Transaction confirms Group’s important position in Swiss and European private banking consolidation.

J. Safra Sarasin Group today announced it has signed an agreement to acquire Bank Hapoalim’s private banking businesses in Luxembourg and Switzerland, operating as Bank Hapoalim Switzerland Ltd with offices in Zurich and Luxembourg. The agreement covers qualifying clients and their relationship management teams who are focused on private banking clients across Israel and Europe.

The acquisition is another step forward in the strategy of the Group’s private banking business for these markets where it has a long and successful track record. The acquisition further extends the worldwide wealth management business of J. Safra Sarasin Group and enables the Group to increase the market share of its business originating from Israel.

Following this transaction, Bank Hapoalim’s qualifying clients and relationship managers in Luxembourg and Switzerland will join J. Safra Sarasin, which is firmly committed to meeting the wealth management needs of its global clients.

Jacob J. Safra, Vice Chairman of J. Safra Sarasin Group, commented:

"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."

Ilan Hayim, Chairman of Bank J. Safra Sarasin, said:

"We look forward to welcoming the clients and employees of Bank Hapoalim to our organization. Together we will continue to build a powerful private banking service in these markets."

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.