
Credit Committee on an asset-by-asset basis. Any 
lending value exceptions are approved in conjunction 
with the credit request in question. On this basis, each 
approved credit facility is given a CRC. Additionally, 
country concentration embedded within the portfolios 
on which the Group lends is also reviewed periodically, 
as necessary. Lombard loans are monitored daily for 
margin purposes, and in relevant periodic intervals for 
repayment purposes. At each such monitoring interval, 
the CRC of a Lombard facility or group of facilities are 
continuously reassessed. Any adverse change in the 
Group’s outlook with respect to the collateral shall, on 
a case-by-case basis, trigger an assessment for the 
purpose of establishing a provision.
With respect to mortgage facilities, the value of the 
collateral is assessed based on a property valuation 
mandated by the Group and performed by a certified 
value and/or property valuation tool. In addition to the 
risk-class-based review process and in order to detect 
a potential material decrease in market value, market 
prices are analysed and documented against appropriate 
regional price statistic. If prices of certain regions and/
or object types have significantly decreased in value or 
a corresponding decrease is deemed to be imminent 
by the Group, the respective mortgage facilities are 
assessed individually and provisions are set aside on a 
case-by-case basis.
Explanations of the valuation of collateral, in 
particular key criteria for the calculation of current 
market value and lending value
The lending business is basically limited to Lombard 
loans and mortgages. In case of a Lombard loan, the

J. Safra Sarasin Holding Ltd., Annual Report 2018 | 55
collateral is accepted at a percentage of its market value 
according the Group’s credit policy. The lending value 
depends on the nature, solvency, currency and fungibility 
of the assets. In case of a mortgage, the maximum 
pledge rate is defined by the Group’s credit policy, the 
property type and the appraised value of the property.
Explanations of the Group’s business policy regarding 
the use of derivative financial instruments, including 
explanations relating to the use of hedge accounting 
The Group enables clients to trade different types of 
derivatives. Client derivatives trading activities include 
options, forwards, futures, swaps on equities, foreign 
exchange, precious metals, commodities and interest 
rates. The Group can trade derivative products for its 
own account, either for proprietary trading or for balance 
sheet management activities, as long as the necessary 
limits are approved by the Board of Directors, or square 
client transactions in the market with third parties in 
order to eliminate market risk incurred through the 
client transactions.
The use of derivatives in discretionary portfolio 
management is restricted to the transactions authorised 
by the Swiss Bankers’ Association asset management 
guidelines and in accordance with the Group’s 
investment policy.
The Group uses derivative financial instruments as 
part of its balance sheet management activities in order 
to manage the risk in its banking book. In order to avoid 
asymmetric profit and loss recognition, the Group may 
apply hedge accounting if possible. Interest rate risk of 
assets and liabilities are typically hedged by interest 
rate swaps (IRS), but other instruments like forward rate 
agreements (FRA), futures or interest rate options could 
also be used. In order to hedge the counterparty risk of 
financial investments the Group can buy credit default 
swap (CDS) protection. The hedge relationships with 
underlying hedged item(s) and hedge transactions are 
documented and periodically reviewed.
The effectiveness of hedging transactions is measured 
prospectively either by the differential of sensitivity to the 
risk parameter, within a predefined corridor, of the hedged 
item(s) and the hedging transaction, or by matching 
the cash flows of the hedge and the risk position. The 
hedging relationships are periodically checked, whether 
hedged item(s) and hedging transaction are still in place 
and hedge effectiveness is guaranteed.
Where the effect of the hedging transactions exceeds 
the effect of the hedged items, the excess portion of the 
derivative financial instrument is treated as equivalent 
to a trading position. The excess portion is recorded in 
the profit and loss item “Result from trading activities”.
Subsequent events
No events affecting the balance sheet or income 
statement are to be reported for the financial year 2018.
Consolidated Financial Statements

56 | J. Safra Sarasin Holding Ltd., Annual Report 2018
Consolidated notes – 
Information on the balance sheet
Breakdown of securities financing transactions (assets and liabilities)
CHF 000
2018
2017
Book value of receivables from cash collateral delivered in connection with securities 
borrowing and reverse repurchase transactions (before netting agreements) 
59,148
210,079
 
 
 
Book value of obligations from cash collateral received in connection with securities 
lending and repurchase transactions (before netting agreements)
0
151,609
 
 
 
Book value of securities lent in connection with securities lending or delivered as 
collateral in connection with securities borrowing as well as securities in own portfolio 
transferred in connection with repurchase agreements
150,541
276,713
with unrestricted right to resell or pledge
150,541
125,105
 
 
 
Fair value of securities received and serving as collateral in connection with securities 
lending or securities borrowed in connection with securities borrowing as well 
as securities received in connection with reverse repurchase agreements with an 
unrestricted right to resell or repledge
428,439
588,487
of which, repledged securities
2,704
1,930
of which, resold securities
0
0

J. Safra Sarasin Holding Ltd., Annual Report 2018 | 57
Consolidated Financial Statements
Presentation of collateral for loans/receivables and off-balance-sheet transactions, 
as well as impaired loans/receivables
CHF 000
Mortgage
collateral
Secured by
other collateral
Without
collateral
Total
Loans (before netting with value adjustments)
Amounts due from customers
253,037
10,745,135
34,793
11,032,965
Mortgages loans
Residential property
1,355,485
0
0
1,355,485
Office and business premises
1,444,627
0
0
1,444,627
Trade and industry
329,619
0
0
329,619
Others
16,007
0
0
16,007
Total loans (before netting with value adjustments)
Current year
3,398,775
10,745,135
34,793
14,178,703
Previous year
3,392,906
10,533,361
34,587
13,960,854
Total loans (after netting with value adjustments)
Current year
3,273,572
10,629,280
1,854
13,904,706
Previous year
3,272,667
10,413,348
1,339
13,687,354
Off-balance-sheet transactions
Contingent liabilities
0
662,671
955
663,626
Irrevocable commitments
640
17,750
0
18,390
Obligations to pay up shares and make further 
contributions
0
0
1,487
1,487
Total current year
640
680,421
2,442
683,503
Previous year
0
755,662
2,565
758,227
 
 
 
Impaired loans 
CHF 000
Gross debt 
amount
Estimated
liquidation value
of collateral
Net debt  
amount
Individual value 
adjustments
Current year
403,484
129,487
273,997
273,997
Previous year
414,923
141,423
273,500
273,500

58 | J. Safra Sarasin Holding Ltd., Annual Report 2018
Breakdown of trading portfolios and other financial instruments at fair value (assets and liabilities)
CHF 000
31.12.2018
31.12.2017
Assets
Trading portfolios
Debt securities, money market securities/transactions
804,059
358,817
of which, listed
229,768
257,302
Equity securities
361,598
316,436
Precious metals and commodities
437,810
468,935
Other trading portfolio assets
51,844
0
Other financial instruments at fair value
Debt securities 
144,123
496,470
Structured products
0
0
Other
914,054
820,545
Total assets
2,713,488
2,461,203
of which, determined using a valuation model
0
0
of which, securities eligible for repo transactions 
 
in accordance with liquidity requirements
0
0
Liabilities
Trading portfolios
Debt securities, money market securities/transactions
0
0
of which, listed
0
0
Equity securities
8,080
0
Precious metals and commodities
0
0
Other trading portfolio liabilities
56
0
Other financial instruments at fair value
Debt securities 
147,267
501,999
Structured products
0
0
Other
658,730
728,927
Total liabilities
814,133
1,230,926
of which, determined using a valuation model
0
0

J. Safra Sarasin Holding Ltd., Annual Report 2018 | 59
Consolidated Financial Statements
Presentation of derivative financial instruments (assets and liabilities)
CHF 000
Positive
replacement values
Negative
replacement values
Contract volumes
Trading instruments
Interest rate instruments
Forward agreements
0
0
415
Swaps
67,219
68,167
7,275,940
Futures
0
8
0
Total interest rate instruments 
67,219
68,175
7,276,355
Foreign exchange
Forward agreements
64,154
73,621
8,043,585
Combined interest/currency swaps
243,466
227,961
28,140,270
Futures
0
0
548,332
Options (OTC)
76,826
75,991
14,558,534
Total foreign exchange 
384,446
377,573
51,290,721
Equity securities/indices
Forward agreements
919
483
60,014
Futures
157
157
0
Options (OTC)
184,534
127,137
1,651,533
Options (exchange traded)
42,885
36,210
1,009,125
Total equity securities/indices 
228,495
163,987
2,720,672
Precious metals 
Forward agreements
269
146
27,406
Swaps
3,454
4,009
229,319
Options (OTC)
4,958
4,488
396,807
Total precious metals 
8,681
8,643
653,532
Credit derivatives 
Credit default swaps
0
14
986
Total credit derivatives 
0
14
986
Other
Forward agreements
45
36
121,979
Total other 
45
36
121,979
Total trading instruments before netting agreements on 31.12.2018
688,886
618,428
62,064,245
Total trading instruments before netting agreements on 31.12.2017
861,649
798,317
72,638,598
Hedge instruments
Interest rate instruments
Swaps
3,531
5,265
329,027
Total hedge instruments on 31.12.2018
3,531
5,265
329,027
Total hedge instruments on 31.12.2017
4,856
6,160
278,885
Total before netting agreements on 31.12.2018
692,417
623,693
62,393,272
of which, determined using a valuation model
0
0
–
Total before netting agreements on 31.12.2017
866,505
804,477
72,917,483
of which, determined using a valuation model
0
0
–
Total after netting agreements on 31.12.2018
97,506
217,243
Total after netting agreements on 31.12.2017
164,517
277,544
Breakdown by counterparty
Central clearing
houses
Banks and
securities dealers
Other
customers
Positive replacement values (after netting agreements) on 31.12.2018
4,014
60,370
33,122
Positive replacement values (after netting agreements) on 31.12.2017
7,676
142,420
14,421

60 | J. Safra Sarasin Holding Ltd., Annual Report 2018
Financial investments
CHF 000
Book value
31.12.2018
Fair value
31.12.2018
Book value
31.12.2017
Fair value
31.12.2017
Debt securities
6,938,384
6,944,752
7,731,115
7,970,107
of which, intended to be held until maturity
6,550,454
6,549,148
6,503,229
6,594,669
of which, not intended to be held to maturity 
(available for sale)
387,930
395,604
1,227,886
1,375,438
Equity securities
732,011
948,276
833,823
965,934
of which, qualified participations
0
0
0
0
Precious metals
0
0
0
0
Real estate
54,605
54,605
45,295
45,295
Total financial investments
7,725,000
7,947,633
8,610,233
8,981,336
of which, securities eligible for repo transactions 
in accordance with liquidity regulations
87,506
226,644
Breakdown of counterparties by rating
CHF 000
AAA to AA–
A+ to A–
BBB+ to 
BBB–
BB+ to B–
Below B–
Unrated
Debt securities:
 
 
 
 
 
 
Book value on 31.12.2018
1,809,665
2,621,590
1,226,408
884,840
4,419
391,462
Book value on 31.12.2017
1,811,256
2,396,013
1,093,291
1,985,873
5,985
438,697
The above rating is based on the credit rating of Standard & Poor’s.
Participations
CHF 000
Acquisition 
costs
Accumulated 
value 
adjustments
Book value 
as at 
31.12.2017
Reclassi­- 
fications
Additions
Disposals
Value 
adjustments
Book 
value as at 
31.12.2018
Market 
value
Participations valued 
using the equity 
method
with market value
0
0
0
0
0
0
0
0
0
without 
market value
0
0
0
0
0
0
0
0
–
Other participations
with market value
20,495
–265
20,230
0
4,056
0
0
24,286
66,674
without 
market value
0
0
0
0
0
0
0
0
–
Total participations
20,495
–265
20,230
0
4,056
0
0
24,286
66,674

J. Safra Sarasin Holding Ltd., Annual Report 2018 | 61
Consolidated Financial Statements
Significant participating interests
Place of
incorporation
Activity
Currency
 Share 
capital
’000s
% of 
equity/ 
votes
Direct/
indirect 
ownership
Bank J. Safra Sarasin Ltd
Basel
Bank
CHF
22,015
100.00%
direct
Bank J. Safra Sarasin (Gibraltar) Ltd
Gibraltar
Bank
CHF
1,000
100.00%
indirect
J. Safra Sarasin Asset Management (Europe) Ltd
Gibraltar
Advisory
CHF
4,000
100.00%
indirect
JSS (Gibraltar) Ltd
Gibraltar
Holding
GBP
235
100.00%
indirect
Bank JSS (Gibraltar) Ltd
Gibraltar
Bank
GBP
5,000
100.00%
indirect
Banque J. Safra Sarasin (Monaco) SA
Monaco
Bank
EUR
67,000
100.00%
direct
J. Safra Sarasin Gestion (Monaco) SA
Monaco
Advisory
EUR
160
100.00%
indirect
Banque J. Safra Sarasin (Luxembourg) SA
Luxembourg
Bank
EUR
8,800
100.00%
direct
JSS Polska Sp. z o o. 1)
Poland
Advisory
PLN
5
100.00%
indirect
JSS Private Equity Investments Fund GP S.à r.l.
Luxembourg
Fund Management
EUR
12
100.00%
direct
J. Safra Sarasin Asset Management  
(North America) SA 1)
Geneva
Asset Management
CHF
500
100.00%
direct
SIBTL Holding Ltd.
Bahamas
Holding
USD
460,932
52.00%
direct
J. Safra Sarasin Asset Management (Bahamas) Ltd.
Bahamas
Fund Management
USD
50
52.00%
indirect
Bank J. Safra Sarasin (Bahamas) Ltd. 
Bahamas
Bank
USD
18,000
51.97%
indirect
J. Safra Sarasin Asset Management S.A.
Panama
Advisory
USD
3,250
51.97%
indirect
JSS Servicios S.A. de C.V.
Mexico D.F.
Advisory
USD
3
51.97%
indirect
Lyford JSRE (Bahamas) Ltd 1)
Bahamas
Real Estate
USD
50
51.97%
indirect
Bank J. Safra Sarasin Asset Management  
(Middle East) Ltd
Dubai
Asset Management
USD
22,000
100.00%
indirect
Bank J. Safra Sarasin (QFC) LLC
Doha
Asset Management
USD
2,000
100.00%
indirect
J. Safra Sarasin Asset Management (Israel) Ltd
Tel Aviv
Advisory
ILS
350
100.00%
indirect
Eichenpark Verwaltungs GmbH
Glashuetten
Holding
EUR
25
100.00%
indirect
bank zweiplus ltd
Zurich
Bank
CHF
35,000
57.50%
indirect
J. Safra Sarasin (Deutschland) GmbH
Frankfurt
Advisory
EUR
1,000
100.00%
indirect
J. Safra Sarasin Trust Company (Singapore) Ltd.
Singapore
Trust Company
USD
1,000
100.00%
indirect
Sarabet Ltd
Basel
Holding
CHF
3,250
100.00%
indirect
Sarasin (U.K.) Ltd
London
Holding
GBP
17,900
100.00%
indirect
S.I.M. Partnership (London) Ltd
London
Holding
GBP
727
60.59%
indirect
Sarasin & Partners LLP
London
Asset Management
GBP
15,051
60.59%
indirect
Sarasin Asset Management Ltd
London
Asset Management
GBP
250
60.59%
indirect
Sarasin Investment Funds Ltd 
London
Fund Management
GBP
250
60.59%
indirect
Sarasin Funds Management (Ireland) Ltd
Dublin
Fund Management
GBP
500
60.59%
indirect
JSS Administradora de Recursos Ltda.
São Paulo
Advisory
BRL
1,711
100.00%
indirect
JSS Global Real Estate Management Co S.à r.l.
Luxembourg
Fund Management
EUR
125
100.00%
indirect
J. Safra Sarasin Investmentfonds Ltd
Basel
Fund Management
CHF
4,000
100.00%
indirect
J. Safra Sarasin Fund Management (Luxembourg) S.A. Luxembourg
Fund Management
EUR
1,500
100.00%
indirect
1) Fully consolidated for the first time.
Participations removed from the scope of consolidation
cash zweiplus ltd
Zurich
Information
CHF
1,000
28.75%
indirect
Non-consolidated investments in subsidiary companies
SIX Group AG
Zurich
Stock exchange
CHF
19,522
2.40%
indirect
PFBK Schweizerische Hypothekarinstitute AG
Zurich
Mortgage company
CHF
900,000
0.30%
indirect

62 | J. Safra Sarasin Holding Ltd., Annual Report 2018
Tangible fixed assets
CHF 000
Acquisition 
costs
Accumulated 
depreciation
Book value 
as at 
31.12.2017
Change in 
scope of 
consolidation
Reclassi­- 
fications
Additions
Disposals Depreciation
Book value 
as at 
31.12.2018
Real estate: 
bank buildings
342,072
–82,553
259,519
0
1,747
7,374
107
–5,980
262,767
Real estate: 
other real estate
4,985
–1,829
3,156
0
0
0
0
–83
3,073
Proprietary or 
separately acquired 
software
27,043
–21,046
5,997
–66
0
1,908
–4
–2,508
5,327
Other fixed assets
139,398
–85,982
53,416
0
–1,747
7,128
–163
–11,053
47,581
Tangible assets acquired 
under finance leases:
0
0
0
0
0
0
0
0
0
of which, 
bank buildings
0
0
0
0
0
0
0
0
0
of which, 
other real estate
0
0
0
0
0
0
0
0
0
of which, other 
tangible fixed assets
0
0
0
0
0
0
0
0
0
Total fixed assets
513,498
–191,410
322,088
–66
0
16,410
–60
–19,624
318,748
Operating leases
CHF 000
31.12.2018
31.12.2017
Remaining maturity <1 year
13,279
 16,732 
Remaining maturity 1– 5 years
32,985
 34,131 
Remaining maturity >5 years
5,198
 18,629 
Total liabilities from operating lease
51,462
 69,492 
of which, remaining maturity <1 year that can be terminated within one year
117
 261 
Intangible assets
CHF 000
Acquisition 
costs
Accumulated 
amortisation
Book value 
as at 
31.12.2017
Reclassi­- 
fications
Additions
Disposals Amortisation
Book value 
as at 
31.12.2018
Goodwill
568,333
–147,725
420,608
0
–4,437
0
–35,123
381,049
Patents
0
0
0
0
0
0
0
0
Licences
0
0
0
0
0
0
0
0
Other intangible assets
76,838
–26,764
50,074
0
11,296
–569
–60,8001)
0
Total intangible assets
645,171
–174,489
470,682
0
6,859
–569
–95,923
381,049
1) Corresponds to the amortisation of the entire remaining inventory of “Other intangible assets” related to recent acquisitions. Book value 
related to these assets, previously recognized on a straight-line basis over five years from the time of acquisition, was amortised as such non-
transformative intangible assets acquired were fully integrated into the core business and individual cash flows can no longer, with reasonable 
effort, be reliably measured with probable assumptions.

