Bank Sarasin, a Switzerland-based private bank, is set to close down its Spanish subsidiary Sarasin Alen Agencia de Valores, a joint venture with Alen Gestion Patrimonial, two years after the launch.

Sarasin has made this decision in the light of the adverse market climate in Spain and the subsidiary’s disappointing business performance.

Spain, which happens to be the fifth largest economy in Europe, has been one of the worst hit countries by the global econonmic slowdown, as its financial meltdown was worsened by a crisis in the local property market.

One member of the Bank Sarasin’s 10 staff in Spain will move to the Zurich office and from there will manage clients. The information regarding total assets manged by the joint venture has not been disclosed by the bank.

Bank Sarasin said that the closure does not have any significant impact on the costs reported in the consolidated financial statements.