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Israel's Leumi Acquires Private Bank In Geneva

Max Skjönsberg London 2 December 2011

Israel's Leumi Acquires Private Bank In Geneva

Bank Leumi, Israeli’s biggest financial institution, has completed the purchase of Banque Safdié, the Swiss private bank, for SFr143 million ($156 million).

When the acquisition was first announced in February the sum mentioned was SFr177 million. The Israeli bank did not wish to comment as to why the consideration has changed, but the Swiss currency has appreciated against the dollar this year.

Safdié, with SFr3 billion in client assets, has operations in Geneva, Zurich, Lugano and Luxembourg and a representative office in Israel.  

Founder Edmundo Safdié has previously said that his family has taken a strategic decision to focus its efforts on wealth management with Safdié DTVM in Brazil and in the private equity and real estate sectors.

Leumi plans to integrate Banque Safdié into its Swiss business at the beginning of next year, but it declined to comment on whether any rebranding exercise will take place.

The Israeli bank has had a subsidiary in Switzerland since 1953; its local head office is located in Zurich. Following the merger, the bank will increase its presence in Geneva, where Safdié is headquartered.

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