EFG Bank,the Swiss subsidiary of private banking group EFG International has opened a representative office in Tel Aviv, Israel.

The new office, which commences operations today, has received all approvals from regulators in Israel.

With the new branch, EFG aims to expand its presence in Israel and tap the wealth management potentials in the region.

The office will be headed by Ran Heistein, who will report to EFG Switzerland & Italy region chief Franco Polloni.

In his new position, Heistein will work together with Dan Sagui, who looks after EFG’s business development activities in Israel and is based in Zurich.

Before joining EFG, Heistein served as deputy CEO of Bank Hapoalim International (BHI) in Israel. He also served as head of Bank Julius Baer’s Israel Representative Office and led the Israel Representative Office at HSBC Private Bank Suisse.

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Earlier, Sagui worked as CEO of BHI as well as global market head Israel at Bank Julius Baer, among other roles.

Polloni said: “We see significant growth potential in the Israeli market, and the opening of a Representative Office will help us to accelerate our growth in the region.

“We are very pleased that Ran Heistein and Dan Sagui will lead our business activities in Israel, and we look forward to working with them closely and to benefiting from their deep understanding and experience of the Israeli market.”

In January last year, EFG International announced the expansion of its footprint in Cyprus after receiving required regulatory licences from Cyprus Securities and Exchange Commission (CySEC) and Central Bank of Cyprus (CBC).