J. Safra Sarasin Group completes the acquisition of Bank Hapoalim’s Private Banking Businesses in Luxembourg and Switzerland
J. Safra Sarasin Group is pleased to announce the successful completion of the acquisition of Bank Hapoalim’s private banking businesses in Luxembourg and Switzerland and the re-establishment of a physical presence in Israel.
J. Safra Sarasin Group today announced the completion of the acquisition of Bank Hapoalim’s private banking businesses in Luxembourg and Switzerland. The acquisition includes the transfer of qualifying clients and their relationship management teams who are focused on private banking clients primarily from Europe and Israel.
The Group’s growth strategy is also taking another step forward with the start of activities of J. Safra Sarasin Asset Management (Israel) Ltd, a company licensed by the Israel Securities Authority (ISA), together with the opening of a Representative Office, both located in Tel Aviv.
Jacob J. Safra, Chairman of J. Safra Holdings International and Vice Chairman of J. Safra Sarasin Group commented:
“We are proud to have completed another acquisition and are delighted to welcome the private banking clients and employees of Bank Hapoalim in Luxembourg and Switzerland to our Group. We look forward to maintaining these valued and long-standing client relationships at J. Safra Sarasin. We are also excited to return to Israel, a market we are very familiar with given previous investments by the Group. Our wealth management business is growing robustly. With this transaction, we continue to strengthen our important position in the consolidation of the Swiss and European private banking sector.”