Spanish investment bank Andbank has agreed to purchase a 60% stake in Israeli investment boutique Sigma in a deal worth between ILS25m to ILS30m.

The remaining 40% shares of Sigma, which now manages ILS3.5bn in assets, will be held by Sigma founder Dan Galai and his two partners, Ezra Attar and Abraham (Miko) Gilat, reported Globes.

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Through this acquisition, Andbank aims to expand Sigma expertise in global private banking and make it a global entity and a significant player in the local market.

The deal, which is part of Andbank’s strategy to become an international private banking firm, will enable the bank to provide its customers with a wider range of services, including international research and analysis.

Additionally, Sigma’s is planning to expand its business through acquisitions that will most likely focus on the family office sector.

Andbank said that Israel was a strategic focus for as it found the Israeli economy to be strong and stable with enormous latent potential.

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Ricard Tubau, Deputy CEO of Andbank, said: "Our goal is to expand our fields of expertise in global private banking, and penetrate our expertise into the Israeli community through Sigma."

Uri Galai, CEO of Sigma, said: "The deal in effect complements Sigma’s strategy of providing a comprehensive solution under one roof, specifically tailored to the needs of each client."

Managing €20bn in assets, Andbank focuses mainly on family office while Sigma now manages mutual funds, investment portfolios, family office and an insurance agency.