Bank Hapoalim's private banking business in Miami has been sold to a large financial services group. The acquisition is expected to be completed during the course of the first quarter of 2017.
Safra National Bank of New York announced that it has signed an agreement to acquire Bank Hapoalim's private banking business in Miami, according to a statement sent on Sunday. The agreement covers qualifying clients and their relationship management teams who are focused on high net worth clients across Latin America.
The J. Safra Group, with total assets under management of over $194 billion and aggregate stockholders equity of $15.4 billion, is controlled by Joseph Safra. The Group consists of privately owned banks under the Safra name and investment holdings in asset based business sectors such as real estate and agribusiness.
Leading Role in the Consolidation
According to the press release 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, further strengthen their private banking business and the global wealth management capabilities of the J. Safra Group.
«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,» Jacob J. Safra, Vice-Chairman of Safra National Bank, said.
