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J. Safra Sarasin to buy Bank Hapoalim's Luxembourg, Swiss private banking ops

J. Safra Sarasin Holding AG agreed to acquire Israel-based Bank Hapoalim BM's private banking businesses in Luxembourg and Switzerland, subject to regulatory approval and certain other conditions.

The financial terms of the deal, which is expected to be completed during the first half of 2018, were not disclosed. Bank Hapoalim operates its Luxembourg and Swiss private banking businesses through Bank Hapoalim Switzerland Ltd., with offices in Zurich and Luxembourg, J. Safra Sarasin said Oct. 3.

The agreement covers qualifying clients and their relationship management teams, which are focused on private banking clients across Israel and Europe. Following the transaction, these clients and relationship managers will join the Swiss lender.

The deal reflects J. Safra Sarasin's private banking business strategy, expands its worldwide wealth management business and allows the bank to increase the market share of its Israel-based business.