The transaction is part of the international strategy formulated by the Bank’s Board of Directors and Management to strengthen its activities in the international arena.

Founded in 1953, Banque Safdie is a Geneva-based private bank with operations in Zurich, Lugano, Luxembourg, and a representative office in Israel. It manages customer assets totalling nearly CHF 3 billion.

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Post-acquisition, Leumi plans to integrate Banque Safdie into Leumi Switzerland.

"The merger with Safdie is another step in establishing Leumi as a leading bank in the international arena," said Zvi Itskovitch, Leumi’s head of the Private and International Banking division.