United Mizrahi Bank, which announced its 2004 results yesterday, said it plans to turn its Swiss operations into a private banking centre in...

United Mizrahi Bank, which announced its 2004 results yesterday, said it plans to turn its Swiss operations into a private banking centre in 2005. Presently the bank has a branch in Zurich, but it plans to expand its operations in Switzerland to concentrate on private banking. The bank reported a 15 per cent rise in net profits to NIS386 million ($88.4 million) in 2004. Separately, Bank Leumi also reported its 2004 results yesterday, which showed its private banking business posting an increase in earnings to NIS 298 million, up from NIS 283 million in 2003.