Safra National Bank of New York has announced that it has signed an agreement to acquire the private banking business in Miami of Bank Hapoalim (TASE: POLI). Safra will pay $16.5 million for the $2 billion private banking portfolio.
The agreement covers qualifying clients and their relationship management teams who are focused on high net worth clients across Latin America.
Some of the staff in Bank Hapoalim's Miami office will join Safra by March 2017, after which the future of Hapoalim's office will be considered.
Safra National Bank of New York CEO Simoni Morati said, "We look forward to welcoming the clients and employees of Bank Hapoalim in Miami to our organization. Bank Hapoalim's private banking business in Miami fits perfectly with the strategic vision of the J. Safra Group and Safra National Bank of New York, and we are confident we will add immeasurable value to clients."
The acquisition is expected to be completed during the first quarter of 2017, subject to regulatory clearance.
Closing its private banking activities in Miami, comes as Bank Hapoalim has also closed its representative offices in Uruguay and elsewhere in Latin America. The bank is also significantly reducing its activities at Bank Hapoalim Switzerland but will continue to develop its activities in commercial banking in the US through its Bank Hapoalim New York branch.
Published by Globes [online], Israel business news - www.globes-online.com - on December 4, 2016
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