Geneva-based Bank of New York-Inter Maritime Bank has been sold to Bank Hapoalim for SFr 95 million ($79.1 million). The deal, made throu...

Geneva-based Bank of New York-Inter Maritime Bank has been sold to Bank Hapoalim for SFr 95 million ($79.1 million). The deal, made through its Bank Hapoalim Switzerland subsidiary, was contingent on approvals from the Bank of Israel and Swiss banking regulators, Hapoalim said in a statement to the Tel Aviv Stock Exchange. “We have been in negotiations with Hapoalim for a number of months,” a spokesman told WealthBriefing. He added: “It has been increasingly difficult for banks our size to function where regulatory pressures adding substantially to costs.” Bank Hapoalim has just sold its 59 per cent stake in its New York-based bank, Signature Bank for $457 million. International financier Bruce Rappaport owns 72 per cent of Inter Maritime and serves as its honorary chairman. The Bank of New York owns 28 per cent. The spokesman said the sale was partly due to Mr Rappaport having no family member who could either take over the running of the bank, or wanted to. Hapoalim began negotiations last December with an estimated purchase price of between $90 million and $138 million pending due diligence.