The potential financial terms of the deal were not disclosed.

Swiss private banking group J Safra Sarasin has signed an agreement to acquireBank Hapoalim’s private banking businesses in Luxembourg and Switzerland, which operates as Bank Hapoalim Switzerland.

The agreement covers qualifying clients and their relationship management teams who are focused on private banking clients across Israel and Europe, J Safra Sarasin said in a statement.

Following this deal, Bank Hapoalim’s qualifying clients and relationship managers in Luxembourg and Switzerland will join J Safra Sarasin.

The acquisition is expected to be completed during the course of the first half of 2018. The agreement is subject to regulatory approvals and certain other conditions. The potential financial terms of the deal were not disclosed.

“This transaction underscores our important position in Swiss and European private banking consolidation,” said Jacob Safra, vice chairman of J Safra Sarasin Group. “Bank Hapoalim is an excellent fit within our existing operations and a valuable contribution to our strategy of servicing the wealth management needs of our clients on a global basis.”

J Safra Sarasin has banking operations in more than 25 locations, including offices in Europe, Asia, the Middle East and Latin America.

In March, this publication reported that the J Safra Sarasin Group shut its private banking unit for the German market because it had not achieved critical mass in business, and decided to establish a branch in Luxembourg.

This acquisition is one of many deals which are continuously happening across the world within the wealth management sector. Ray Soudah, founder of Millennium Associates, spoke to WealthBriefing about his views on the long lasting effects of merger and acquisition deals.