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Report: Israel's First International Bank sells Swiss unit

First International Bank of Israel Ltd. signed a deal to sell Swiss private banking unit FIBI Bank (Switzerland) Ltd. to CBH Compagnie Bancaire Helvétique SA for CHF7 million, Globes reported Dec. 20.

The bank will also receive CHF59.2 million, an amount equal to FIBI Switzerland's equity at the end of September, the publication added.

The deal, which marks the bank's move to operate exclusively in Israel, is expected to be completed in the first quarter of 2017. The transaction includes only the bank's customer assets, but the lender may reportedly also sell its bank building in Zurich.