J. Safra Sarasin Group has wrapped up the acquisition of Israeli lender Bank Hapoalim private banking operations in Luxembourg and Switzerland.

The deal, whose financial terms were not revealed, was first announced in October last year.

The transaction involves the migration of clients as well as their relationship management teams serving private banking customers mainly from Israel and Europe.

At the same time, J. Safra Sarasin has relaunched its physical operations in Israel with the establishment of two new entities in Tel Aviv.

One of these entities is the J. Safra Sarasin Asset Management (Israel), which is a company licensed by the Israel Securities Authority, while the other is a representative office.

J. Safra Sarasin Group vice chairman said: “We are proud to have completed another acquisition and are delighted to welcome the private banking clients and employees of Bank Hapoalim in Luxembourg and Switzerland to our Group. We look forward to maintaining these valued and long-standing client relationships at J. Safra Sarasin.

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“We are also excited to return to Israel, a market we are very familiar with given previous investments by the Group. Our wealth management business is growing robustly. With this transaction, we continue to strengthen our important position in the consolidation of the Swiss and European private banking sector.”