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Bank Hapoalim (Switzerland) Ltd

Strong First Half for Bank Hapoalim Switzerland AUM growth of 7%, a strong CAR of 13.7%

Zurich (ots)

Bank Hapoalim Switzerland (BHS) has reported a
strong first half of 2009. Asset growth and a record number of new 
accounts reflect client confidence in the strength of the balance 
sheet and the capability of BHS's professional team. Assets Under 
Management grew by 7% to 9.84 BN and income for the first half was 
CHF 51.1 MM. Net Income was CHF 12.8 MM and BHS's Tier 1 Capital 
Adequacy Ratio reached a healthy 13.7%
These successful results were supported by a focus on client 
retention, acquisition and servicing in a very challenging market 
environment. BHS's Asian business increased significantly in size 
year to date, and, thanks to a focused business development program, 
several teams of talented private banking professionals joined BHS's 
staff of experienced relationship managers, most notably in Asia and 
in Latin America.
During the first half of 2009, BHS launched the Clarity Family 
Office as an independent subsidiary, with locations in Switzerland 
and Israel, in order to offer holistic wealth management oversight 
and advice to ultra high net-worth individuals whose assets are 
distributed across multiple financial and non-financial institutions.
Investments in the client service delivery platform continued under 
the umbrella of the Unification, Upgrade and Best Practices 
initiative, which comprises a broad array of process enhancements, 
systems and client reporting upgrades, and enhanced credit and risk 
management tools.
Chairman of the Board, Alberto Garfunkel, commented: "On behalf of
the entire team at BHS, we are grateful to our clients who have 
placed their trust in us. In these extraordinary times of change, we 
have a unique opportunity to perform our best work and demonstrate 
the strength of our team and the success of our business model." 
Chief Executive Officer, Michael Warszawski, added: "We are committed
to continue building the 'Private Bank of Choice' for our clients and
for the generations to come. In the coming months we expect that, by 
helping our clients meet their objectives for wealth management and 
high quality service, BHS will meet our goals, despite a challenging 
2009."
About Bank Hapoalim-Switzerland
Bank Hapoalim (Switzerland) Ltd is the Swiss Private Banking 
subsidiary of Bank Hapoalim, B.M. Established in 1975, BHS delivers 
sophisticated wealth management services to high net-worth 
individuals around the globe via branches in Zurich, Geneva, 
Luxembourg and Singapore, representative offices in Tel Aviv, Moscow 
and Hong Kong and the BHI Trust Company in Jersey. Ranked 29th out of
152 foreign banks in Switzerland, BHS?s steady increase in clients, 
assets and earnings derives from carefully targeted acquisitions and 
from strong organic growth. Bank Hapoalim (Switzerland) Ltd. is 
regulated by the Swiss Financial Market Supervisory Authority FINMA.

Contact:

Michael Warszawski
CEO
Phone: +41/44/283'81'81

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