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.

ots Originaltext: Bank Hapoalim (Schweiz) AG

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

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