Israel-based Bank Hapoalim BM said the sale of most of the global private banking client asset portfolio of Bank Hapoalim (Switzerland) Ltd. at the unit's Switzerland and Luxembourg branches to Bank J. Safra Sarasin AG and Banque J. Safra Sarasin (Luxembourg) SA was completed Dec. 21, with respect to the Luxembourg branch.

In November, J. Safra Sarasin Holding AG completed the acquisition of Bank Hapoalim's private banking businesses in Luxembourg and Switzerland.