J. Safra Sarasin Holding Ltd., Annual Report 2018 | 63
Consolidated Financial Statements
Other assets/Other liabilities
CHF 000
31.12.2018
31.12.2017
Other assets
Compensation account
25,195
52,734
Deferred income taxes recognised as assets
53,197
59,467
Amount recognised as assets in respect of employer contribution reserves
0
0
Amount recognised as assets relating to other assets from pension schemes
0
0
Others
203,392
187,659
Total
281,784
299,860
Other liabilities
Compensation account
14,594
11,969
Others
193,087
205,327
Total
207,681
217,296
Disclosure of liabilities relating to own pension schemes, and number and nature of equity instruments 
of the Group held by own pension schemes
CHF 000
31.12.2018
31.12.2017
Liabilities to own pension plans
43,220
35,840
Disclosure of assets pledged or assigned to secure own commitments and of assets under reservation of ownership
CHF 000
Book value
31.12.2018
Effective
commitment
31.12.2018
Book value
31.12.2017
Effective
commitment
31.12.2017
Financial instruments
459,424
437,476
719,948
558,311
Other assets
247,678
247,678
137,470
130,344
Total pledged assets
707,102
685,154
857,418
688,655
There are no assets under reservation of ownership. The assets are pledged for commitments from securities borrowing, for Lombard limits at central 
banks and for stock exchange security.

64 | J. Safra Sarasin Holding Ltd., Annual Report 2018
Pension schemes
The Group operates a number of pension schemes for 
its employees in Switzerland and abroad. Employees 
in Switzerland are covered either by the pension fund 
of Bank J. Safra Sarasin or by the collective founda-
tion “Trianon”. These pension schemes are defined 
contribution plans. Also all pension schemes based 
outside of Switzerland are defined contribution plans. 
There is neither a surplus nor a deficit coverage. The 
contributions for the period are shown as personnel 
costs in the income statement.  
The purpose of the pension scheme is to provide 
pension benefits for employees of the Group upon 
retirement or disability and for the employees’ survi-
vors after their death. It manages the mandatory retire-
ment, survivors’ and disability benefits in accordance 
with the BVG (“Berufliche Vorsorge”) in Switzerland. 
The Group does not have any patronage funds.  
Employer’s contribution reserves (ECR)
CHF 000
Nominal 
value
31.12.2018
Renunciation 
of use
31.12.2018
Creation
2018
Balance 
sheet
31.12.2018
Balance 
sheet
31.12.2017
Result from 
ECR in 
personnel 
expenses
2018
Result from 
ECR in 
personnel 
expenses
2017
Patronage funds/pension schemes
0
0
0
0
0
0
0
Economic benefit/economic obligation and pension benefit expenses
CHF 000
Surplus/ 
(deficit)
31.12.20181)
Economical 
part of the 
organisation
31.12.2018
Economical 
part of the 
organisation
31.12.2017
Change in 
the prior-year 
period or 
recognised in 
the current 
result of the 
period
Contribu- 
tions 
concerning 
the business 
period
Pension 
benefit 
expenses 
within 
personnel 
expenses
2018
Pension 
benefit 
expenses 
within 
personnel 
expenses
2017
Pension schemes 
 
 
 
 
 
 
 
with surplus
63,383
0
0
0
23,043
23,043
23,113
without surplus/(deficit)
0
0
0
0
9,607
9,607
9,459
Total
63,383
0
0
0
32,650
32,650
32,572
1) At the publication date the final financial statements of the pension schemes were not available. Therefore the figures are based on the 
financial statements of the pension schemes 2017.
The financial statements of the pension funds in Switzerland are prepared in accordance with Swiss GAAP FER 26.

J. Safra Sarasin Holding Ltd., Annual Report 2018 | 65
Consolidated Financial Statements
Presentation of issued structured products
Underlying risk of the embedded derivative
Valued separately
Valued separately
CHF 000
Value of 
the host 
instrument
Value of the 
derivative
Total
31.12.2018
Value of 
the host 
instrument
Value of the 
derivative
Total
31.12.2017
Interest rate instruments
With own debenture component (oDC)
0
0
0
0
0
0
Without oDC
0
0
0
0
0
0
Equity securities
With own debenture component (oDC)
703,986
–113,966
590,020
791,548
–18,316
773,232
Without oDC
0
0
0
0
0
0
Foreign currencies
With own debenture component (oDC)
193,042
–794
192,248
31,253
–157
31,096
Without oDC
0
0
0
0
0
0
Commodities/precious metals
With own debenture component (oDC)
882
–251
631
1,007
41
1,048
Without oDC
0
0
0
0
0
0
Total
897,910
–115,011
782,899
823,808
–18,432
805,376
Presentation of bonds outstanding and mandatory convertible bonds
Year of 
issuance
Early 
termination 
possibilities
Weighted 
average 
interest rate
Maturity 
date
Amount 
outstanding 
CHF 000
Issuer
Bank J. Safra Sarasin Ltd 
Non-subordinated
2014
no
1%
28.05.2020
154,500
Bank J. Safra Sarasin Ltd 
Non-subordinated
2017–2018
no
0%
2019
153,223
Bank J. Safra Sarasin Ltd 
Non-subordinated 
mortgage-backed bonds
2012–2013
no
1.03%
2019–2024
76,580
Overview of maturities of bonds outstanding
CHF 000
< 1 year
> 1 – < 2 ys
> 2 – < 3 ys
> 3 – < 4 ys
> 4 – < 5 ys
> 5 years
Total
Issuer
 
Bank J. Safra Sarasin Ltd
202,565
174,733
2,998
0
2,000
2,007
384,303

66 | J. Safra Sarasin Holding Ltd., Annual Report 2018
Presentation of value adjustments and provisions, reserves for general banking risks, and changes therein 
during the current year
CHF 000
Balance 
as at 
31.12.2017
Use in 
conformity 
with 
designated 
purpose
Change 
in scope 
of conso-
lidation
Reclassi-
fications
Currency 
differences
Past due 
interest, 
recoveries
New 
creations 
charged to 
income
Release 
to income
Balance 
as at 
31.12.2018
Provisions for 
deferred taxes
18,811
0
0
0
–252
0
1,088
–16,160
3,487
Provisions for pension 
benefit obligations
0
0
0
0
0
0
0
0
0
Provisions for default 
risks (off-balance sheet)
0
0
0
0
0
0
0
0
0
Provisions for other 
business risks
3,020
–153
0
0
–58
0
150
–342
2,617
Provisions for 
restructuring
0
0
0
0
0
0
0
0
0
Other provisions
47,842
–66,935
0
0
–249
0
36,253
–470
16,441
Total provisions
69,673
–67,088
0
0
–559
0
37,491
–16,972
22,545
Reserves for general 
banking risks
360,742
0
0
0
0
0
0
0
360,742
Value adjustments for 
default and country risks
290,723
–9,662
0
0
–3,454
20,083
9,651
–6,346
300,995
of which, value adjust-
ments for default risks 
in respect of impaired 
loans/receivables
273,500
–9,662
0
0
–3,376
19,844
0
–6,309
273,997
of which, value adjust-
ments for latent risks
0
0
0
0
0
0
0
0
0
Disclosure of amounts due from/to related parties
Amounts due from
Amounts due to
CHF 000
31.12.2018
31.12.2017
31.12.2018
31.12.2017
Holders of qualified participations
–
– 
–
– 
Group Companies
–
–
– 
–
Linked companies
 1,675,453 
1,570,871
 1,979,903 
749,364
Transactions with members of governing bodies
 11,359 
14,817
 10,525 
14,025
Other related parties
 49,993 
32,396
 1,770,287 
1,246,753
Above-mentioned operations are concluded at arm’s length.
Off-balance-sheet transactions with any of the above-mentioned parties are mainly foreign exchange operations.

J. Safra Sarasin Holding Ltd., Annual Report 2018 | 67
Consolidated Financial Statements
Presentation of the maturity structure of financial instruments
CHF 000
At sight
Cancellable
Due within 
3 months
Due within 
3 to 12 
months
Due within 
12 months 
to 5 years
Due 
more than 
5 years
No maturity
Total
Liquid assets
7,095,720
0
0
0
0
0
0
7,095,720
Amounts due from banks
852,097
0
787,140
14,007
151,320
0
0
1,804,564
Amounts due from 
securities financing 
transactions 
0
0
59,148
0
0
0
0
59,148
Amounts due from 
customers
1,441,179
356,267
6,635,332
656,968
1,294,738
374,484
0
10,758,968
Mortgage loans
4,289
0
638,555
344,569
1,899,092
259,233
0
3,145,738
Trading portfolio assets
1,655,311
0
0
0
0
0
0
1,655,311
Positive replacement values 
of derivative financial 
instruments   
692,417
0
0
0
0
0
0
692,417
Other financial instruments 
at fair value
1,058,177
0
0
0
0
0
0
1,058,177
Financial investments
786,617
0
1,758,795
513,498
3,228,817
1,437,273
0
7,725,000
Total 31.12.2018
13,585,807
356,267
9,878,970
1,529,042
6,573,967
2,070,990
0
33,995,043
Total 31.12.2017
13,217,754
379,334
8,752,503
1,900,609
7,282,406
2,341,249
0
33,873,855
Due to banks
372,457
2,251
368,576
27,307
0
0
0
770,591
Liabilities from securities 
financing transactions
0
0
0
0
0
0
0
0
Amounts due in respect of 
customer deposits
14,417,289
2,190,447
8,568,367
1,002,242
669,829
0
0
26,848,174
Trading portfolio liabilities
8,136
0
0
0
0
0
0
8,136
Negative replacement 
values of derivative 
financial instruments
623,693
0
0
0
0
0
0
623,693
Liabilities from other 
financial instruments at 
fair value
805,997
0
0
0
0
0
0
805,997
Bond issues and central 
mortgage institution loans
0
0
153,223
49,342
179,731
2,007
0
384,303
Total 31.12.2018
16,227,572
2,192,698
9,090,166
1,078,891
849,560
2,007
0
29,440,894
Total 31.12.2017
17,986,104
2,615,072
7,252,988
896,046
942,195
4,008
0
29,696,413

68 | J. Safra Sarasin Holding Ltd., Annual Report 2018
Assets and liabilities by domestic and foreign origin
CHF 000
31.12.2018
31. 12. 2017
Swiss
Foreign
Swiss
Foreign
Assets
Liquid assets
6,637,494
458,226
6,516,667
295,786
Amounts due from banks
193,761
1,610,803
198,137
1,027,891
Amounts due from securities financing transactions 
0
59,148
0
210,079
Amounts due from customers
1,059,883
9,699,085
833,361
9,720,705
Mortgage loans
584,387
2,561,351
590,982
2,542,306
Trading portfolio assets
690,960
964,351
643,549
500,639
Positive replacement values of derivative financial instruments   
113,115
579,302
97,430
769,075
Other financial instruments at fair value
535,809
522,368
422,360
894,655
Financial investments
379,089
7,345,911
392,606
8,217,627
Accrued income and prepaid expenses
53,538
176,444
47,048
136,272
Non-consolidated participations
24,043
243
20,096
134
Tangible fixed assets
301,021
17,727
311,286
10,802
Intangible assets
381,049
0
433,813
36,869
Other assets
91,914
189,870
116,476
183,384
Total assets
11,046,063
24,184,829
10,623,811
24,546,224
Liabilities
Amounts due to banks
312,015
458,576
364,440
583,893
Liabilities from securities financing transactions
0
0
0
151,609
Amounts due in respect of customer deposits
7,463,871
19,384,303
6,900,261
19,207,435
Trading portfolio liabilities
5,978
2,158
Negative replacement values of derivative financial instruments
102,624
521,069
90,498
713,979
Liabilities from other financial instruments at fair value
658,686
147,311
528,202
702,724
Bond issues and central mortgage institution loans
384,303
0
453,372
0
Accrued expenses and deferred income
163,364
277,294
152,097
242,443
Other liabilities
64,928
142,753
108,220
109,076
Provisions
15,693
6,852
49,817
19,856
Reserves for general banking risks
350,971
9,771
350,971
9,771
Share capital
848,245
0
848,245
0
Capital reserve
1,745,862
0
1,745,862
0
Retained earnings reserve
–320,735
1,381,725
–280,401
1,133,212
Currency translation reserve
138,873
–72,539
138,873
–51,717
Minority interests in equity
22,645
667,032
18,842
563,194
Consolidated profit
52,292
294,972
54,067
261,194
Total liabilities
12,009,615
23,221,277
11,523,366
23,646,669

J. Safra Sarasin Holding Ltd., Annual Report 2018 | 69
Consolidated Financial Statements
Assets by countries/country groups
CHF 000
31. 12. 2018
31. 12. 2017
Total
Part as a %
Total
Part as a %
Europe
7,687,056
21.8%
7,578,284
21.5%
Americas
11,363,695
32.2%
11,871,697
33.8%
Asia
4,704,638
13.4%
4,706,517
13.4%
Others
429,440
1.2%
389,726
1.1%
Total foreign assets
24,184,829
68.6%
24,546,224
69.8%
Switzerland
11,046,063
31.4%
10,623,811
30.2%
Total assets
35,230,892
100.0%
35,170,035
100.0%
Breakdown of total net foreign assets by credit rating of country groups (risk domicile view)
31. 12. 2018
31. 12. 2017
Net foreign exposure 
CHF 000
Part as a %
Net foreign exposure 
CHF 000
Part as a %
Standard & Poor’s
 
 
AAA to AA-
9,313,029
90.7%
7,051,379
89.5%
A+ to A-
955,109
9.3%
831,404
10.5%
Total net foreign assets
10,268,138
100.0%
7,882,783
100.0%
Basis for country ratings: Standard & Poor’s Issuer Credit Ratings Foreign Currency LT (long term).

70 | J. Safra Sarasin Holding Ltd., Annual Report 2018
Balance sheet by currencies
CHF 000
CHF
EUR
USD
Others
Total
Assets
Liquid assets
6,637,483
435,945
522
21,770
7,095,720
Amounts due from banks
102,843
510,631
902,202
288,888
1,804,564
Amounts due from securities financing transactions 
0
0
59,148
0
59,148
Amounts due from customers
1,074,584
1,920,984
5,912,253
1,851,147
10,758,968
Mortgage loans
684,892
665,700
432,939
1,362,207
3,145,738
Trading portfolio assets
357,568
18,732
364,301
914,710
1,655,311
Positive replacement values of derivative financial instruments   
313,593
147,519
178,002
53,303
692,417
Other financial instruments at fair value
512,317
97,232
381,019
67,609
1,058,177
Financial investments
1,040,367
1,697,987
3,367,037
1,619,609
7,725,000
Accrued income and prepaid expenses
29,574
32,330
136,888
31,190
229,982
Non-consolidated participations
24,043
243
0
0
24,286
Tangible fixed assets
299,512
1,081
15,281
2,874
318,748
Intangible assets
381,049
0
0
0
381,049
Other assets
92,391
139,227
37,308
12,858
281,784
Total balance sheet assets
11,550,216
5,667,611
11,786,900
6,226,165
35,230,892
Delivery entitlements from spot exchange, forward forex and 
forex options transactions
5,330,608
6,446,446
19,630,244
7,860,695
39,267,993
Total assets 31.12.2018
16,880,824
12,114,057
31,417,144
14,086,860
74,498,885
Liabilities
Amounts due to banks
63,197
108,310
358,666
240,418
770,591
Liabilities from securities financing transactions
0
0
0
0
0
Amounts due in respect of customer deposits
3,344,060
4,823,433
14,813,850
3,866,831
26,848,174
Trading portfolio liabilities
6,009
1,145
975
7
8,136
Negative replacement values of derivative financial instruments
241,241
122,364
208,546
51,542
623,693
Liabilities from other financial instruments at fair value
211,618
165,384
425,228
3,767
805,997
Bond issues and central mortgage institution loans
384,303
0
0
0
384,303
Accrued expenses and deferred income
97,776
197,083
100,042
45,757
440,658
Other liabilities
43,283
37,473
111,138
15,787
207,681
Provisions
14,387
8,158
0
0
22,545
Reserves for general banking risks
350,971
9,771
0
0
360,742
Share capital
848,245
0
0
0
848,245
Capital reserve
1,745,862
0
0
0
1,745,862
Retained earnings reserve
272,621
289,003
480,742
18,624
1,060,990
Currency translation reserve
138,873
–68,510
16,058
–20,087
66,334
Minority interests in equity
22,645
0
651,709
15,323
689,677
Consolidated profit
66,115
56,331
189,782
35,036
347,264
Total balance sheet liabilities
7,851,206
5,749,945
17,356,736
4,273,005
35,230,892
Delivery obligations from spot exchange, forward forex and 
forex options transactions
9,642,703
5,941,755
13,942,298
9,737,106
39,263,862
Total liabilities 31.12.2018
17,493,909
11,691,700
31,299,034
14,010,111
74,494,754
Net currency positions 31.12.2018
–613,085
422,357
118,110
76,479
4,131

J. Safra Sarasin Holding Ltd., Annual Report 2018 | 71
Consolidated Financial Statements
Breakdown and explanation of contingent assets and liabilities
CHF 000
31.12.2018
31.12.2017
Guarantees to secure credits and similar
334,352
297,545
Performance guarantees and similar
226,084
323,352
Irrevocable commitments arising from documentary letters of credit
0
0
Others
103,190
117,924
Total contingent liabilities
663,626
738,821
 
Contingent assets arising from tax losses carried forward
21,243
22,965
Other contingent assets
0
0
Total contingent assets
21,243
22,965
Breakdown of fiduciary transactions
CHF 000
31.12.2018
31.12.2017
Fiduciary investments with third-party banks
1,252,213
883,163
Fiduciary investments with linked companies
0
320,829
Fiduciary loans
386,215
5,552
Fiduciary transactions arising from securities lending and borrowing, 
which the Group conducts in its own name for the account of customers
0
0
Other fiduciary transactions
0
0
Total fiduciary transactions
1,638,428
1,209,544
Breakdown of credit commitments
CHF 000
31.12.2018
31.12.2017
Commitments arising from deferred payments
0
0
Commitments arising from acceptances (for liabilities arising from acceptances in circulation)
0
0
Other credit commitments
0
0
Consolidated notes – 
Information on off-balance-sheet transactions

72 | J. Safra Sarasin Holding Ltd., Annual Report 2018
Breakdown of managed assets and presentation of their development
CHF million
2018
2017
Type of managed assets 
Assets in collective investment schemes by the Group
17,530
18,673
Assets under discretionary asset management agreements
24,324
26,739
Other managed assets
122,755
124,608
Total managed assets (including double-counting)
164,609
170,019
Of which double-counted items
15,408
16,645
Development of managed assets
Total managed assets (including double-counting) at beginning 
170,019
148,461
+/- net new money inflow or net new money outflow
4,650
4,592
+/- price gains/losses, interest, dividends and currency gains/losses
–10,381
15,179
+/- other effects
321
1,787
Total managed assets (including double-counting) at end
164,609
170,019
Assets under management mainly comprise amounts due to customers in the form of savings and investments, along with term accounts, 
fiduciary investments, all duly valued assets in custody accounts and linked sight accounts. Assets under management also include assets 
held for investment purposes by institutional investors, companies and individual clients, along with investment funds. 
Discretionary managed accounts include clients’ assets with signed discretionary management mandates in favour of an entity of the Group. 
Other managed assets include client assets for whom one of the entities of the Group provides all services arising from stock exchange and 
foreign exchange transactions on the basis of instructions received, as well as safekeeping, loans and payments. 
Net new inflows/outflows comprise all external inflows and outflows of cash and securities recorded on client accounts.

