Bank Hapoalim (Switzerland) Ltd

Bank Hapoalim Switzerland completes merger with Bank of New York - Inter Maritime Bank, Geneva

  Zurich (ots) -  Bank Hapoalim Switzerland has successfully completed the merger with Bank of New York - Inter Maritime Bank, Geneva.

    As of January 3, 2006 Bank Hapoalim Switzerland will have more than 10.5 billion Swiss Francs client assets, comfortable own means of above 250 million Swiss Francs and employ 160 people.

  Founded in 1975 with headquarter in Zurich, Bank Hapoalim Switzerland has branches in Zurich, Geneva and Luxembourg as well as representative offices in Tel Aviv and now also in Hong Kong and Moscow. With a wide international network, mainly in the Western Hemisphere, it provides professional private banking services to a worldwide clientele.

    The bank recorded exceptional results in the past 3 years, tripling assets under management and profits reaching 22 million Swiss Francs in the first 9 months 2005.

    Bank Hapoalim Switzerland is a fully owned subsidiary of the largest financial group in Israel, Bank Hapoalim B.M. In 2004 the group had assets of 60.8 billion US-dollars and showed a net profit of 489 million US-dollars. It is steadily expanding its international presence whilst reinforcing its position as the largest financial institution in Israel. Its shares are traded on the Tel Aviv and the London Stock Exchange.

ots Originaltext: Bank Hapoalim (Switzerland) Ltd

Helmut Gareus, CFO

Bank Hapoalim (Switzerland) Ltd
Stockerstrasse 33
8039 Zürich
Tel. +41/44/283'81'81

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