Along with the significant organic growth: the Swiss bank Hyposwiss is expanding its activity in the Israeli market and continues the merger and acquisition strategy in which it has been operating in recent years, announcing the acquisition of Bank Mizrahi Switzerland owned by Mizrahi Tefahot Bank.
As part of the transaction and upon completion of the acquisition, Mizrahi Tefahot Switzerland, which operates in Zurich, will become a branch of the Bank and will operate under the management of the Bank’s headquarters and the main branch located in Geneva, Switzerland.
Since the outbreak of the corona, Hyposwiss has enjoyed increased customer recruitment and business momentum. The investment management strategy for affluent customers, which the bank pursued during the Corona crisis, proved to be particularly successful and helped significantly increase the number of customers in Israel and around the world. The acquisition agreement with Mizrahi Tefahot aims to strengthen the trend of expanding the customer base and increasing activity in Israel, and the realization of one of the Bank’s strategic goals.
This is the third transaction in the number that Hyposwiss is making after acquiring the customer portfolio of IDB SWISS Bank in 2016, which was owned by Discount Bank. In 2019, Hyposwiss acquired the balance of the customer portfolio of Bank Hapoalim Switzerland and Luxembourg, which was owned by Bank Hapoalim.
Avi Selma, CEO of the Israeli Representation of Hyposwiss: “The acquisition of Mizrahi Tefahot Switzerland is a significant milestone for us and a direct continuation of the strategy of mergers, acquisitions and expansion in the Israeli market. I am proud that Israeli banks repeatedly choose us to serve their customers faithfully in the best and most satisfied. On the part of the Swiss regulator that will approve the deal.
Hyposwiss has been good at locating the opportunities created by Corona, and we are pleased that we have succeeded in this challenging period, not only in maintaining the existing one but also in increasing the bank and the position of Israeli customers as well as the scope of the bank’s managed assets. The bank will now be able to provide service to its customers at the Hyposwiss branch in Zurich as well. ”