J. Safra Sarasin Holding Ltd., Annual Report 2018 | 73
Consolidated Financial Statements
Breakdown of the result from trading activities and the fair value option
CHF 000
2018
2017
Breakdown by business area
Trading profit with market risk
59,322
49,729
Trading profit without market risk
98,252
102,083
Trading profit from treasury activities
58,231
53,295
Total result from trading activities
215,805
205,107
Breakdown by underlying risk and based on the use of the fair value option
Result from trading activities from:
 
 
Interest rate instruments
86,808
14,338
Equity securities (including funds)
36,761
95,383
Foreign currencies
90,574
91,730
Commodities/precious metals
1,662
3,656
Total result from trading activities
215,805
205,107
of which, from fair value option
–69,983
27,349
Disclosure of material refinancing income in the item “Interest and discount income” 
as well as material negative interest
CHF 000
2018
2017
Material refinancing income in the item “Interest and discount income”
0
0
Material negative interest
37,372
31,947
Consolidated notes – 
Information of the income statement

74 | J. Safra Sarasin Holding Ltd., Annual Report 2018
Breakdown of personnel expenses
CHF 000
2018
2017
Salaries
441,326
407,519
of which, expenses relating to share-based compensation and alternative forms of variable compensation
118,448
94,053
Social charges
66,962
68,220
Changes in book value for economic benefits and obligations arising from pension schemes
0
0
Other personnel expenses
16,002
18,307
Total personnel expenses
524,290
494,046
Breakdown of general and administrative expenses
CHF 000
2018
2017
Office space expenses
31,828
36,083
Expenses for information and communications technology
16,853
18,761
Expenses for vehicles, equipment, furniture and other fixtures, as well as operating lease expenses
793
794
Fees of audit firm
3,556
3,744
of which, for financial and regulatory audits
3,325
3,450
of which, for other services
231
294
Other operating expenses
94,353
97,369
of which, compensation for any cantonal guarantee
0
0
Total general and administrative expenses
147,383
156,751
Explanations regarding material losses, extraordinary income and expenses, as well as material releases of 
hidden reserves, reserves for general banking risks, and value adjustments and provisions no longer required
No material comments. (2017: Extraordinary expenses reflect the creation of additional reserves for general banking risks recognised at 
consolidated level.) 
Disclosure of and reasons for revaluations of participations and tangible fixed assets up to acquisition cost 
at maximum
No revaluations of participations and tangible fixed assets up to acquistion cost have taken place.

J. Safra Sarasin Holding Ltd., Annual Report 2018 | 75
Consolidated Financial Statements
Presentation of the operating result broken down according to domestic and foreign origin, 
according to the principle of permanent establishment
2018
2017
CHF 000
Swiss
Foreign
Total
Swiss
Foreign
Total
Net result from interest operations
169,186
236,668
405,854
177,982
212,362
390,344
Subtotal result from commission business and services
270,161
311,829
581,990
264,771
301,303
566,074
Result from trading activities and the fair value option
80,129
135,676
215,805
111,328
93,779
205,107
Subtotal other result from ordinary activities
7,485
–1,911
5,574
15,278
10,482
25,760
Operating income
526,961
682,262
1,209,223
569,359
617,926
1,187,285
Personnel expenses
–286,277
–238,013
–524,290
–276,307
–217,739
–494,046
General and administrative expenses
–73,817
–73,566
–147,383
–72,717
–84,034
–156,751
Subtotal operating expenses
–360,094
–311,579
–671,673
–349,024
–301,773
–650,797
Depreciation and amortisation of tangible fixed assets 
and intangible assets and value adjustments on 
participations
–64,625
–50,922
–115,547
–49,217
–17,927
–67,144
Changes to provisions and other value adjustments, 
and losses
–37,698
107
–37,591
–30,481
–6,491
–36,972
Operating result
64,544
319,868
384,412
140,637
291,735
432,372
Presentation of capital taxes, current taxes, deferred taxes, and disclosure of tax rate
CHF 000
2018
2017
Current income and capital tax expenses
46,154
48,822
Allocation to provisions for deferred taxes
–15,072
–11,278
Recognition of deferred income taxes
6,274
2,774
Total
37,356
40,318
The weighted average tax rate amounts to 7.8% (2017: 9.2%).
In 2018, the ordinary net tax expense effect of the use of losses carried forward was CHF 7.4 million (2017: CHF 1.6 million).

76 | J. Safra Sarasin Holding Ltd., Annual Report 2018
Consolidated Financial Statements
 
 
 
Deloitte AG 
General-Guisan-Quai 38 
8022 Zurich 
Switzerland 
 
Phone: +41 (0)58 279 6000 
Fax: +41 (0)58 279 6600 
www.deloitte.ch 
 
To the General Meeting of 
J. Safra Sarasin Holding Ltd., Basel 
 
Report of the Statutory Auditor on the Consolidated Financial Statements 
 
As statutory auditor, we have audited the accompanying consolidated financial statements 
(pages 40 to 75) of J. Safra Sarasin Holding Ltd., which comprise the consolidated balance 
sheet as at December 31, 2018, and the consolidated statement of income, consolidated 
statement of cash flows, consolidated statement of changes in equity, and notes to the 
consolidated financial statements for the year then ended. 
 
Board of Directors’ Responsibility 
The Board of Directors is responsible for the preparation of these consolidated financial 
statements in accordance with Swiss accounting principles applicable for banks and the 
requirements of Swiss law. This responsibility includes designing, implementing and 
maintaining an internal control system relevant to the preparation of consolidated financial 
statements that are free from material misstatement, whether due to fraud or error. The 
Board of Directors is further responsible for selecting and applying appropriate accounting 
policies and making accounting estimates that are reasonable in the circumstances. 
 
Auditor’s Responsibility 
Our responsibility is to express an opinion on these consolidated financial statements based 
on our audit. We conducted our audit in accordance with Swiss law and Swiss Auditing 
Standards. Those standards require that we plan and perform the audit to obtain reasonable 
assurance whether the consolidated financial statements are free from material 
misstatement.  
 
An audit involves performing procedures to obtain audit evidence about the amounts and 
disclosures in the consolidated financial statements. The procedures selected depend on the 
auditor’s judgment, including the assessment of the risks of material misstatement of the 
consolidated financial statements, whether due to fraud or error. In making those risk 
assessments, the auditor considers the internal control system relevant to the entity’s 
preparation of the consolidated financial statements in order to design audit procedures that 
are appropriate in the circumstances, but not for the purpose of expressing an opinion on 
the effectiveness of the entity’s internal control system. An audit also includes evaluating 
the appropriateness of the accounting policies used and the reasonableness of accounting 
estimates made, as well as evaluating the overall presentation of the consolidated financial 
statements. We believe that the audit evidence we have obtained is sufficient and 
appropriate to provide a basis for our audit opinion.

J. Safra Sarasin Holding Ltd., Annual Report 2018 | 77
Consolidated Financial Statements
J. Safra Sarasin Holding Ltd. 
 
Report of the statutory auditor 
on the consolidated financial statements 
 
for the year ended 
 
December 31, 2018 
 
 
Opinion 
In our opinion, the consolidated financial statements for the year ended 
December 31, 2018 give a true and fair view of the financial position, the results of 
operations and the cash flows in accordance with Swiss accounting principles applicable for 
Banks and comply with Swiss law. 
 
Report on Other Legal Requirements 
We confirm that we meet the legal requirements on licensing according to the Auditor 
Oversight Act (AOA) and independence (article 728 Code of Obligations (CO) and article 11 
AOA) and that there are no circumstances incompatible with our independence. 
 
In accordance with article 728a para. 1 item 3 CO and Swiss Auditing Standard 890, we 
confirm that an internal control system exists, which has been designed for the preparation 
of consolidated financial statements according to the instructions of the Board of Directors. 
 
We recommend that the consolidated financial statements submitted to you be approved. 
 
Deloitte AG 
 
 
 
 
Sandro Schönenberger 
 
 
Anick Fleury 
Licensed Audit Expert 
 
 
 
Auditor in Charge 
 
 
Zurich, February 27, 2019

Renewal

Japanese Cherry Tree  |  “Prunus serrulata”
Sustainability  
Report

80 | J. Safra Sarasin Holding Ltd., Annual Report 2018
Sustainability 
Report 2018
In the Sustainability Report 2018, J. Safra 
Sarasin Group documents how forward- 
looking decisions help to guarantee com-
mercial success. This is achieved thanks 
to a first-class team of employees and 
the Group’s sustainable corporate policy, 
which strives for an acceptable ecological 
footprint.
As a thought-leader in sustainability, Bank J. Safra 
Sarasin is proactively adapting its strategy and reporting 
to new global developments and standards. As such, we 
are among the first institutions in the financial industry 
to implement the reporting recommendations from the 
Task Force on Climate-related Financial Disclosures 
(TCFD)1 in our annual report. We are convinced that risks 
and opportunities stemming from climate change are 
material to our business, and have set out to consider 
them throughout our sustainable investments approach. 
We are also a member of the UN Global Compact and 
have decided not only to report on the Ten UN Global 
Compact Principles, but also on the Sustainable 
Development Goals (SDGs), which are increasingly used 
as a framework by international institutions to drive the 
agenda towards sustainable development. 
The information provided in this Sustainability Report 
is selected and presented according to principles of 
completeness, balance, accuracy, timeliness, clarity 
and reliability. In general, the figures published in the 
Sustainability Report cover the J. Safra Sarasin Group as 
a whole, including branches and consolidated affiliates.
The meaning of Corporate Sustainability 
for J. Safra Sarasin
For J. Safra Sarasin, Corporate Sustainability means 
responsible and proactive governance, considering and 
integrating the interests of all the Group’s stakeholders 
into its decision-making process.
Focusing on its clients, while balancing the needs 
of its employees as well as the requirements of the 
society for long-term prosperity and the integrity of the 
environment, is paramount for the long-term strategy of 
the Group.
From this understanding, J. Safra Sarasin has 
developed 
five 
strategic 
Corporate 
Sustainability 
objectives. The Sustainability Report is structured in 
accordance with these objectives.
1)	 Reporting recommendations to be fully implemented over time.

J. Safra Sarasin Holding Ltd., Annual Report 2018 | 81
1.	 We embed sustainability in our corporate strategy 
and governance
2.	 We incorporate sustainability considerations in our 
core investment offering
3.	 We live a sustainable corporate culture
4.	 We are part of the society
5.	 We manage resources efficiently
This report demonstrates the progress achieved in 
2018.
Bank J. Safra Sarasin becomes member 
of the UN Global Compact
Bank J. Safra Sarasin has signed 
up as a member of the UN Global 
Compact, a principles-based frame- 
work for businesses, with a com-
mitment to fulfil the Ten Princip- 
les in the areas of human rights, 
labor, the environment and anti-
corruption. In 2018, the Swiss network of this Initia-
tive launched the “Tour de Suisse” roadshow, featuring 
a documentary video to promote Corporate Respon- 
Sustainability Report
J. Safra Sarasin and the Sustainable 
Development Goals
The 17 Sustainable Development Goals (SDGs) 
adopted by all member states of the United Nations 
(UN) in 2015 form a core element of the UN Agenda 
2030 for Sustainable Development. These goals are 
the plan of action for peace and prosperity for peo-
ple and the planet, now and into the future. All 
countries and stakeholders, acting in collaborative 
partnership, recognise that ending poverty and other 
deprivations must go hand-in-hand with strategies 
that improve health and education, reduce inequal- 
ity, and spur economic growth – all while tackling 
climate change and working to preserve our oceans 
and forests. Not only states are asked to stimulate 
action, but companies, the finance industry, NGOs, 
and the wider society. 
J. Safra Sarasin contributes to the realisation of 
the SDGs in various ways. As one of the market  
leaders in the Swiss sustainable investment mar-
ket, the Bank integrates the concept of sustainable 
development into the investment process (see pages 
86ff.). The Bank can now report on the impact of a spe-
cific portfolio to reach the SDGs (see pages 89-90). 
The Bank also takes its responsibility as an employ- 
er (see pages 99ff.), and acts as a responsible citi-
zen (see pages 101ff.). Additionally, the Bank takes 
its environmental footprint seriously (see pages 
103ff.).
Client
Society
Employees
Environment
Figure: The meaning of Corporate Sustainability
for J. Safra Sarasin

82 | J. Safra Sarasin Holding Ltd., Annual Report 2018
Table: J. Safra Sarasin Group’s sustainability indicators 2018 at a glance
2018
2017
2016
Financial
CET1 ratio (%)
31.8
28.8
28.1
Total assets under management (billion CHF)
165
170.0
148.4
Sustainably managed assets (billion CHF)
10.7
11.5
10.9
Responsibly managed assets (billion CHF)
15.4
17.5
16.1
Volume of J. Safra Sarasin sustainable investment funds (billion CHF)
2.8
3.0
2.4
Volume of J. Safra Sarasin responsible investment funds (billion CHF)
1.5
2.0
1.0
Social
Total number of employees (FTEs1)
2,151
2,155
2,095
Part-time jobs
160
177
190
Proportion of women (%)
35.4
35.4
36.1
Proportion of women in management positions (%)
15.8
13.7
12.8
Turnover rate (%)
13.9
16.8
12.4
Environmental
Electricity consumption (kWh per employee)
4,599
4,631
4,662
Proportion of energy from renewable sources (%)
58
58
64
Heating energy consumption (kWh per employee)
549
466
862
Paper consumption (kg per employee)
61
63
64
Proportion of recycled paper (%)
84
86
80
Greenhouse gas emissions (kg CO2 per employee)
1,954
1,719
2,334
sibility and the Sustainable Development Goals (SDGs) 
in Switzerland. Bank J. Safra Sarasin participated in this 
film to showcase the central message of the UN Global 
Compact, i.e. that “Sustainable Business is Smart Busi-
ness”. In the short movie, which was also shown at the 
UN General Assembly in New York, the Bank describes 
how sustainable investments foster innovation and vi-
able business models while mitigating risks and over-
coming global challenges. We have included the Com-
munication on Progress towards the Ten Principles at 
the end of this Sustainability Report. 
Corporate Sustainability at a glance
Bank J. Safra Sarasin’s Corporate Sustainability Man-
ager serves as a facilitator and catalyst for embed-
ding sustainability in the Group’s corporate strategy 
(objective 1). The Corporate Sustainability Board (CSB), 
which reports directly to the Group Executive Board, has 
rallied all major decision-makers of the Group behind 
this single goal throughout the year 2018. Once again, 
Bank J. Safra Sarasin’s Asset Management division 
offered its expertise to clients and launched six new 
sustainable investment funds (objective 2). In order 
to foster a sustainable corporate culture (objective 3), 
the Bank has chosen a two-pronged approach: first, 
by further deepening the knowledge of its employees 
regarding compliant and competitive banking services, 
and second, by strengthening employee relations by 
organising employee events and awarding prizes to its 
loyal and highly motivated workforce. J. Safra Sarasin 
has once again also been an active sponsor in its social 
environment (objective 4). The Bank sponsors projects 
mainly in the field of philanthropy, arts and sports. 
Several energy efficiency-enhancing projects have been 
launched in order to steadily improve the carbon foot-
print of the Group (objective 5).
Objective 1: We embed sustainability in  
our corporate strategy and governance 
Commitment to Sustainability – since 1841
Sustainability has been a firm component of J. Safra 
Sarasin’s identity and stability as a Swiss private 
banking group for over 175 years. J. Safra Sarasin 
does not view sustainability as an end in itself, but 
Note: As a rule, all offices with more than 15 employees are integrated into the environmental indicator reporting system. At local level, 
estimates are used if no exact figures are available.
1)	 FTE stands for full-time equivalent.

