Safra National Bank of New York has agreed to acquire Israeli lender Bank Hapoalim's private banking operations in Miami for an undisclosed sum.

The deal includes the Israeli bank’s qualifying clients and their relationship management teams, which are focused on high net worth clients across Latin America.

“This acquisition is a logical extension of Safra National Bank of New York's private banking business for Latin America, where it has been providing premier private banking and financial services to high net worth clients for more than 30 years,” J. Safra Group said.

The deal is expected to be wrapped up in the first quarter of 2017, subject to regulatory approval.

Safra National Bank of New York CEO Simoni Morato said: "We look forward to welcoming the clients and employees of Bank Hapoalim in Miami to our organization.

“Bank Hapoalim's private banking business in Miami fits perfectly with the strategic vision of the J. Safra Group and Safra National Bank of New York, and we are confident we will add immeasurable value to clients."

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