J. Safra Sarasin Group has acquired the private banking activities of Israeli group Bank Hapoalim in Luxembourg and Switzerland.
The acquisition includes qualifying clients and their relationship management teams who are dealing with private banking clients in Israel and Europe.
As a result of the acquisition, J. Safra Sarasin Group will grow its global wealth management business and strengthen its market share in Israel.
Following the acquisition, Bank Hapoalim’s clients and relationship managers in Luxembourg and Switzerland will join J. Safra Sarasin.
Commenting on the acquisition Jacob Safra, vice chairman of J. Safra Sarasin Group, said: 'This transaction underscores our important position in Swiss and European private banking consolidation.
'Bank Hapoalim is an excellent fit within our existing operations and a valuable contribution to our strategy of servicing the wealth management needs of our clients on a global basis.'
The acquisition is expected to be completed during the course of the first half of 2018. The agreement is subject to regulatory approvals and certain other conditions.