J. Safra Sarasin Holding Ltd., Annual Report 2018 | 83
Sustainability Report
rather as a key factor in its success. Sustainability 
enables the Group to project a distinctive image on 
the market and creates continuity across time and 
generations.
J. Safra Sarasin is committed to operating its core 
business in a consistently sustainable manner. This 
is a commitment for the future. The associated prin- 
ciples and rules of corporate governance provide the 
framework for every aspect of our business activity. 
The sustainability strategy is strictly implemented at 
management and operational levels in order to ensure 
credibility and reliability.
The sustainability strategy of J. Safra Sarasin
Controversial Weapon Guidelines  
of J. Safra Sarasin Group
J. Safra Sarasin actively meets its responsibility 
when it comes to controversial weapons, and has 
therefore implemented a policy outlining the Group’s 
principles in this area. Controversial weapons are 
those types of weapons that have become contro- 
versial because of their humanitarian impact and/or 
the large numbers of civilian casualties they cause, 
often for many years after the conflicts in which they 
were deployed have ended. They include biological, 
chemical and nuclear weapons, cluster munitions 
and anti-personnel mines. J. Safra Sarasin has 
committed itself not to invest its treasury in compa-
nies that are active in the domain of controversial 
weapons.
overall business strategy, identify strategically relevant 
environmental, especially climate-related, and social 
themes, and monitor the operational implementation 
of the strategically developed initiatives and measures 
based on environmental and social Key Performance 
Indicators (KPIs). For the Group’s business, especially 
climate-related transition risks are important over 
the medium and long term. Policy makers all over the 
world discuss possible regulatory changes to tackle 
climate change as a consequence of the global climate 
agreement. At the same time, J. Safra Sarasin sees 
these developments as opportunities. As pioneer 
in the field of sustainable investments, the Bank is 
already at the forefront of innovating and forward-
looking products described in this report. 
The mission statement of the Corporate Sustainability 
Board is derived from the Group’s Mission Statement. 
It summarises how the J. Safra Sarasin Group regards 
itself in the context of sustainability, how it sets out its 
environmental and social goals and how these are to be 
achieved. The mission statement consists of the five 
strategic Corporate Sustainability objectives mentioned 
above.
The Corporate Sustainability Board was responsible 
for the implementation of the “Controversial Weapon 
Guidelines of J. Safra Sarasin Group” that belong to 
effective risk management, where all risks and the 
relevant risk drivers are accurately identified, measured 
and assessed. The quality of risk management is not 
merely a question of adhering to formal internal and 
The mission statement of the J. Safra Sarasin Group, 
the mission statement of the Corporate Sustainability 
Board, the Group’s strategic goals as well as its annual 
objectives and operational actions constitute the pyra- 
mid that demonstrates how J. Safra Sarasin organises 
its sustainability strategy.
The Corporate Sustainability Board (CSB)
To ensure that high sustainability standards, including 
climate-related issues, are firmly embedded in the 
core business strategy, the Group Executive Board 
set up the internal Corporate Sustainability Board, 
comprising members of the Group Executive Board, 
the Executive Committee and top managers from 
different divisions across the Bank. Annually, there 
are several meetings to define and monitor progress 
against defined strategic objectives. The Corporate 
Sustainability Board’s responsibilities are to develop 
the sustainability strategy as part of the Group’s 
Mission statement
of the Group
Mission statement
of the Corporate
Sustainability Board
Strategic objectives
Annual objectives and
operational actions
Figure: Pyramid of sustainability strategy

84 | J. Safra Sarasin Holding Ltd., Annual Report 2018
external regulations. The risk awareness of decision 
makers is just as important. Quantitative approaches 
represent only one component of a comprehensive 
risk management system. The development of an 
appropriate risk culture as part of the Group’s corporate 
culture is of equal significance.
The Sustainability Advisory Council (SAC)
The Corporate Sustainability Board is advised by 
the external Sustainability Advisory Council. It has 
been set up to ensure that the investment division 
receives regular guidance and advice relating to recent 
developments in sustainable investment of experienced 
international experts. There are two to three formal 
meetings every year. The SAC provides access to the 
latest academic research in the field of sustainable 
investing. Joint presentations at internal educational 
sessions and external client events are also part of the 
SAC’s responsibilities. Furthermore, joint investment 
research projects are conducted in order to further 
improve the investment approach and benefit from 
external specialist know-how and experience.
Legal & Compliance
J. Safra Sarasin conducts its business activities 
within the scope of the applicable statutory and 
regulatory provisions and in compliance with rules of 
business conduct for the banking industry. The Group 
Executive Board and the management of the business 
divisions and branches/affiliates are responsible for 
compliance with all legal and regulatory provisions. 
Legal & Compliance provides support to the 
management in meeting this responsibility. Legal & 
Compliance units functionally report to the General 
Counsel, thereby ensuring their independence from 
the operating business. 
The Group’s Code of Compliance defines the key 
principles and rules of conduct which lay the foundation 
for irreproachable business activity that demonstrates 
integrity and complies with the relevant regulations. 
Every member of staff is required to meet the standards 
set out in the Code of Compliance. Employees joining  
J. Safra Sarasin are obliged to submit written confirma-
tion in this regard. All the key business processes are 
governed by internal directives and procedures and are 
conducted in a standardised form. In the 2018 reporting 
year, there were no incidents of corruption and no legal 
actions on the basis of anticompetitive conduct or the 
formation of cartels or monopolies.
Changes in the regulatory environment
The rapid pace of change in the regulation of the financial 
services industry has an impact on internal business 
processes, control and monitoring systems and on 
the development and introduction of new products 
and services. Projects involving all stakeholders were 
implemented to tackle such changes. The Group has 
also put in place a training concept to ensure the 
required education and ongoing training of staff, for 
example in the area of money-laundering prevention.
The regulatory efforts in the area of sustainable 
investments, particularly in the European region, deserve 
special mention. The European Union has decided to 
launch a host of regulations in the field of sustainable 
finance. They will move from a voluntary to a compulsory 
basis to touch all aspects of life in financial institutions, 
from the services they provide to the management of 
offices, staff, etc. Depending on how extensive and far-
reaching the legal basis will be, it may have a strong 
influence on sustainable investment activities. 
ISS-oekom Prime Rating
The Bank was awarded the ISS-oekom Prime Status. The 
sustainability rating agency ISS-oekom research AG as-
sesses the companies’ responsibility towards persons 
affected by corporate activities and the natural environ-
ment. Out of a pool of 700 indicators, an average of 100 
indicators is selected for each company from this pool on 
Group Executive 
Board
Corporate 
Sustainability 
Board
Sustainability 
Advisory 
Council
Figure: The interaction between  
the Group Executive Board,  
the Corporate Sustainability Board
and the Sustainability Advisory Council

J. Safra Sarasin Holding Ltd., Annual Report 2018 | 85
Sustainability Report
an industry-specific basis so that a targeted evaluation of 
the problems specific to that company can be carried out. 
ISS-oekom research awards Prime Status to those com-
panies that are among the leaders in their industry and 
which meet industry-specific minimum requirements.
“Best Private Bank for Social Responsibility” 
by Global Finance
In 2018, Bank J. Safra Sarasin received the “Best 
Private Bank for Social Responsibility” award from 
Global Finance. It selects the World’s Best Private 
Banks with the “wealth management teams that are 
responding most effectively to the mix of challenges 
and opportunity that characterises private banking at 
the start of the 21st century.”
Objective 2: We incorporate sustainability 
considerations in our core investment activities
The basis of J. Safra Sarasin’s success is also 
founded on its sustainable investment strategy and its  
solid, sustainable know-how gleaned from 30 years of 
experience. A series of events in quick succession from 
1986 onwards – starting with the Chernobyl nuclear 
disaster and the spill from the Swiss chemical plant 
that polluted the Rhine around Basel for years – made 
the analysts of the Bank acutely aware that the value 
of company shares is not determined purely by financial 
numbers, and that other determinant factors need to be 
taken into account. The first sustainability analysis in 
1989 heralded a new era in company analysis.
Bank J. Safra Sarasin still believes that the 
identification, analysis and management of company- 
and 
sector-specific 
environmental, 
social, 
and 
governance (ESG) risks and opportunities enhance its 
investment decisions. This forms an integral part of its 
fiduciary duty vis-à-vis its advised clients as well as the 
discretionarily managed assets.
Bank J. Safra Sarasin strives to demonstrate added 
value to clients in each step of the investment process: 
from macro research to constructing the investment 
universe, through to stock selection and client portfolio 
reporting. Embedding sustainability has the clear 
objective to improve investment decisions and results, 
reduce the adverse environmental and social footprint 
of clients’ portfolios, generate positive impact and 
promote sustainable financial markets. The Bank takes 
the United Nations supported Principles for Responsible 
Investment (UN PRI) literally.
Besides incorporating sustainability into every stage 
of the investment process, Bank J. Safra Sarasin has 
further developed investment-supporting activities such 
as the exercising of voting rights (also by retaining spe- 
cialised firms) and engaging in a strategic dialogue with 
decision makers of invested companies. One key aspect 
of the Bank’s offering is the ability to discuss with  
clients their specific requirements across a broad spec- 
trum of sustainable investing approaches and criteria, 
which enables it to provide customised client solutions.
Volatility
Traditional
Investment
Return
Liquidity
E
Environment
G Governance
S
Social
Figure: Integration of Environmental, 
Social and Governance (ESG) aspects 
in traditional investment analysis

86 | J. Safra Sarasin Holding Ltd., Annual Report 2018
J. Safra Sarasin’s Sustainable Investment Process 
The investment process comprises the following four steps:
1. Industry Analysis
The Industry Analysis identifies long-term investment 
drivers, which differ between industries. It focuses on 
understanding how industry structure and demand or 
supply dynamics drive competitiveness, assessing 
the industry’s drivers of profitability and identifying 
the key industry metrics. These include sustainability 
mega trends such as climate change or demographical 
change. Among the ESG key issues of each industry, 
we identify those that are potentially financial material.
2. Sustainability Analysis
The Sustainability Analysis assesses and compares a 
company’s ability to manage its Environmental, Social and 
Governance (ESG) risks and opportunities, (such as those 
arising from climate change), relative to its industry peers. 
Several ESG key issues are common to all industries: in 
particular the governance issues such as board structure, 
remuneration, shareholder ownership & control rights. Other 
key issues are more important in some industries and/or 
specific to only a few industries (e.g. carbon footprint or 
water risk). The methodology takes these differences into 
account by selecting and weighting key issues by sector 
on the basis of Bank J. Safra Sarasin’s Industry Analysis.
The Sustainability Analysis allows the Bank to produce 
two scores (company ratings and respective industry 
ratings) which can be combined and displayed in the Bank’s 
proprietary Sarasin Sustainability Matrix® (see page 88). 
In exposed industries with low sustainability ratings, such 
as oil and gas or materials, companies must achieve a 
high company rating to be included in the sustainable 
investment universe, whereas in less-exposed industries 
(e.g. telecommunication, IT) companies must only achieve 
an average company score to be included. The x-axis of the 
Sarasin Sustainability Matrix® displays the industry rating 
score between 0 (low) and 5 (high). The y-axis displays the 
company rating score between 0 (low) and 5 (high).
The shaded area contains Bank J. Safra Sarasin’s sus- 
tainable investment universe. The white area underneath 
contains the companies which the Bank excludes from 
the universe due to insufficient sustainability ratings.
3. Sustainable Investment Analysis
The third step of the investment process, the Sus- 
tainable Investment Analysis, draws on the fundamen- 
tal understanding of the industry which Bank J. Safra 
Sarasin acquires in the first step “Industry Analysis”. In 
this step, Bank J. Safra Sarasin identifies the industry-
specific financially material sustainability aspects which 
the Bank integrates into its investment analysis. It uses 
both qualitative and quantitative tools.
2000
2010
1970
1980
1990
Sustainable investing at Bank J. Safra Sarasin 
International milestones in sustainable investing
World events triggering rise of sustainable investing
2003
Launch of sustainability 
ratings for sovereign 
bonds and public ﬁ nancial 
institutions
2006
Implementation of ﬁ rst 
sustainable mandates
for private clients and 
managed fund portfolios
2005
Introduction of
ﬁ rst world’s
carbon emissions 
trading system in
the European Union  
2008
Launch of several 
single and multi 
thematic equity 
strategies
2008
Start of international
banking and
ﬁ nancial crisis
2006
Launch of new terminology
for sustainable investing by PRI:
Environmental, Social and
Governance (ESG) Investing
2014
Fossil fuel divestment campaigns gain
momentum in Anglosaxon countries
2014
Launch of UN PRI Montreal Carbon Pledge
2010
Deepwater Horizon 
explosion and
large oil spill in
Gulf of Mexico
2009
Private clients’ mandates 
managed along
sus taina bility criteria
2009
Launch of
sustainability direct 
real estate funds
2013
Launch of Sustainable
Investing 2.0 – imple-
mentation along the
investment process
2010
Launch of
sustainable
emerging
markets fund
2014
New Corporate Sustainability Board
chaired by Executive Management
Member; New external Sustainability
Advisory Council
mid-2000
Double-digit sustain-
able investing market
growth in all world
regions led by Europe
2011
Fukushima 
Daiichi 
nuclear 
disaster
2013
Rana Plaza disaster 
in textile factory 
(Bangladesh) left
more than 1100 dead 
and 3000 injured
1989
First asset
management
mandates 
deﬁ ned by eco-
logical criteria
1994
Launch of world’s
ﬁ rst eco-efﬁ ciency
fund (listed
equities & bonds)
1998
Extension of 
sustainability 
analysis to 
small & mid-cap 
equity universe
1970
First ethical
investment
funds
1994
“Triple Bottom Line Investing”: 
Investment concept considering
economic, environmental
and social factors
1992
First UN-led
Conference on the 
Environment and
Development in
Rio de Janeiro (Brazil)
1987
Brundtland Report: commonly agreed
deﬁ nition of sustainable development
1986
Nuclear meltdown in Chernobyl (Russia); Fire and 
related chemical spill ﬁ re in Basel (Switzerland)
1997
Signing of
global CO2
reduction
Kyoto
Protocol
2000
189 countries 
adopt the UN 
Millennium 
Development 
Goals (MDG)
early 2000
Launch of
sustainable
thematic listed 
equity funds
2006
Launch of the UN
sponsored Princi-
ples for Responsi-
ble Investing (PRI)
Illustration: Key events, objectives and approaches
Portfolio
Construction
(Fund or
Mandate
Portfolio)
Sustainable
Investment
Analysis
(Coverage List)
Sustainability
Analysis
(Sarasin
Sustainability
Matrix®)
Industry
Analysis
(Industry Key and
sustainability
issues)
Figure: Bank J. Safra Sarasin’s Sustainable 
Investment Process at a glance

J. Safra Sarasin Holding Ltd., Annual Report 2018 | 87
Sustainability Report
Criterion
Short description
Nuclear 
Energy
Companies that own or operate nuclear power
plants (utilities) and companies that supply
key nuclear-specific products or services to
the nuclear power industry (suppliers)
Coal
Companies that simultaneously have a significant 
involvement in the coal business and lack a solid 
transition strategy towards a low-carbon economy
GMO – 
Agriculture
Companies that genetically modify organisms for 
agricultural use
GMO – 
Medicine
Human cloning and other manipulations of the 
human gene line
Defence and 
Armament
Producers of civilian firearms, conventional 
weapons (systems and critical components) and 
weapon support systems & services (e.g. weapon 
control systems, target navigation systems, etc.)
Tobacco
Producers of tobacco products
Adult 
Entertainment
Producers of adult entertainment materials
Violation of 
Human Rights
Companies involved in severe violations of 
human rights. This criterion takes into account 
established international standards and 
principles (e.g. UN Global Compact)
List of exclusion criteria
A preliminary step of the Sustainability Analysis is the 
screening for controversial business activities and 
practices. Bank J. Safra Sarasin applies several stan-
dard criteria in order to exclude business practices 
which are in breach of global norms and/or highly con-
troversial business activities. The standard set for 
controversial business activities screening is embed- 
ded in all our Sustainable Investment Strategies.
Bank J. Safra Sarasin introduced the exclusion 
criterion “coal”. This exclusion is part of the Bank’s 
commitment to address climate change and building 
on a 2°C scenario as outlined at the Paris Summit on 
Climate Change (COP21). 
In particular, the Bank excludes companies that 
have a significant involvement in coal-mining or coal-
power-generation activities while lacking an appro-
priate climate and transition strategy to tackle the 
resulting physical risks. 
A list of exclusion criteria is applied to all sustain- 
able and responsible investment strategies. They 
reflect the relevant ethical and financial risks. Com-
panies with the following activities are excluded from 
the investment universe:
Short description
2015
VW “Diesel-
Scandal”
with grossly
understated
emissions
2017
Publication of the ﬁ nal FSB Task 
Force on Climate-related Financial 
Disclosures (TCFD) 
Recommendations report
2018
Adoption of the action 
plan on sustainable 
ﬁ nance by the Europe-
an Commission
2016
Launch of 
Portfolio ESG 
Analysis & 
Reporting 
for Private & 
Institu tio-
nal Clients
2017
Introduction 
of the Impact 
Monitoring
2018
6 additional 
sustainable 
funds launched
2015
International 
visibility with joint 
PRI Re-
search & Inno-
vation events 
and Respon sible 
Investor
Pension Fund 
Awards
2015
Release of Pope
Francis Encyclical
on climate change
and the environment
2016
Volume of sustain-
able in vestments
in Switzerland ex-
ceeds CHF 195 bln
2017
¼ of all AuM globally are invested 
according to sustainability criteria 
2015
Launch of UN Sustain-
able Development Goals   & 
the UN Climate Change 
Agreement COP 21
2016
Relaunch of the Active 
Ownership-approach, 
incl. Customised Proxy 
Voting Policy
4. Portfolio Construction
The Portfolio Construction process relies on a quantita- 
tive multifactor risk model to construct portfolios and to 
control external risks.
“4-pillar climate strategy for managing climate-related 
risks & opportunities in the portfolios”
In December 2015, the Financial Stability Board (FSB) 
established the industry-led Task Force on Climate-
related Financial Disclosures (TCFD or Task Force) to 
develop a set of recommendations for voluntary and 
consistent climate-related disclosures in mainstream 
filings. As short-, medium- and long-term climate-related 
risks and opportunities are material for any organisation, 
companies will be better guided in providing information to 
investors, lenders, insurers, and other stakeholders. As 
sustainable investors, we are convinced of the financial 
materiality of transition and physical risks arising from 
climate change while embracing the opportunities from its 
mitigation efforts. To fulfil this pledge, we have developed 
a comprehensive strategy based on 4 pillars: 
1) Smart Divestment: selectively excluding companies
The Bank’s approach, based on companies’ exposure to 
coal and their mitigation strategies, led it to formalise 
the exclusion of a number of firms from its investable 
universe. As a starting point, we screen our universe and 
identify companies with a significant share of revenues 
and/or activity related to coal. We have defined an 
ambitious threshold of 20% considering coal’s current 
share in the global energy mix and its trajectory in a 
2°C scenario. In sectors such as mining, we consider 
companies’ sales exposure to coal, while the generation

88 | J. Safra Sarasin Holding Ltd., Annual Report 2018
Case study ABB: A Leading European Clean Tech Player
In an interconnected and energy-intensive world, power 
networks are the most critical infrastructures.
The future of power grids is defined by key sustain- 
ability trends:
·	 Increasing share of electricity from renewable 
sources with irregular supply and storage needs
·	 Electrification of transport and mobility reshaping 
demand
·	 Energy efficiency, management of complexity and 
interconnected objects and services from industrial 
automation to consumer experience
For electrical equipment companies this implies major 
technological evolutions and renewed business models 
with strong services components to address energy 
management challenges and complex applications. 
Simultaneously, companies embracing these trends will 
benefit from increased opportunities, for example with 
electric mobility: from grids extensions and upgrades 
to charging stations and services through to demand/ 
supply management.
To benefit from such opportunities, electrical equip- 
ment companies must also address material sustain- 
ability risks that are inherent to their business, e.g. 
by reducing the footprint of the production process 
from sourcing to waste management. From a social 
perspective, labour-intensive and relatively hazardous  
operations require a high level of safety and human 
resource stewardship to ensure continuity, quality and 
efficiency of the business while avoiding reputational 
damage and related (legal) costs. Finally, the compa-
nies operate in a global context and also have public 
entities as clients, and face corruption-related risks. 
Thorough business ethics rules and implementation 
mechanisms are therefore critical to develop and main-
tain the license to operate. These elements are integral 
to Bank J. Safra Sarasin’s sustainability ratings which 
serve as a basis to define our investment universe.
For example, ABB, a Swiss-based industrial company, 
addresses the full scope of sustainability issues 
typical to its business with convincing measures. 
Indeed, on the operational side, environmental impact 
of operations and working safety risks are mitigated 
through adequate mechanisms including independent 
external reviews and certifications. Likewise, ABB’s 
broad clean tech positioning, notably around clean 
mobility and industrial automation, provides significant 
sustainability opportunities already accounting for half 
of the company’s revenue. Progress is nevertheless 
possible to better manage operational continuity and 
quality risks related to labour issues. The company 
is indeed compliant in this regard but faces higher 
challenges given its scale (ca. 140,000 employees 
worldwide). Finally, governance practices are in line 
with its peers. Overall, and on a relative basis, ABB 
displays high sustainability credentials and is therefore 
eligible to the sustainable investment universe.
Figure: Criteria and weightings applied to assess 
companies in the electrical-equipment industry
Figure: Sarasin Sustainability Matrix® of the 
electrical-equipment industry
Source: J. Safra Sarasin, 2018
Environment (50%)
Revenues
Business 
Development
Business 
Preservation
Potential impact on the related value driver
High
Costs
Capex
Extraordinary
Opex
Capex
Extraordinary
Cost of Capital
Extraordinary
Medium
Operations
Continuity
Quality
Quality
Null or Limited
Social (20%)
Governance (30%)
Opportunities in Clean Tech
Toxic Emissions and Waste
Labour Management
Health and Safety
Corporate Governance
Corruption and Instability
Industry Rating
0
1
2
3
4
5
Company Rating
5
4
3
2
1
0
ABB
Schneider Electric Se
Nidec
Legrand
Osram Licht
Rockwell Automation

