Post by Leber on Aug 8, 2012 9:19:05 GMT 4
Israeli’s largest bank, Bank Hapoalim, is to close its Singapore private banking division just five years after it was opened.
Launched in November 2007 as an “important step” to increase Bank Hapoalim’s international activities, the unit will be shut down amid a restructuring of the bank’s Asian business.
Singaporean division’s operations will be moved to the Hong Kong and China divisions.
At the same time Bank Hapoalim will provide private banking services in Asia through its Swiss branches in Zurich, Geneva, and Luxembourg
The bank said that the closure comes as part of a plan to expand its business operations in East Asia.
Bank Hapoalim recorded a NIS26m ($6.4m) loss for its private banking activities out of Israel in 2011. Profit for the whole private bank division was NIS 457m in 2011.
Launched in November 2007 as an “important step” to increase Bank Hapoalim’s international activities, the unit will be shut down amid a restructuring of the bank’s Asian business.
Singaporean division’s operations will be moved to the Hong Kong and China divisions.
At the same time Bank Hapoalim will provide private banking services in Asia through its Swiss branches in Zurich, Geneva, and Luxembourg
The bank said that the closure comes as part of a plan to expand its business operations in East Asia.
Bank Hapoalim recorded a NIS26m ($6.4m) loss for its private banking activities out of Israel in 2011. Profit for the whole private bank division was NIS 457m in 2011.