Swiss bank Compagnie Bancaire Helvetique (CBH) has agreed to acquire the private banking activities of FIBI Bank (Switzerland) for CHF7m.

The deal will include all client assets of Zurich-based FIBI Bank(Switzerland), which is the Swiss offshoot of The First International Bank of Israel.

CBH terms the latest deal as an “important step in the growth strategy” and expects its tier one capital ratio to remain above 22% after the acquisition.

CBH CEO Philippe Cordonier said: “This latest acquisition allows us to significantly reinforce our activities, in particular from our branch in Zurich and our representative office in Tel Aviv. We look forward to welcoming our new team whose expertise in wealth management will complement our own.”

The transaction is expected to close during the first quarter of 2017.