J. Safra Sarasin Holding Ltd., Annual Report 2018 | 89
Climate
Portfolio
Analysis
Best-in-Class
&
Integration
Select companies 
that manage climate 
risks best.
Exclude companies
to avoid potentially 
stranded assets
(e.g. coal).
Target companies
that offer climate 
solutions.
Engage with 
companies and 
exercise voting 
rights to advance 
climate action.
Smart
Divestment
Active
Ownership
Opportunities
J. Safra Sarasin’s climate investment strategy is 
complemented 
by 
an 
in-depth 
climate 
portfolio 
analysis. By conducting this analysis, we make carbon 
risks tangible to our clients and are able to tackle 
them differently. If, for example, we deem the risk of 
potentially stranded assets too high, this might lead to 
a divestment action (pillar 1). 
Portfolio ESG Analysis and ESG Reporting for 
institutional and private banking clients
Reporting of the portfolio based on a standard  
format follows the four-step investment process. Having 
integrated sustainability and risk management along the 
entire investment process, Bank J. Safra Sarasin can 
provide clients with an attribution across the full set of 
risk factors as well as the factor sustainability. Client 
reporting is seen as an integral step in the investment 
process.
In addition, Bank J. Safra Sarasin offers a detailed 
ESG Analysis for a client’s entire portfolio. The analy- 
sis provides more concrete ESG insights to clients 
and holdings profile of their investments from a 
sustainability point of view. It includes for example 
Sustainability Report
Bank J. Safra Sarasin’s 4-pillar 
climate investment strategy
mix provides the best insight for utilities. The second 
step of our divestment process is a qualitative review 
of companies crossing the threshold. We analyse the 
importance of coal within a company’s overall activity 
(a company may own a coal plant but it could represent 
only a small fraction of revenues), their exposure 
to renewable energies and, most importantly, their 
strategies to combat climate change. 
2) Best-in-Class & Integration: beyond divestment
Companies are compared within their peer group on 
their ability to reduce their negative climate impact. The 
industry leaders are then analysed further and material 
climate issues are being integrated into the financial 
analysis, while underperformers are discarded. This 
approach, known as Best-in-Class, is described in more 
detail on pages 86ff.
3) Active Ownership: engagement and voting activities
We actively engage with companies to foster their efforts 
in aligning with a 2°C world in pillar 3. We see engagement 
as a dialogue between investors and companies with the 
dual objective of impacting how companies operate and 
enhancing shareholder returns. Overall, around 47% of 
our direct company dialogues related partially or solely to 
climate change topics in 2018. In addition, Bank J. Safra 
Sarasin contributes to different collaborative engagement 
initiatives. For example, the Bank participated in the 
Investor Decarbonisation Initiative led by ShareAction. 
For more information, please refer to pages 93-94.
4) Opportunities: related to climate solutions
Beyond the risk perspective, we perceive and actively look 
for opportunities in companies that provide solutions to 
climate challenges. Specifically, such companies should 
have answers to issues caused by climate change and/
or help this trend to happen more smoothly in general.

90 | J. Safra Sarasin Holding Ltd., Annual Report 2018
Country Sustainability Ratings
The fully integrated sustainable investment approach 
is not limited to corporations, but also extends to 
countries: as issuers for sovereign bonds, they 
collectively account for more than a quarter of all debt 
issued on international capital markets.
Bank J. Safra Sarasin measures the sustainable 
economic performance of a country based on the 
availability of natural resources and the efficiency 
with which these resources are put to use. Here 
the availability of natural resources provides the 
foundation for sustained economic growth (illustrated 
on the horizontal axis in the next figure). These include 
four key elements:
i.	
Water: including freshwater availability and water 
stress
ii.	 Land: including availability/use of forests and 
arable land
iii.	 Energy: including renewable energy quota and 
energy efficiency
iv.	 External environmental costs: including biodiversity 
and air pollution
The other dimension (resource efficiency illustrated on 
the vertical axis in the next figure) includes the assessment 
of economic, social and political aspects and general 
conditions which, building on the available resources, are 
required to expedite sustainable development. Resource 
efficiency covers four key elements:
i.	
Human capital: including population structure and 
educational qualifications
ii.	 Overall economic conditions: including distribution 
of income and business climate
iii.	 Financial governance: including level of debt and 
foreign trade
iv.	 Political governance: including institutions and 
corruption
Bank J. Safra Sarasin plots the 198 countries analysed 
across the two dimensions resource availability and re-
source efficiency on the Sarasin Sustainability Matrix®. 
The countries in the shaded area are relatively better 
positioned and can be invested in, while the countries in 
the grey area are not investable (status November 2017).
Bank J. Safra Sarasin’s sustainability rating for 
countries is based upon 98 data points from publicly 
available sources, including Amnesty International, 
United Nations, World Bank, Economist Intelligence 
Unit, Freedom House, IMF, OECD and the US Central 
Intelligence Agency.
The main benefit of the sustainability rating to the 
client is the ability to identify structural changes at an 
early stage. Although the country rating serves as a 
complimentary tool for credit ratings based on financial 
criteria, it is not a substitute for them.
Availability of Resources
Resource Efficiency
Netherlands
Norway
Sweden
Canada
Brazil
Germany
Japan
France
USA
Spain
Italy
China
India
Figure: Sarasin Sustainability Matrix® of countries
Source: J. Safra Sarasin
the portfolio’s carbon footprint compared with a 
benchmark portfolio, or an aggregated portfolio 
controversy score that shows the controversy and 
negative reputational news exposure; or a summary 
of the active ownership actions performed for the 
holdings in the specific portfolio. Bank J. Safra Sarasin 
responds to the trend towards increased disclosure 
on corporate ESG factors and the strength of voluntary 
investor initiatives, stock exchange requirements, the 
TCFD recommendations and stricter legal regulations 
throughout the world. Clients benefit from this 
service, which provides a complimentary portfolio 
analysis beyond traditional performance discussions. 
In addition, it is a good basis for an interactive and 
strong bank-client relationship.
Bank J. Safra Sarasin can now also provide clients 
with an Impact Monitor, measuring and demonstrating 
the impact of a specific portfolio on the Sustainable 
Development Goals. Therefore, the Bank is able to 
measure the respective impact return of a portfolio as a 
percentage of total corporate revenues.

J. Safra Sarasin Holding Ltd., Annual Report 2018 | 91
Sustainable Real Estate research
The fully integrated sustainable investment approach 
is not limited to corporations and sovereigns, but also 
extends to real estate. All properties are subjected to 
an initial and ongoing sustainability audit in accordance 
with ecological, social and economic aspects that 
meet Bank J. Safra Sarasin’s sustainability standards. 
The Bank is convinced that especially physical risks 
resulting from climate change are material for real 
estate investments. A good management of these risks 
is key for future success. 
At the beginning of the assessment there is the deter-
mination of the investment universe. The metropolitan 
cities are predefined based on the following ratings:
•	 Country Rating based on sustainable criteria from 
Bank J. Safra Sarasin. For more information, please 
see page 90.
•	 Metropolitan Rating based on sustainable and 
economic criteria from Bank J. Safra Sarasin. European 
city centres that are sustainable, economically 
prospering and offer a good social surrounding 
allowing a high quality of life and environmental safety 
are evaluated.
•	 Real Estate Market Analysis based on financial 
criteria. This rating looks at major central European 
investment locations, and uses financial indicators, 
such as market liquidity, new construction activity, 
vacancy, level of employment, market availability 
and new rental activity, for its assessment. A risk 
premium is calculated for each investment location, 
which includes an implicit risk premium on a loan 
that reflects the volatility of the markets, as well as 
currency risks, liquidity risk and market transparency.
In a second step, properties within these predefined 
metropoles are assessed. The sourcing of prospect 
acquisitions is primarily done by the Bank’s external 
partners. The assessment phase comprises the 
following steps:
Step 1: Initial examination
The examination starts with the initial universe and 
serves as a general screen to filter out properties which 
do not fit the fund’s investment strategy and sustainable 
criteria. The initial universe is reduced by up to 60% 
being eligible for the next step of the assessment.
Step 2: Analysis
The filtered properties should satisfy the financial 
criteria, and the expected yield under consideration 
of risk. All properties are subjected to an initial 
and ongoing sustainability audit in accordance with 
ecological, social and economic aspects that meet the 
Bank’s sustainability standards.
The sustainability analysis focuses on the following 
elements from a top-down perspective:
•	 Macro location, international connectivity & perspective
•	 Micro location, regional connectivity, social aspects
•	 Property level quality & comfort
•	 Building future orientation & multitenant perspective
•	 Operational costs & future tradability
•	 Energy consumption & CO2 output
•	 Green elements and surrounding nature
Step 3: Detailed due diligence
Only 50% of the screened properties achieve a sufficient 
rating to continue in the assessment process. With this 
shortened list, individual property analyses can start, 
focusing on the main factors such as occupancy rate, 
yield, energy requirements and supply, public transport 
network to mention a few. This leads to a further 
concentration of the property universe. 
Step 4: Viewing 
Viewings are then organised, during which a careful 
individual 
evaluation 
of 
the 
building 
itself, 
its 
surroundings, the location’s demographics as well as 
regional economy are analysed during an intensive due 
diligence process.
Step 5: Negotiation
The sustainability-integrated assessment is the basis 
for a valuation which is used for negotiations with the 
other party.
Step 6: Purchasing
Finally in this last step the properties are acquired.

92 | J. Safra Sarasin Holding Ltd., Annual Report 2018
Sustainable real estate research: Energy optimisation 
with a material role
Energy optimisation can lower costs and increase returns 
while reducing carbon emissions when investing in real 
estate for the long term. The relevant physical risks must 
be monitored closely.
The importance of energy costs 
The total rent paid from tenants consists of two com-
ponents: the net rent and the additional costs. According 
to the Swiss Federal Office for Statistics the additional 
costs are 12.6% of the total rent. Real Estate funds that 
can reduce the additional costs provide positive impact 
for the tenants and may over the long term increase 
the net rent received and thus their performance. The 
analysis, based on the Swiss residential sector, shows 
that a 10% reduction of the additional costs including 
energy consumption costs could result in 5 basis points 
per year higher fund performance over the long term. The 
costs related to the consumption of electricity, water and 
heating surpass 50% of the total additional costs.
Energy monitoring in practice
In the diagram below, the Bank presents the methodology 
on how to efficiently control and optimise the variable costs 
of a property via an energy and CO2 monitoring system. 
Properties should be monitored based on annual book- 
keeping numbers for heating, electricity and water con-
sumption. The results are analysed in three dimensions:
•	 Benchmarked over a portfolio average 
•	 Intensity compared with previous years
•	 Controlled according to local design regulations 
of the year constructed.
The illustration below also shows the CO2 emissions and 
the energy consumption on a property level per square 
meter for 2017 of an exemplary portfolio. The size of 
the circles indicates the rentable area per property. 
Bigger circles have higher influence on portfolio level. 
All properties are benchmarked according to the aver­
age portfolio CO2 output and their energy consumption. 
Moreover properties that have consumption above 
their expected value according to local regulations or 
green building certificates are controlled to determine 
optimisation measures. The local energy consumption 
regulations for different time periods are indicated on 
the above diagram as grey vertical lines. 
Better ventilation and heating
Properties with extended ventilation systems or high 
energy intensity office buildings may also be monitored 
on a quarterly basis to identify further potential. The 
related measures concentrate on the ventilation and 
heating configurations, as well as energy consumption 
at the hours that the property is not used during the 
night and the weekend.
Reducing electricity consumption
Our energy monitoring report indicated that a residen- 
tial property had very high consumption of electricity 
that was caused from the wrong configuration of the 
heating pump. After the identification of the inefficiency 
and the appropriate correction, the consumption of the 
following year was reduced by 10%.
Overall, good management of CO2 emissions and energy 
consumption are essential to control the physical risks 
of these investments and to be successful in the long 
term. In the future, funds with a current buy-and-hold 
strategy should be transformed into a buy-and-actively-
manage strategy in order to reduce further costs, CO2 
emissions, engage with the tenants and increase the 
value of the properties.
Figure: Energy monitoring

J. Safra Sarasin Holding Ltd., Annual Report 2018 | 93
!
Potential Universe
Sustainability Policy
Metropolitan Rating
Strategic Fit
Acquisition
JSS Sustainability Matrix
Scenario Analysis
Identify measurements
Future Orientation
Long Term Strategy
Potential Renovations
Risk Reduction
Actual Universe
Macro Perspective
Micro Due Diligence
Quality Assurance
Property Management
Energy Monitoring
Continuous Cost Reduction
Reporting
Initial Universe
Analysis 
Viewing
Negotiation
Purchasing
Initial
Examination
Property
Management
100
40
20
10
2
2
Sustainability Report
Active Ownership strategy 
As far as investors are concerned, Bank J. Safra Sarasin 
sees its role as a sustainable asset manager with a 
long-term perspective. Active Ownership, comprising of 
engagement and proxy voting, is an important compo- 
nent of this process. The Bank’s approach is not only 
designed to encourage robust corporate governance 
structures but also to ensure that the rights of share- 
holders are protected. In the same vein, we aim to 
encourage forceful initiatives in the social and environ- 
mental domain, together with greater transparency, so 
as to produce a positive impact.
In 2018, Active Ownership has gained further 
prominence among investors and in the media. The 2018 
Annual General Meeting (AGM) season has brought new 
topics to the fore, notably increasing activist investor 
campaigns and growing support for environmental and 
social shareholder resolutions. In Switzerland, Active 
Ownership – consisting of engagement and proxy  
voting – is one of the fastest growing sustainable 
investment strategies, with growth rates of 27% and 
140%, respectively. Also in other countries, Active 
Ownership experiences strong growth numbers. This 
continued rise of Active Ownership is still partially driven 
by regulatory requirements, such as the Ordinance Against 
Excessive Compensation in Public Corporations (VegüV) in 
response to the “Minder Initiative” in Switzerland, or the 
revision of the Occupational Pension Fund Directive (IORP 
directive) in the European Union. Bank J. Safra Sarasin 
has its own Active Ownership approach (comprehensively 
revised in 2016) which includes elements such as the 
Active Ownership Policy, the operational Guidelines and 
client-specific reporting.
The approach is aligned with Bank J. Safra Sarasin’s 
sustainable investment methodology and takes into ac- 
count numerous international guidelines and standards 
such as the United Nations Global Compact or the OECD 
Guidelines for Multinational Enterprises. The Bank’s Active 
Ownership activities can be split into four relevant areas.
Direct dialogue with companies
Every year, Bank J. Safra Sarasin’s sustainable invest- 
ment analysts and portfolio managers meet with the man- 
agement of around 500 companies to discuss material 
ESG issues relevant to the specific business case. In 
addition, there are concrete, more extensive dialogues over 
a longer period to provide a more detailed understanding 
of strategically relevant ESG issues or to improve investor 
communication in the area of sustainability. In cases 
where companies are not aware of relevant ESG risks and/
or manage them insufficiently, Bank J. Safra Sarasin would 
downgrade their sustainability rating and refrain from an 
investment as the last step. An example for a recent 
successful engagement is an industrial company that has 
adjusted its pay practices significantly throughout 2018 
following a vote against the board’s recommendation 
during the company’s last AGM. The proposal within the 
context of the 2018 AGM appears to be in line with Bank 
J. Safra Sarasin’s expectations.
Collaborative investor engagement
Bank J. Safra Sarasin collaborates with other investors 
in order to maximise the impact of engagement 
initiatives and is currently active in various initiatives 
through the Principles for Responsible Investment (PRI) 
that offers the largest global platform for collaborative 
investor engagement activities. Bank J. Safra Sarasin is 
a member of the Carbon Disclosure Project (CDP). These 
organisations help investors to build up knowledge 
and skills and give broader access to information. 
Direct dialogue 
with companies
Collaborative investor 
engagement
Public policy 
engagement
Engagement Proxy voting
(Proxy) Voting 
activities
Source: J. Safra Sarasin
Figure: Overview of Active Ownership
Figure: The sustainable investment process
for sustainable real estate

94 | J. Safra Sarasin Holding Ltd., Annual Report 2018
of the management’s recommendations in 25% of all 
cases. Common topics which the Bank voted against 
management recommendations included executive pay 
practices or lack of cultural and gender diversity in the 
composition of the Board.
Overall, the Bank was part of the following collaborative 
engagement activities in 2018:
•	 Access to Medicine Index
•	 Carbon Disclosure Project – Non-disclosure  
engagement
•	 Chemical Footprint Project
•	 FAIRR – Global Investor Statement on Antibiotic Use
•	 Open letter to Global Index Providers
•	 PRI – Engagement Initiative on Water Risks in 
Agricultural Supply Chains
•	 PRI – Engagement on Cyber Security
•	 ShareAction – Investor Decarbonisation Initiative
•	 ShareAction – Workforce Disclosure Initiative
Public policy engagement
Bank J. Safra Sarasin actively participates in political 
dialogue in various ways. Through involvement in leading 
sustainable investment initiatives and organisations 
such as Eurosif and Swiss Sustainable Finance (SSF), 
the Bank fosters contacts with politics and other stake- 
holders to promote the consideration and integration of 
relevant ESG themes on a regulatory level as well. The 
Bank is also committed to promoting a better under- 
standing of sustainable investments.
Exercising voting rights at Bank J. Safra Sarasin
For numerous sustainable investment funds as well as 
for institutional mandates, voting rights are exercised 
by J. Safra Sarasin taking into account environmental, 
social and corporate governance criteria. Although the 
majority of votes concern corporate governance issues, 
J. Safra Sarasin also considers social and environmental 
issues. In the year under review, J. Safra Sarasin voted 
for shares equivalent of CHF 12.4 billion. Looking 
specifically at the results of the asset management of 
Bank J. Safra Sarasin, 75% of the proposals were voted 
“For” by Bank J. Safra Sarasin.
In so doing, the Bank receives operational support 
from Institutional Shareholder Services (ISS). The 
votes, however, are always cast in line with the Bank’s 
own customised operational Proxy Voting Guidelines. 
Based on this document, which has been developed 
by the Bank to reflect its own sustainable investment 
approach, the asset management of Bank J. Safra 
Sarasin has voted on 4,031 agenda items at 263 
AGMs on a global level in 2018. At these AGMs, 
Bank J. Safra Sarasin voted “Against” one or several 
Table: Overview of voting activity (meetings, ballots,
proposals) of Bank J. Safra Sarasin
2018
2017
Number of meetings
263
227
Number of proposals
4,031
3,346
“Against” the management
25%
24%
E and S proposals
36
21
Figure: Global voting map of Bank J. Safra Sarasin 
with number of meetings by country
26
58
1
87
86
	Europe ex 
Switzerland
	Switzerland
	Asia
	North America
	Africa
	Australia
	Rest of the world
5

