Israeli-lender Bank Leumi has bought
Geneva-based Banque Safdie for CHF177m ($182m).
Bank Leumi’s private banking business
operations in Switzerland are to merge with Swiss Banque Safdie, a
family-run wealth management bank.
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The merger will boost Bank Leumi’s assets
under management in Switzerland to CHF10bn.
The acquisition is subject to regulatory
approval from banking supervisory authorities in Switzerland and
Israel.
The deal excludes Banque Safdie’s Geneva
building and its international operations, which will continue to
be run by the Safdie family.
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By GlobalDataBank Leumi to double AuMs
Once approved, the merger will double Bank
Leumi’s assets to CHF10bn.
Banque Safdie is a family-run private bank.
According to Swiss media, the family will focus on its wealth
management business in Brazil, where it also operates a real estate
and private equity business.
Bank Leumi’s chief executive, Galia Maor, said
that the acquisition is part of the bank’s strategy to grow its
international network.
He said: “For some time we have sought an
attractive acquisition in Switzerland, which would suit Leumi’s
nature, size and style, and I believe that the combination of the
two banks’ platforms will create optimal synergies.”
The deal is expected to close during the
second half of 2011.
