The Tel Aviv-listed bank, which is Israel’s fifth largest lender, is said to be offloading its overseas operation.

First International Bank of Israel is in talks to sell its Swiss private banking branch, according to a report by Israel’s Globes newswire. 

Given that FIBI Switzerland is its only international business, the deal, if agreed, would make FIBI the only of Israel's five largest banks to operate solely in the local market. In 2014, the bank sold its UK business to Tungsten Corporation.

FIBI Switzerland, established in Zurich in 1984, offers private wealth management services to individuals, families and institutions. It manages assets of SFr876 million ($886 million), down from SFr916 million at the end of 2015, Globes reported. 

FIBI recently reported third-quarter net profit of ILS128 million ($33 million), compared to ILS86 million a year earlier. It plans to gradually reduce its workforce by around 650 employees by 2020 as part of efficiency measures.

The bank could not be immediately reached for comment on the report.