J. Safra Sarasin Holding Ltd., Annual Report 2018 | 95
Launch of Innovative Sustainable 
Investment in 2018 
In 2018, Bank J. Safra Sarasin made its innovative 
strength and expertise available to its clients in the form of 
distinct new sustainable investment strategies for thematic 
equities, regional equities and fixed income. 
Thematic Equities
1) Sustainable Global Lifestyle Brands
The growing middle class in emerging markets and the 
ever-increasing demand for luxury goods give the market 
long-term tailwinds. Driven by this trend, the strategy 
invests in strong global lifestyle companies from our 
sustainable investing universe with a significant degree 
of brand awareness in the field of entertainment, fashion, 
sports, cosmetics, or travel. It holds an actively managed, 
high-conviction portfolio of around 50 carefully selected 
sustainable stocks.
2) Sustainable Technology Disruptors
A series of technological breakthroughs, ranging from big 
data processing to robotics and automation, are changing 
current business models and entire industries. The 
application of technological innovations in many sectors 
is reaching a tipping point, offering very high economic 
rewards but also posing substantial risks. The Bank’s 
actively managed, benchmark-agnostic equity strategy 
with a global scope strikes a sensible balance. It focuses 
on companies that are either developing or harnessing 
innovations in information processing, connectivity and 
high-tech products. Investors gain exposure to emerging 
and transformational technological trends and benefit from 
in-depth cross-sector insights of an experienced team of 
sustainable investment analysts.
Regional Equities 
3) Sustainable European Smaller Companies
Small and medium-sized enterprises (SMEs) have a 
distinct advantage over larger companies when it comes 
to sustainability. Bank J. Safra Sarasin’s research shows 
that the performance of SMEs is actually much better in 
terms of ESG criteria. SMEs are good at transferring green 
technologies from niche markets over to the mass market. 
Often family-owned, and hence based on family values, 
SMEs tend to have a more sustainable corporate culture 
that enhances the motivation, loyalty and productivity of 
the workforce while at the same time benefitting from a 
clear corporate governance structure. The new strategy 
targets European shares of small and medium-sized 
industry leaders that distinguish themselves through their 
strategic focus on environmentally friendly, eco-efficient 
management and proactive relations with key shareholders.
4) Sustainable Equity – Global Multifactor 
The strategy targets a global sustainable equity portfolio 
that provides exposure to factors that tend to outperform 
over the economic cycle, such as Value, Momentum, 
Quality and Low Volatility. Given that no factor outperforms 
at all times, the Bank’s approach dynamically allocates to 
factors based on our quantitative model. The exposure to 
the four factors is predefined for each of the four economic 
cycle stages: Early, Mid, Late and Recession. 
Fixed Income
5) Sustainable Green Bonds Strategy
In 2007, the European Investment Bank issued the first 
green bond for the purpose of financing environmentally 
friendly infrastructure projects. Since 2012, this market 
niche has enjoyed impressive percentage growth rates 
averaging in the high double digits. This trend received 
a significant boost in 2015 when 195 nations signed 
an agreement at the UN climate conference in Paris to 
gradually scale back global greenhouse gas emissions 
to zero between 2045 and 2060. Green bonds not only 
give investors access to investments with potentially 
low volatility and attractive returns, but also allow them 
to make an active contribution towards financing the 
energy transition worldwide. The Sustainable Green Bonds 
Strategy provides an interesting solution for risk-averse, 
sustainably minded private clients as well as institutional 
clients looking for impact-investing opportunities.
6) Sustainable Global High-Yield Strategy
The global universe of high-yield bonds qualifying as 
sustainable has achieved higher-than-average growth. In a 
persisting climate of low interest rates, the realisation of 
higher yields demands a more comprehensive analysis of 
the associated risks. A sensible way to reduce potential 
downside risks is to combine sustainability analysis with 
fundamental credit analysis. Following these lines, the 
Sustainable Global High-Yield Strategy targets high-yield 
bonds of sovereign, private or public-private entities 
globally. It is suitable for long-term-oriented investors 
looking to complement their traditional investments.

96 | J. Safra Sarasin Holding Ltd., Annual Report 2018
Private banking discretionary mandates 
Bank J. Safra Sarasin offers not only institutional in- 
vestors but also private clients an innovative and sustain- 
able product range catered to their individual investment 
needs while enabling them to benefit from customised 
management of their assets. In the field of mandates, 
the offer ranges from pure sustainable mandates to 
classic sustainable mandates that differentiate between 
the ratio of fully sustainable investment selection. 
Clients can also sign up to customised mandates where 
they freely select asset classes and the respective 
share of sustainable assets individually according to 
their motivation and needs.
Bank J. Safra Sarasin continues to reign as one of the 
market leaders in Switzerland
Sustainably managed assets at Bank J. Safra Sarasin 
reached CHF 10.7 billion as of 31 December 2018, while 
responsibly managed assets reached CHF 15.4 billion on 
the same date. The sustainable investment market in 
Switzerland has continued to develop positively. With a 
market share of 11.4% in 2018, the Bank continues to 
reign as one of the market leaders in sustainable invest-
ments in Switzerland.2
Figure: Market Shares Swiss Private Banks %
Transparency Logo for Sustainability Funds 
Bank J. Safra Sarasin’s sustainability funds bear 
the European Transparency Logo for Sustainability 
Funds. This label is awarded to the signatories of the 
European Transparency Code for Sustainability Funds 
and is intended to enable investors to determine 
quickly and reliably whether detailed information on 
the sustainable investment strategy of an investment 
product is available, and where to find it. The trans- 
parency code and transparency logo make the invest- 
ment strategy of a fund easier to understand for both 
the general public and also other interested groups 
such as asset managers and rating agencies.
Figure: Development of assets managed sustainably and 
responsibly by J. Safra Sarasin (billion CHF)
17.74
 Sustainably managed assets5 
 Responsibly managed assets
8.1
2014
2015
2016
2017
2018
15.0
11.33
J. Safra Sarasin
Bank A
Bank B
Bank C
Bank D
Bank E
11.4%
8.9%
8.1%
8.1%
6.7%
3.2%
2)	Swiss Sustainable Finance, Market Report 2018. Market shares do not include UBS and CS.
3)	Due to reclassification, the formerly sustainable assets from Sarasin & Partners have been reclassified as “responsible”.
4)	Sarasin & Partners have developed a responsible investment approach which integrates ESG factors into their investment process across all 
assets. Their formerly sustainable mandates have therefore also been reclassified as “responsible”.
5)	The assets under management in the private banking classic sustainable mandates are based on the Bank J. Safra Sarasin sustainable invest-
ment approach. All direct holdings of equities and bonds have to be rated “sustainable”.
16.1
10.9
17.5
15.4
11.5
10.7

J. Safra Sarasin Holding Ltd., Annual Report 2018 | 97
Asset management products
Only sustainable
Sustainable and responsible
Only responsible
Investment 
funds and
securities products
Equity funds
–
– Theme: Water, Lifestyle Brands, 
Tech Disruptors
–
– Real Estate/REITS shares
–– Switzerland (also Small & Mid Caps)
–
– Europe (also Small & Mid Caps)
–
– USA
–
– Emerging markets
–
– Global
–
– Multi-themes
–
– Brazil
Balanced funds
–
– Neutral asset allocation
–
– Defensive asset allocation
Bond funds
–
– EUR
–
– EUR Corporate
–
– Global High Yield
–
– Green Bond Global
–
– CHF
Tracker certificates
on sustainable strategies6 
–
– Sustainable Actively Managed      
Certificates: 
Sustainable Technology 
Disruptors, Sustainable 
Technology Trends, Sustainable 
Demography Health,  
Sustainable Entrepreneurial,                   
Sustainable North America                    
J. Safra Sarasin 
Investment
Foundation
Equity investment products
–
– Emerging Markets
–
– International excl. Switzerland
–
– Switzerland
Balanced investment products
–
– Defensive asset allocation
–
– Neutral asset allocation
–
– Dynamic asset 
allocation
Bond investment products
–
– International excl. CHF
–
– CHF
Property investment products
–
– Swiss Real Estate
Alternatives
– Commodities  
   ex. Agro/Livestock
J. Safra Sarasin
Investment
Foundation 2
Shares
–
– International excl. 
Switzerland
Mandates
For private clients
–
– Defensive asset allocation7
–
– Balanced asset allocation 7
–
– Dynamic asset allocation7
–
– Premium mandates
–
– Equity mandates with 
focus on dividends
–
– Bond mandates 
Emerging Markets
For institutional clients
–
– Bonds
–
– Balanced
–
– Equities
Multi-Manager
–
– Dynamic asset allocation
–
– Balanced asset allocation
–
– Defensive asset allocation
Advisory services
Third-party funds and 
advisory mandates
–
– Equities (classic and thematic)
–
– Balanced (defensive and 
defensive with risk limitation)
–
– Real Estate Europe
–
– Convertibles 8
Advisory and joint management
–
– Different mandates for 
institutional customers
–
– Portfolio Sustainability Analysis 
and Reporting
6)	 These certificates are approved for distribution in Switzerland.
7)	 Some of the mandates are managed mainly sustainably due to non-existent or insufficient sustainable alternatives in different asset classes.
8)	 At least 80% of the fund’s securities must be rated as sustainable.
Sustainability Report

98 | J. Safra Sarasin Holding Ltd., Annual Report 2018
STOXX® made by Bank J. Safra Sarasin 
Since March 2011, Bank J. Safra Sarasin has been 
responsible for the composition of the STOXX® Sus- 
tainability Indices. The constituents of the STOXX® 
Europe 600 Index are assessed regarding their ESG 
(environmental, social and governance) opportunities 
and risks using the Bank J. Safra Sarasin research 
methodology. If the issuers show a good enough sus- 
tainability rating, they are admitted to the STOXX® 
Sustainability Indices.9 
9)	 The STOXX® Sustainability Indices are the intellectual property of STOXX Ltd. STOXX makes no investment recommendations and shall not 
be held liable for any errors or delays in the index calculation or data distribution.
10)	This fund is approved for distribution in Austria, Belgium, Denmark, France, Germany, Great Britain, Ireland, Italy, Liechtenstein, Luxembourg, 
Netherlands, Singapore, Spain, Sweden, Switzerland.
DEUTSCHER FONDSPREIS 2016 for J. Safra Sarasin
Sustainable Equity Water Fund10
The DEUTSCHER FONDSPREIS 2016 was awarded to 
the J. Safra Sarasin Sustainable Water Fund EUR P dist 
in the category Sustainable Investment. The fund was 
rated as having “Outstanding” investment results by the 
independent testers of FONDS professionell and its 
media partner Frankfurter Allgemeine Zeitung.
AUSTRIAN FONDSPREIS 2016 for Bank J. Safra Sarasin 
Sustainable Equity Water Fund10
The AUSTRIAN FONDSPREIS 2016 was awarded to the  
J. Safra Sarasin Sustainable Water Fund EUR P dist 
in the category Sustainable Investment. The fund was 
rated as having “Outstanding” investment results by the 
independent testers of FONDS professionell and its 
media partner Die Presse.
MSCI Fund ESG Quality Score
The MSCI ESG Fund Quality Score measures the overall 
ESG quality (for example of the holdings of mutual funds) 
as measured by the ability of constituent companies to 
manage medium- to long-term risks and opportunities aris- 
ing from ESG exposures. It assesses funds on a scale 
from 0 to 10. A score of 10 reflects underlying holdings 
that rank best in class globally based on their exposure to 
and management of ESG risks and opportunities. A score 
of 0 reflects holdings that generally rank worst in class 
globally based on their exposure to similar factors. Since 
inception in 2016, numerous flagship strategies of Bank  
J. Safra Sarasin were ranked in the top 10% of funds glob-
ally on the basis of their ESG credentials, even more strat-
egies were ranked in the top 10% of their fund peer group.
Investment Innovation Benchmark (IIB)
Bank J. Safra Sarasin was awarded by the IIB for its  
innovative ESG integration process “as an innovative 
process to construct ESG-focused equity universes us-
ing a data-driven calculation engine and the largest sus-
tainable investment analyst team in Europe” (IIB 2016). 
The Investment Innovation Benchmark project aims to 
enhance the incentives for innovation among invest-
ment professionals and thereby induce the regenerative 
functions of financial markets to create a more sustain-
able financial system for the beneficiaries of pension 
funds and anyone else.
Forum Nachhaltige Geldanlagen (FNG) Seal
In November 2018, the FNG Seal, the quality standard 
for sustainable investment funds, was awarded in Berlin 
for the fourth time. Bank J. Safra Sarasin provides its 
sustainable investment methodology and investment 
universe to one of its partner firms. We were therefore 
very pleased that the advised fund obtained this cov-
eted label.
J. Safra Sarasin’s awards

J. Safra Sarasin Holding Ltd., Annual Report 2018 | 99
Sustainability Report
Passing on knowledge about sustainability-related 
investment topics
J. Safra Sarasin compiles and shares leading sustain- 
able investment analysis to clients either in the form 
of publications or in the form of knowledge-sharing 
events. In 2018, Bank J. Safra Sarasin’s sustainability 
investment research team released the following two 
publication formats: Sustainable Investment Spotlight 
and The Sustainable Investments Newsletter. These 
publications provide clients, employees and the public 
with interesting information and deeper knowledge about 
sustainable issues relevant for asset management.
In 2018, the following publications were released by 
Bank J. Safra Sarasin’s sustainability investment re- 
search team:
•	 Decarbonisation: how to avoid a financial crisis
•	 Technology can overcome global challenges
•	 Can emerging economies be sustainable?
•	 Millennials are the world’s most powerful consumers
•	 Living among robots
•	 Global challenges and investment themes
•	 Active Ownership – Reaching Record Levels in 2018
•	 Hazardous chemicals – or the new carbon
At the same time, different authors made their 
expertise widely available in various specialist articles. 
Additionally, J. Safra Sarasin contributed strongly to 
the English Swiss Sustainable Finance (SSF) Handbook 
published by Swiss Sustainable Finance together 
with the CFA Institute Research Foundation. The 
Head of Sustainable Investment Research sat on the 
committee advising the editors while two sustainable-
investment research analysts contributed to the 
content as authors. The handbook intends to provide an 
introduction to sustainable investment for institutional 
investors especially. It gives a comprehensive and 
practical overview of existing approaches and current 
developments in the field of sustainable investments.
Throughout 2018, several events to share knowledge 
were organised by Bank J. Safra Sarasin. These events 
were organised for private clients, institutional clients, 
and professional audiences. In November, the Chief 
Strategist & Head Sustainability participated at the 
Petersberger Meeting in Cologne, and held the keynote 
on sustainability. Various specialists spoke at the 
IPE (Investment Pensions Europe) roadshow in four 
Pension Fund of Bank J. Safra Sarasin signs the 
Principles for Responsible Investment 
By signing the internationally recognised and UN-sup- 
ported Principles for Responsible Investment (PRI), 
the Pension Fund of Bank J. Safra Sarasin empha- 
sises its long-standing commitment to be an active 
owner and to integrate environmental, social and gov- 
ernance considerations into its investment decisions. 
The PRI has grown constantly since it began in spring 
2006. Currently, it has more than 1,960 signatories 
from over 50 countries, representing approximately 
USD 82 trillion assets under management. Bank J. 
Safra Sarasin acted as a founding signatory of the 
initiative back in April 2006.
locations in Germany, and shared their expertise in 
the field of sustainable investing. Moreover, the Bank 
held the keynote on sustainability at the Institutional 
Investor Forum 2018 in Cologne and spoke at the 
Annual Conference of the FNG (Forum for Sustainable 
Investments) in Frankfurt. Additionally the Sustainable 
Investment Research Team shared its expertise at the 
AFP Prima Conference on Sustainable Finance in Lima, 
Peru. The Bank’s Outlook Events 2018 dealt with water 
and other sustainability issues in the investment process 
in Asia and Europe. 
Objective 3: We live a sustainable corporate culture
J. Safra Sarasin’s most valuable capital is its employees. 
They are essential to the success of the organisation, now 
and in the future. Their technical expertise, professional 
qualifications and social skills are highly valued by the 
Group’s clients and business partners. The success of  
J. Safra Sarasin depends on the enthusiasm and 
commitment from every one of its employees worldwide 
and J. Safra Sarasin is particularly keen to ensure that 
they are treated in a fair manner. At J. Safra Sarasin, 
employees are very much aware of their entrepreneurial 
responsibilities. 
The Group is an attractive employer thanks to its 
clear positioning. It attracts first-rate applicants both in

100 | J. Safra Sarasin Holding Ltd., Annual Report 2018
Table: Headcount by job title (full-time equivalent in %)
Men	
Title
Women
8		
Managing Director
4
15	
Executive Director
4
20	
Director
9
20	
Vice President
18 
13	
Assistant Vice President
25
9		
Authorised Officer
16
15	
Staff
24
25
20
15
10
10
5
5
15
20
25
0
Code of Business Conduct as a mandatory guide
The foundation for the Group’s success is the trust it 
instils in existing and potential clients. This trust depends 
on how the Group is perceived on a daily basis. A Group-
wide Code of Business Conduct covers the underlying 
principles, which have to be observed by all the Group’s 
employees as well as by the members of the Board of 
Directors as part of their business-related activities. These 
principles provide the basis for daily behaviour in dealing 
with clients, colleagues, and all other stakeholders.
Attractive terms of employment and social benefits
The staff regulations for each J. Safra Sarasin Group 
Company specify employees’ rights and obligations, 
working hours and holiday entitlements as well as social 
and other fringe benefits. The rules form an integral part 
of employment contracts and apply to all employment 
relationships. The employee benefits offered by J. Safra 
Sarasin Group Companies are at least equivalent to the 
legal requirements at individual locations, or exceed them. 
Remuneration within the J. Safra Sarasin Group 
is determined by the demands of the position, the 
qualifications, performance and conduct of the employee, 
and the performance of the Group and its subsidiaries. 
Compensation and reward structures are following the 
principles of performance, conduct and risk awareness, 
client orientation, conflicts of interest, and malus or 
clawback.
Respectful working environment
The Group pursues a strict policy of equal opportunities 
and encourages a working environment characterised by 
a dignified and respectful atmosphere. The Group re- 
lies on the diversity of its employees with their variety 
of skills and talents. Discrimination or harassment of 
any kind, for example due to gender, ethnic background, 
religion, age, nationality or sexual orientation, is 
not tolerated. This policy is anchored in the Code of 
Business Conduct as well as the directive “Protection 
against Sexual Harassment, Bullying and Discrimination 
in the Workplace” applicable to the entire Group.
31.12.2018
31.12.2017
Total
2,151
2,155
Abroad
1,003
1,008
Switzerland
1,148
1,147
Table: Number of employees as per 31.12.2018 
(full-time equivalents)
Table: Age structure of employees 
(full-time equivalents in %)
Men	
Years
Women
2		
<25
3
18	
25–34
23
34	
35–44
33
36	
45–54
31
10	
>55
10
40
32
24
16
16
8
8
24
32
40
0
Switzerland and abroad. As of 31 December 2018, the 
headcount decreased by 4 full-time equivalent positions 
(–0.19%) totalling 2,151 full-time equivalent positions, of 
which 160 employees worked part-time. The proportion 
of women in management positions (female employees 
in the two uppermost management levels with the title 
Managing Director or Executive Director) stood at 15.8%. 
The percentage of women working in the Group totalled 
35.4% in 2018. The employees at J. Safra Sarasin 
originate from 64 different countries, displaying a high 
degree of cultural diversity. The majority of employees 
are between 45 and 54 years old. The table “Headcount 
by job title” shows the respective splits.

