Last updated: 12:20 / Monday, 5 December 2016
Financial Terms Not Disclosed

Safra National Bank of New York Acquires Bank Hapoalim's Private Banking Business in Miami

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Safra National Bank of New York Acquires Bank Hapoalim's Private Banking Business in Miami
  • The agreement covers qualifying clients and their relationship management teams who are focused on high net worth clients across Latin America
  • The acquisition is expected to be completed during the course of the first quarter of 2017, subject to regulatory clearance
  • Financial terms are not disclosed

Safra National Bankof New York announced that it has signed an agreement to acquire Bank Hapoalim's private banking business in Miami. The agreement covers qualifying clients and their relationship management teams who are focused on high net worth clients across Latin America.

This acquisition is a logical extension of Safra National Bank of New York's private banking business for Latin America, where it has been providing premier private banking and financial services to high net worth clients for more than 30 years.  With this transaction, Safra National Bank of New York and its subsidiary, Safra Securities, LLC, further strengthen their private banking business and the global wealth management capabilities of the J. Safra Group.

Jacob J. Safra, Vice-Chairman of Safra National Bank, commented:
"We are determined to play a leading role in the consolidation of the private banking market. Our capital strength, family ownership and 175 years of experience give us great flexibility to do such transactions."

Simoni Morato, CEO of Safra National Bank of New York, said:
"We look forward to welcoming the clients and employees of Bank Hapoalim in Miami to our organization. Bank Hapoalim's private banking business in Miami fits perfectly with the strategic vision of the J. Safra Group and Safra National Bank of New York, and we are confident we will add immeasurable value to clients."

The acquisition is expected to be completed during the course of the first quarter of 2017, subject to regulatory clearance. Financial terms are not disclosed.

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