Bank Leumi will acquire all the outstanding shares of Switzerland’s Banque Safdie for about $182.6 million. The deal is expected to be completed by the second half of 2011 and will be funded from the internal resources of Leumi. Goldman Sachs was the financial advisor to Leumi. The Israeli bank will combine the private banking activities of Bank Leumi Switzerland and Banque Safdie to have about $10.3 billion assets under management.
Click here for the release from PR Newswire.