J. Safra Sarasin Holding Ltd., Annual Report 2018 | 101
Sustainability Report
Employee representation at Bank J. Safra Sarasin 
in Switzerland
For the protection of the common interests of 
employees, Bank J. Safra Sarasin has a Staff 
Representative Council (Arbeitnehmervertretung, ANV) 
to represent employees in the Bank’s domestic market. 
The Regulations on Employee Participation through the 
Staff Representative Council forms the foundation of the 
ANV. These regulations are based on the Swiss Federal 
Act on Information and Consultation of Employees in the 
Workplace. The members of the ANV are elected for three 
years. Depending on the respective matter, the ANV 
has information or consultation rights. The aim of this 
cooperation is to promote a dialogue between the top 
management and Bank J. Safra Sarasin’s employees, 
thus contributing to a good working relationship. Well-
informed employees tend to identify more closely with 
the company, which in turn can have positive effects on 
motivation and productivity.
Learning and development
J. Safra Sarasin emphasises the importance of 
continuous training and education to realise the full 
potential of its global staff and to ensure its employees 
act in a fully compliant way at all times. The Learning 
Committee, the ongoing enhancements of the Bank’s 
learning curriculum along business-relevant training 
categories and a Learning Management System ensure 
the Group’s ability to deliver online learning programmes, 
classroom and blended training opportunities. The 
person responsible for sustainability regularly conducts 
sustainability training courses at the three major 
locations in Switzerland.
Healthy and sustainable employees
The J. Safra Sarasin Group views the promotion of health 
as an important element of its corporate culture. In 
Switzerland, the focus this year was on the prevention of 
psychosocial risks. A new “Health at Work” Intranet site 
focuses on physical and psychological health. At Bank 
J. Safra Sarasin in Switzerland, free flu vaccinations 
are offered every year. Employees in Switzerland have 
the opportunity to benefit from a group rebate on 
supplementary insurance coverage that exceeds the 
basic coverage required by law. In some locations, fitness 
studios offer membership discounts to employees.
With targeted activities, the Group continues to 
encourage employees to exercise more in everyday life. 
Since many years, Bank J. Safra Sarasin in Switzerland 
participates in the “bike to work” challenge launched 
by Pro Velo Schweiz: 46 individual cycling fans from 
the Swiss locations cycled to their offices and travelled 
10,404 kilometres altogether. 47 employees from 
the Bank also participated in the nationwide company 
run “B2RUN” in Basel and recently also in Geneva 
and Zurich. Colleagues from various business areas 
participated in the six-kilometre runs.
In December 2018, 12 employees represented Bank 
J. Safra Sarasin’s colours in the “Course de l’Escalade” 
in Geneva. In doing so, they not only increased their own 
fitness, but also sent a positive message on sustainable 
mobility and showed a strong team spirit.
In Monaco, Banque J. Safra Sarasin (Monaco) SA 
participated in the “No Finish Line” race organised 
by the Principality’s Children and Future Association. 
For each kilometre, donations were made in favour of  
the association’s aid projects. In 2018, the J. Safra 
Sarasin team, with 23 engaged runners, ran over 851 
kilometres and transformed them into donations for the 
charity.
Participation in the “Zukunftstag” in Switzerland
The “Zukunftstag” (Future Day) builds on collaboration 
between schools, employers and parents. It is an 
annual event that allows children of employees in 
Switzerland to gain first impressions of their parents’ 
working environment. Bank J. Safra Sarasin has been 
participating for a number of years by organising an 
interesting programme for its employees’ children. In 
2018, 37 boys and girls joined the event which promotes 
gender equality at a young age. 
Women network
In 2015, Bank J. Safra Sarasin created the “women@
jss” network in Zurich. The aim of the initiative is to 
create and develop awareness for the challenges facing 
employed women in Switzerland. The focus lies on 
networking, exchange of knowledge and experiences, 
and sharing of different perspectives. The founding 
members and Human Resources continue to organise 
informative meetings, round tables and joint events with 
an external women network organisation.
Objective 4: We are part of the society
The entire J. Safra Sarasin Group and its employees have a 
natural desire to make an active contribution to sustained

102 | J. Safra Sarasin Holding Ltd., Annual Report 2018
social development. This can be done by entering into 
various commitments. It is important for the Group to 
uphold an ongoing dialogue with all its stakeholders. For 
business policy decisions made at corporate management 
level, management strives to take account of the interests 
of all stakeholders connected with the Group. 
Sustainable events and procurement
Bank J. Safra Sarasin has developed and introduced the 
“Handbook of Sustainability” that includes standards 
for events and hospitality, donations and sponsorships, 
procurement 
and 
guidelines 
for 
suppliers. 
The 
handbook ensures that corporate activities do not 
support projects or partners whose values diverge from 
those of the J. Safra Sarasin Group. The principles set 
forth therein include, for example, minimum standards 
for the procurement of paper and wood products as 
well as office equipment within the scope of building 
management and in the automotive segment.
The Bank invests in its social environment by engaging 
in sponsoring partnerships. To ensure that these activities 
do not support projects or partners whose values diverge 
from those of the J. Safra Sarasin Group, the “Handbook 
of Sustainability” applies to the entire Group.
Sustainability in sponsoring
Philanthropy, art and sports were the main strategic 
focuses for the Group’s sponsoring activities in 2018. 
These included, for example, financial support for the 
Esmeralda Charity Golf Cup 2018, organised by the  
Limmat Foundation in Zurich.
In the UK, the Group was fundraising for “The 
Connection” at St Martins, a local homeless charity that 
works with approximately 4,000 homeless people every 
year. The charity helps people to get away from a life 
on the streets and back into full independence. They 
do this in various ways. The financial support from the 
Group has gone to the guidance and advice department 
to help get people back into work or education. This 
covers everything from CV workshops, to help applying 
for jobs, to mock interviews. The idea is to help people 
getting the skills they need to go back into the workforce 
which is often the final thing to regain independence. 
In Hong Kong, the Group gave used office equipment 
(PC monitors, old iPhones and electronic hardware) to the 
Music Children Foundation. This foundation provides e.g. 
an early music education for underprivileged children in 
Hong Kong, making it an enjoyable experience that builds 
the children’s confidence, strengthens their character, 
and enables them to express themselves through music. 
Additionally it offers an opportunity for children to develop 
their talents in music alongside their academic studies.
As part of its cultural sponsorship of institutions 
promoting art, Bank J. Safra Sarasin is continuing its 
long-standing partnership with the Beyeler Foundation 
in Riehen near Basel in support of Classical Modernism. 
In the area of sports, the Bank sponsored the ATP 
World Tour 500 tennis tournament Swiss Indoors in 
Basel and the Sky Lounge at the FC Basel Stadium. 
Bank J. Safra Sarasin was also the sponsor of the 
Longines CSI Basel horse-riding event in January and 
the Swiss Open Gstaad tennis event in July.
Children’s art competition
For the tenth consecutive year, the Bank supported the 
children’s art competition organised by the Swiss As-
sociation for Quality and Management Systems (SQS) 
in April 2018. The topic of this year’s competition was 
dedicated to our nature, our home, and our future: “The 
world – here I am at home. Draw a picture”
The Bank supported this 
competition by offering three 
special prizes and for the first 
time created a calendar out of 
the 12 rewarded paintings. The 
Bank seeks to encourage the 
appreciation of art and develop 
child awareness in environmen-
tal and sustainability issues.

J. Safra Sarasin Holding Ltd., Annual Report 2018 | 103
Sustainability Report
Public engagement: Together for more sustainability
J. Safra Sarasin also supports social and environmental 
concerns through participation in company boards. The 
members of the Board of Directors and the Group Ex- 
ecutive Board hold a number of different mandates 
and official functions in these organisations. J. Safra 
Sarasin supports employees who work voluntarily on 
behalf of the Company.
For many years, J. Safra Sarasin has been actively 
involved in numerous initiatives and organisations 
which work for sustainable development. This is another 
way in which the Bank is fulfilling its responsibility to 
make a contribution to sustainable development. The 
Bank participates exclusively in political opinion forming 
via these initiatives and its membership in various orga- 
nisations.
•	 Business Energy Agency (EnAW)
•	 Carbon Disclosure Project (CDP)
•	 CDP Water Disclosure Project
•	 European Sustainable Investment Forum (Eurosif)
•	 Forum Nachhaltige Geldanlagen (FNG)
•	 Global Footprint Network
•	 öbu – Network for sustainable business
•	 Swiss Climate Foundation
•	 Swiss Sustainable Finance (SSF)
•	 Sustainable Finance Geneva (SFG)
•	 UN Global Compact
•	 UN-supported Principles for Responsible Investment 
(PRI)
Together with other Swiss banks, Bank J. Safra 
Sarasin sponsors the Swiss Finance Institute (SFI). 
By establishing this foundation, the Swiss banks, the 
Swiss Federal government and leading universities 
have expressed strong commitment to strengthening 
research and teaching in the field of banking and 
financing in Switzerland. The Swiss Finance Institute is 
active in both research and executive education. Both 
areas aim to strengthen the attraction of Switzerland 
to outstanding researchers, teachers, students, and 
participants in executive education programmes.
Bank J. Safra Sarasin is a founding member  
of Swiss Sustainable Finance (SSF) 
Bank J. Safra Sarasin is a founding member of this 
relatively new platform set up in Switzerland in 2014. 
Its mission is to promote Switzerland in the global 
marketplace as a leading centre for sustainable fi- 
nance by informing, educating and catalysing growth.
Table: Overall table of environmental Key Performance Indicators*
Indicator
2018
2017
2016
Electricity consumption (MJ/FTE)
16,557
16,672
16,785
Heating energy consumption (MJ/FTE)
1,976
1,678
3,104
Other energy consumption (district heating, MJ/FTE)
1,269
1,123
1,204
Paper (kg/FTE)
61
63
64
Business travel (km/FTE)
7,623
6,856
5,306
Greenhouse gas emissions (kg CO2-equivalent/FTE)**
1,954
1,719
2,334
Objective 5: We manage resources efficiently
FTE = full-time equivalent; MJ = Megajoule (1MJ = 0.278 kWh)
*	
Revision of calculation and data collection methodology in 2017. The system boundary was adjusted in 2017.
**	 The greenhouse gas emissions are based on the GHG-protocol in 2015.

104 | J. Safra Sarasin Holding Ltd., Annual Report 2018
The Group’s fifth objective is to achieve commercial 
success with an acceptable ecological footprint. It 
therefore seeks to contain energy consumption and 
use resources carefully. J. Safra Sarasin uses the SoFi 
software developed for financial service providers in 
drawing up its environmental performance report. The 
software makes it easier to record and analyse the data 
material and then identify suitable measures to improve 
performance on an ongoing basis.
Climate protection
Over the course of 2018, total CO2 emissions increased 
to 1,954 kg CO2-equivalent per employee. The average 
business travel activity per employee increased to 
7,623 kilometres. As in the past, the Group seeks to 
use ecologically appropriate means of transport for 
business travel wherever possible (staff commuting to 
and from work is not included).
Besides the absolute level of energy consumption, the 
amount of greenhouse gas (GHG) depends crucially on 
how electricity is generated. In most countries, power 
generation involves far higher CO2 emissions than in 
Switzerland. In this regard, we are pleased to register 
a slight decrease in the total electricity consumption to 
16,557 megajoule per employee. Lastly, heating energy 
consumption per employee slightly increased. All 
employees in Geneva have received a special glass 
drinking water bottle. They are required to drink mineral 
water from tap water and thus reduce waste on plastic 
bottles and cups. This is already common practice in 
the rest of Switzerland.
Systematic and ongoing promotion of energy 
efficiency measures
J. Safra Sarasin regularly implements appropriate 
measures in its efforts to become more energy efficient. 
In 2018, all Swiss locations received new printers. The 
new printers bring energy savings and reductions in the 
area of heat generation. In addition, the output of further 
emissions and the noise level could be significantly 
reduced. 
In addition, the Bank has replaced the circulating air 
cooling units in its printing centre with more energy-
efficient units. This will reduce energy consumption in 
the long term. Further, existing lighting is increasingly 
being replaced by LED light sources in the Bank’s own 
offices.
Bank J. Safra Sarasin committed to reducing  
carbon emissions 
Bank J. Safra Sarasin has agreed targets with the 
Business Energy Agency (EnAW) in Switzerland to 
reduce its carbon emissions by 2022. It intends to 
achieve this through annual energy efficiency mea-
sures and by giving preference to renewable energies. 
It will liaise with EnAW to regularly monitor the annual 
measures and their effectiveness. 
Bank J. Safra Sarasin supports  
“The Paris Pledge for Action” 
The signatories affirm their strong commitment to a 
safe and stable climate in which temperature rise 
is limited to less than two degrees Celsius. Tak-
ing strong action to reduce emissions can not only 
reduce the risks of climate change but also deliver 
better growth and sustainable development. The 
greenhouse gas emissions are based on the Green-
house Gas (GHG) Protocol in 2015.
Energy from renewable resources
As a pioneer in environmental protection, the Bank 
showed its colours as early as 1993 when it installed 
its own photovoltaic system on the roof of its Basel 
head office. Each year, the system produces power 
for several four-person households. In 2018, the 
production amounted to 24,590 kWh, an improvement 
of 16% over 2017. Renewable sources account for 
58% of the electricity consumed in the Group. At the 
Swiss sites, the figure is already 100%. The Basel 
office uses only district heating as a source of heating 
energy. This comes from process heat generated by 
the nearby refuse incineration plant in Basel and is 
100% renewable.

J. Safra Sarasin Holding Ltd., Annual Report 2018 | 105
Sustainability Report
Increasing share of recycled paper
In 2018, the paper use per employee decreased to 61 
kilogrammes, whereby 84% came from recycled sources. 
To further reduce the absolute paper consumption, 
duplex printing is the default setting in most offices. 
Finally, careful management of print runs for internal 
and external publications pays off both ecologically and 
economically. Numerous publications are published 
primarily in electronic format and paper versions are 
provided to interested parties only upon request.
Bank J. Safra Sarasin as part of the successful 
Swiss Climate Foundation
Bank J. Safra Sarasin has been a founding member 
of the Swiss Climate Foundation which celebrated 
its 10-year anniversary in 2018. Catering to its claim 
“Protecting the climate. Strengthening SME”, the Climate 
Foundation supports projects of small and medium-
sized enterprises that help to reduce carbon dioxide 
emissions. The Foundation is a voluntary initiative by 
the Swiss financial sector which has benefited from the 
reimbursement of the proceeds of the CO2 levy introduced 
by the Swiss Federal Government in 2008. As service 
providers consume little CO2, Bank J. Safra Sarasin and 
26 other financial service companies decided to use the 
proceeds to make an active contribution to mitigating 
climate change.
Participation in the EARTH HOUR initiative 
in Hong Kong in March 2018
Switching off all lights in the offices to be part of 
the global EARTH HOUR initiative is a strong visual 
reminder of the globe’s determination to tackle the 
planet’s biggest environmental challenge – climate 
change. The Bank’s participation is a gesture high-
lighting its commitment to sustainability as a key dif-
ferentiator of J. Safra Sarasin and our pioneering role 
in the area of sustainability.

