Israel Discount Bank has acquired Geneva-based Arzi Bank for SFr40.5 million ($36.2 million), and will merge it with Israel Discount Bank (Switzerland). Arzi Bank, which was founded in 1962, specialises in private banking services and asset management and currently manages SFr650 million in assets. SFr25 million of the sale price represented a payment of 3.8 per cent of the bank's asset portfolio, with the balance acquiring the bank itself. "The acquisition is not a standalone, but represents part of our strategy of expanding our global reach," Israel Discount Bank head Shlomo Zohar told Israeli news service, Globes. "In contrast to Bank Leumi and Bank Hapoalim, Discount Bank has not penetrated new markets, but is focusing instead on expanding its activity in those markets in which it already has a presence. We will focus on the expansion of our private banking services in Switzerland and in London, and, naturally, the activity of Discount Bank New York," he said. According to the report, Discount Bank has been looking to acquire a bank in Switzerland for the last two years, and the deal to acquire Arzi followed more than a year of talks. Discount Bank expects the deal to close within three months.