106 | J. Safra Sarasin Holding Ltd., Annual Report 2018
UN Global Compact: Communication on Progress (COP)
 
Launched in 2000, the United Nations Global Compact is a call to companies around the world to align their strategies 
and operations with ten universal principles in the areas of human rights, labor, environment, and anti-corruption, and 
to take action in support of broader UN goals. It is the world’s largest voluntary corporate responsibility initiative with 
more than 8,000 signatories in more than 135 countries. 
The Ten Principles of the UN Global Compact
Implementation at J. Safra Sarasin
Report reference
Human Rights
Principle 1: Businesses should support and  
respect the protection of internationally proclaimed  
human rights; and 
Bank specific:
•	 Code of Business Conduct
•	 Staff Regulation
•	 Directive “Protection against Sexual Harassment, Bullying 
and Discrimination in the Workplace”
Financial sector-specific indicators: product portfolio and 
active ownership:
•	 Portfolio-based commitment to social and environmental 
issues 
•	 Assets subject to environmental or social screening
100
100
100
86–95
86–95
Principle 2: make sure that they are not complicit in human-
rights abuses.
Bank specific:
•	 Code of Business Conduct
•	 Staff Regulation
•	 Directive “Protection against Sexual Harassment, Bullying 
and Discrimination in the Workplace”
Financial sector-specific indicators: product portfolio and 
active ownership:
•	 Portfolio-based commitment to social and environmental 
issues
•	 Assets subject to environmental or social screening
100
100
100
86–95
86–95
Labour
Principle 3: Businesses should uphold the freedom of 
association and the effective recognition of the right to 
collective bargaining;
Bank specific:
•	 Regulations on Employee Participation
•	 Swiss Collective Labour Agreement (Agreement on 
Conditions of Employment for Bank Employees, VAB)
Financial sector-specific indicators: product portfolio and 
active ownership:
•	 Portfolio-based commitment to social and environmental 
issues
•	 Assets subject to environmental or social screening
100–101
100–101
86–95
86–95
Principle 4: the elimination of all forms of forced and 
compulsory labour;
Bank specific:
•	 Code of Business Conduct
Financial sector-specific indicators: product portfolio and 
active ownership:
•	 Portfolio-based commitment to social and environmental 
issues
•	 Assets subject to environmental or social screening
100
86–95
86–95
Principle 5: the effective abolition of child labour; and
Bank specific:
•	 Code of Business Conduct
Financial sector-specific indicators: product portfolio and 
active ownership:
•	 Portfolio-based commitment to social and environmental 
issues
•	 Assets subject to environmental or social screening
100
86–95
86–95
Principle 6: the elimination of discrimination in respect of 
employment and occupation.
Bank specific:
•	 Code of Business Conduct
•	 Employee Rules and Regulations - Bank J. Safra Sarasin Ltd
•	 Directive “Protection against Sexual Harassment, Bullying 
and Discrimination in the Workplace”
Financial sector-specific indicators: product portfolio and 
active ownership:
•	 Portfolio-based commitment to social and environmental 
issues
•	 Assets subject to environmental or social screening
100
100
100
86–95
86–95

J. Safra Sarasin Holding Ltd., Annual Report 2018 | 107
The Ten Principles of the UN Global Compact
Implementation at J. Safra Sarasin
Report reference
Environment
Principle 7: Businesses should support a precautionary 
approach to environmental challenges;
Bank specific:
•	 Handbook of Sustainability
•	 Objective 5 of the Corporate Sustainability Strategy
–	 Energy consumption within the organisation
–	 Reduction of energy consumption
–	 Reduction of greenhouse gas emission
–	 Reduction of the use of materials
Financial sector-specific indicators: product portfolio and 
active ownership:
•	 Portfolio-based commitment to social and environmental 
issues
•	 Assets subject to environmental or social screening
•	 4-pillar climate strategy
102
103–105
86–95
86–95
86–95
Principle 8: undertake initiatives to promote greater 
environmental responsibility; and
Bank specific:
•	 Handbook of Sustainability
•	 Objective 5 of the Corporate Sustainability Strategy
•	 Sustainability training
Financial sector-specific indicators: product portfolio and 
active ownership:
•	 Portfolio-based commitment to social and environmental 
issues
•	 Assets subject to environmental or social screening
•	 4-pillar climate strategy
102
103–105
101
86–95
86–95
86–95
Principle 9: encourage the development and diffusion of 
environmentally friendly technologies.
Bank specific:
•	 Objective 5 of the Corporate Sustainability Strategy
–	 Reduction of energy consumption
–	 Reduction of Greenhouse Gas Emission
Financial sector-specific indicators: product portfolio and 
active ownership:
•	 Portfolio-based commitment to social and environmental 
issues
•	 Assets subject to environmental or social screening
•	 4-pillar climate strategy
103–105
86–95
86–95
86–95
Anti-Corruption
Principle 10: Businesses should work against corruption  
in all its forms, including extortion and bribery.
Bank specific:
•	 Code of Business Conduct
•	 Code of Compliance
Financial sector-specific indicators: product portfolio and 
active ownership:
•	 Portfolio-based commitment to social and environmental 
issues
•	 Assets subject to environmental or social screening
100
84
86–95   
86–95

108 | J. Safra Sarasin Holding Ltd., Annual Report 2018
 
 
 
 
 
 
 
 
Deloitte AG 
General-Guisan-Quai 38 
8022 Zurich 
Switzerland 
 
Phone: +41 (0)58 279 6000 
Fax: +41 (0)58 279 6600 
www.deloitte.ch 
 
To the management of  
J. Safra Sarasin Group, Basel 
 
Our engagement 
You engaged us to perform a limited review of the following quantitative key performance 
indicators (KPIs) disclosed in the sustainability report of J. Safra Sarasin Group (comprising  
J. Safra Sarasin Holding Ltd. and subsidiaries): 
- 
KPIs on sustainable and responsible investments for the reporting period January 1 to 
December 31, 2018 on pages 82 and 96 of the sustainability report; 
- 
The social KPIs for the reporting period January 1 to December 31, 2018 (pages 82 and 
100 of the sustainability report). 
Our procedures were planned to obtain limited assurance as a basis for our conclusion. The 
scope of work to obtain evidence is reduced, compared to the scope required to obtain 
reasonable assurance (e.g., in an audit of financial statements) such that a lower degree of 
audit assurance is obtained. 
Limitations of the engagement 
Our engagement was limited to a review of the KPIs listed above. We have not assessed the 
following KPIs or information disclosed in the sustainability report:  
- 
KPIs for the reporting period 1 January to 31 December 2018 not explicitly listed; 
- 
KPIs for the previous reporting periods were not reviewed for this engagement; 
- 
All qualitative statements in the sustainability report; 
- 
Our engagement did not include a review of forward-looking statements. 
Responsibility of J. Safra Sarasin Group Management 
The Management of J. Safra Sarasin Group is responsible for the preparation of the 
sustainability report and the information contained therein in accordance with the 
aforementioned criteria. This responsibility includes developing, implementing and 
safeguarding internal controls of material importance for the preparation of a report that is 
free of material misstatements. In addition, the responsibility includes selecting and applying 
suitable reporting standards as well as measurement methods and estimates deemed suitable 
in view of the circumstances. 
Our responsibility 
Our responsibility is to express a conclusion on the information disclosed in the sustainability 
report based on our review to obtain limited assurance. We planned and performed our 
engagement in accordance with the International Federation of Accountants (IFAC) 
International Standard for Assurance Engagements Other than Audits or Reviews of Historical 
Financial Information (ISAE3000) and the Code of Ethics for Professional Accountants, which 
includes requirements in relation to our independence. In accordance with the engagement 
agreement, our duty of care for this engagement only extends to the Management of J. Safra 
Sarasin Group.

J. Safra Sarasin Holding Ltd., Annual Report 2018 | 109
Sustainability Report
 
 
Our approach 
We performed all of the procedures needed to ensure a sufficient and suitable basis for our 
conclusion. Within the scope of our engagement, we obtained evidence on a sample basis 
considering materiality and assurance engagement risk to obtain limited assurance on the 
compliance of the KPIs with the reporting principles and criteria. The nature and scope of our 
work, including appropriate samples, were based on our professional judgment used in 
forming our conclusion.  
The performance of our engagement included the following procedures: 
- 
Assessment of the suitability of the underlying criteria and their consistent application; 
- 
Interviews with employees responsible for preparing the sustainability report to assess 
the process of preparing the sustainability report, the reporting system, the data capture 
and compilation methods as well as internal controls to the extent relevant for a review 
of the sustainability report; 
- 
Review of the documentation of the systems and processes for compiling, analysing and 
aggregating sustainability data and testing such documentation on a sample basis; 
- 
Analytical considerations, interviews and review of documents on a sample basis with 
respect to the compilation and reporting of quantitative data; 
- 
Interviews and review of documents on a sample basis relating to the collection and 
reporting of KPIs during walkthroughs at the site in Basel. 
Our conclusion 
Based on our review, nothing has come to our attention that causes us to believe that the 
KPIs do not comply in all material respects with the aforementioned criteria. 
 
Deloitte AG  
 
 
 
 
Sandro Schönenberger 
Anick Fleury 
Licensed Audit Expert 
 
Auditor in Charge 
 
 
Zurich, February 27, 2019

Structure

Birch  |  “Betula”
Address List

112 | J. Safra Sarasin Holding Ltd., Annual Report 2018
Address List
14
13
8
2
21
15
9
7
4
5
1
12
10
11
6
16
3
18
17
Geneva
Basel
Lugano
Zurich
Bern
Lucerne
SWITZERLAND
SWITZERLAND
Dublin
London
Guernsey
Poznan
Warsaw
Munich
Frankfurt
Luxembourg
Gibraltar
Monaco
Mexico
Nassau
Panama
São Paulo
Doha
Dubai
Hong Kong
Singapore
19
Tel Aviv
20
Vienna

J. Safra Sarasin Holding Ltd., Annual Report 2018 | 113
Address List
Switzerland (1)
International
Doha (2)
Bank J. Safra Sarasin (QFC) LLC
Suite 702, Level 7
Qatar Financial Centre, Tower 1
Ambassadors Street
Al Corniche Area
P.O. Box 22728
Doha
State of Qatar
T: +974 (0)4 496 8018
F: +974 (0)4 496 8020
www.jsafrasarasin.com
Dubai (3)
Bank J. Safra Sarasin Asset
Management (Middle East) Ltd
Burj Daman, Level 12
P.O. Box 506774
Dubai International 
Financial Centre
Dubai
United Arab Emirates
T: +971 (0)4 381 26 26
F: +971 (0)4 381 26 00
www.jsafrasarasin.ae
Dublin (4)
Sarasin & Partners LLP
120 St Stephen’s Green
Dublin 2
D02 C858
Ireland
T: +353 (0)1 424 4004
F: +353 (0)1 425 1100
www.sarasin.ie
Frankfurt (5)
J. Safra Sarasin
(Deutschland) GmbH
Kirchnerstraße 6–8
60311 Frankfurt am Main
Deutschland
T: +49 (0)69 714497 300
F: +49 (0)69 714497 399
www.jsafrasarasin.de
Gibraltar (6)
Bank J. Safra Sarasin
(Gibraltar) Ltd
First Floor, Neptune House, 
Marina Bay
P.O. Box 542
Gibraltar GX11 1AA
T: +350 2000 2500
F: +350 2000 2501
www.jsafrasarasin.com.gi
Guernsey (7)
Bank J. Safra Sarasin Ltd
Guernsey Branch
P.O. Box 348
1st Floor, Frances House
Sir William Place
St. Peter Port
Guernsey GY1 3UY
Channel Islands
T: +44 (0) 1481 76 11 11
F: +44 (0) 1481 76 11 00
www.jsafrasarasin.gg
Hong Kong (8)
Bank J. Safra Sarasin Ltd
Hong Kong Branch
40/F Edinburgh Tower
The Landmark
15 Queen’s Road Central
Hong Kong
T: +852 2287 9888
F: +852 2501 4001
www.jsafrasarasin.hk
London (9)
Bank J. Safra Sarasin
(Gibraltar) Ltd
London Branch
47 Berkeley Square
London W1J 5AU
United Kingdom
T: +44 (0) 20 7514 1000
F: +44 (0) 20 7514 1001
www.jsafrasarasin.com.gi
London (9)
Sarasin & Partners LLP
Juxon House
100 St Paul’s Churchyard
London EC4M 8BU
United Kingdom
T: +44 (0) 20 7038 7000
F: +44 (0) 20 7038 6850
www.sarasinandpartners.com
Luxembourg (10)
Banque J. Safra Sarasin
(Luxembourg) SA
17–21, Boulevard Joseph II
L-1840 Luxembourg
T: +352 45 47 81 1
F: +352 45 47 81 555
www.jsafrasarasin.lu
Mexico (11)
JSS Servicios S.A. de C.V.
Edificio Forum
Andres Bello, 19th floor
Polanco
11520 México D.F.
México
T: +52 55 52 946 155
F: +52 55 52 944 000
www.jsafrasarasin.com
Monaco (12)
Banque J. Safra Sarasin
(Monaco) SA
La Belle Epoque
15 bis/17 Avenue d’Ostende
BP 347
MC-98006 Monaco Cedex
Principauté de Monaco
T: +377 (0)93 10 66 55
F: +377 (0)93 10 66 00
www.jsafrasarasin.mc
Munich (13)
J. Safra Sarasin
(Deutschland) GmbH
Ottostraße 3
80333 München
Deutschland
T: +49 (0)89 558 999 497
F: +49 (0)89 558 999 499
www.jsafrasarasin.de
Nassau (14)
Bank J. Safra Sarasin
(Bahamas) Ltd
204 Church Street, Sandyport
CB-10 988 Nassau
The Bahamas
T: +1 242 601 64 00
F: +1 242 601 64 01
www.jsafrasarasin.bs
Panama (15)
J. Safra Sarasin
Asset Management S.A.
Avenida Balboa y
Calle Aquilino de La Guardia
BICSA Financial Center, Piso 39 
Panamá
Rep. de Panamá
T: +507 380 70 70
www.jsafrasarasin.com.pa
Poznan (16)
Bank J. Safra Sarasin Ltd S.A.
Przedstawicielstwo w Polsce
ul. Śląska 4
60-614 Poznań
Polska
T: +48 (0) 22 596 52 72
F: +48 (0) 22 596 52 80
www.jsafrasarasin.pl
São Paulo (17)
JSS Administradora
de Recursos Ltda.
Avenida Paulista, 2150
15º andar
Bela Vista
CEP 01310-300
São Paulo, SP
Brasil
T: +55 (11) 3550-1111
www.jssadm.com.br
Singapore (18)
Bank J. Safra Sarasin Ltd
Singapore Branch
8 Marina View
#25-01 Asia Square Tower 1
Singapore 018 960
T: +65 6536 6848
F: +65 6536 3866
www.jsafrasarasin.sg
Tel Aviv (19)
Bank J. Safra Sarasin Ltd
Representative Office in Israel
Sarona Azrieli Tower
Derech Menachem Begin 121–123
40th Floor
Tel Aviv 6701203
Israel
T: +972 76 531 5555
F: +972 76 531 5500
www.jsafrasarasin.co.il
Tel Aviv (19)
Banque J. Safra Sarasin
(Luxembourg) SA
Representative Office in Israel
Sarona Azrieli Tower
Derech Menachem Begin 121–123
40th Floor
Tel Aviv 6701203
Israel
T: +972 76 531 5555
F: +972 76 531 5500
www.jsafrasarasin.co.il
Tel Aviv (19)
J. Safra Sarasin
Asset Management (Israel) Ltd
Sarona Azrieli Tower
Derech Menachem Begin 121–123
40th Floor
Tel Aviv 6701203
Israel
T: +972 76 531 5555
F: +972 76 531 5500
am-il.jsafrasarasin.com
Vienna (20)
J. Safra Sarasin Fund Management 
(Luxembourg) S.A. – Austria Branch
Kärntner Ring 5–7, 7. Stock
1010 Wien
Österreich
T: +43 (0)1 205 1160 1255
F: +43 (0)1 205 1160 1008
am.jsafrasarasin.com
Warsaw (21)
Bank J. Safra Sarasin Ltd S.A. 
Przedstawicielstwo w Polsce
ul. Mysia 5
00-496 Warszawa
Polska
T: +48 (0)22 596 52 70
F: +48 (0)22 596 52 80
www.jsafrasarasin.pl
Geneva
Banque J. Safra Sarasin SA
Quai de l’Ile 3
Case postale
1211 Genève 11
Suisse
T: +41 (0)58 317 55 55
F: +41 (0)58 317 55 00
www.jsafrasarasin.ch
Geneva
Banque J. Safra Sarasin SA
Rue de la Corraterie 4
Case postale
1211 Genève 11
Suisse
T: +41 (0)58 317 55 55
F: +41 (0)58 317 55 00
www.jsafrasarasin.ch
Geneva
J. Safra Sarasin Asset Management 
(North America) Ltd
4 Rue de la Corraterie
1204 Geneva
Switzerland
T: +41 (0)58 317 64 00
F: +41 (0)58 317 64 49
northamerica.jsafrasarasin.com
Lucerne
Bank J. Safra Sarasin AG
Schwanenplatz 4
Postfach
6002 Luzern
Schweiz
T: +41 (0)58 317 50 50
F: +41 (0)58 317 50 00
www.jsafrasarasin.ch 
Lugano
Banca J. Safra Sarasin SA
Via Marconi 2
Casella postale
6901 Lugano
Svizzera
T: +41 (0)58 317 58 58
F: +41 (0)58 317 58 00
www.jsafrasarasin.ch
Zurich
Bank J. Safra Sarasin AG
Bleicherweg 1/Paradeplatz
Postfach
8022 Zürich
Schweiz
T: +41 (0)58 317 51 51
F: +41 (0)58 317 51 00
www.jsafrasarasin.ch
Zurich
Bank J. Safra Sarasin AG
General Guisan-Quai 26
Postfach
8022 Zürich
Schweiz
T: +41 (0)58 317 33 33
F: +41 (0)58 317 33 00
www.jsafrasarasin.ch
Basel
J. Safra Sarasin Holding Ltd.
Wallstrasse 1
4051 Basel
Schweiz
T: +41 (0)58 317 44 44
F: +41 (0)58 317 44 00
www.jsafrasarasin.com
Basel
Bank J. Safra Sarasin AG
Elisabethenstrasse 62
Postfach
4002 Basel
Schweiz
T: +41 (0)58 317 44 44
F: +41 (0)58 317 44 00
www.jsafrasarasin.ch
Bern
Bank J. Safra Sarasin AG
Waisenhausplatz 10
Postfach
3001 Bern 
Schweiz
T: +41 (0)58 317 59 59
F: +41 (0)58 317 59 00
www.jsafrasarasin.ch

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114 | J. Safra Sarasin Holding Ltd., Annual Report 2018

Impressum
Concept, design, layout and text: Bank J. Safra Sarasin Ltd, 
­Cabinet Privé de ­Conseils s.a.
Photos: J. Safra ­Sarasin Holding Ltd., iStock, fäm Properties 
© J. Safra Sarasin Holding Ltd.
Links to third-party Internet sites
J. Safra Sarasin Holding Ltd. accepts no responsibility 
for the information provided on the third-party Internet 
sites mentioned in this publication and does not endorse 
their content.
Precautionary notice regarding forward-looking 
statements
This report contains forward-looking statements. 
These statements may include specific assumptions 
about J. Safra Sarasin Group’s future business perfor-
mance and development of income as well as general 
assumptions underlying such statements.
By their very nature, forward-looking statements 
involve inherent risks and uncertainties, both general 
and specific. There is therefore a risk that predictions, 
forecasts and other expectations described or implied 
in the forward-looking statements will not be achieved.
A number of factors can lead to actual outcomes and 
developments that are materially different from those 
described in the forward-looking statements. These 
factors include the economic situation, the state of the 
financial markets worldwide and possible loan losses 
or potential defaults of trading counterparties.
J. Safra Sarasin Holding Ltd. does not assume any 
responsibility for updating such forward-looking state-
ments and adapt them to new information or future 
events.
www.jsafrasarasin.com
J. Safra Sarasin Holding Ltd., Annual Report 2018 | 115
Imprint