10 June 2018 – In October 2017, J. Safra Sarasin Group announced it had signed an agreement to acquire Bank Hapoalim’s private banking businesses in Luxembourg and Switzerland, operating as Bank Hapoalim Switzerland Ltd with offices in Zurich and Luxembourg. The agreement covered qualifying clients and their relationship management teams who are focused on private banking clients across Israel and Europe.

On April 11, 2018, Bank J. Safra Sarasin AG and Banque J. Safra Sarasin (Luxembourg) S.A. entered into a final asset purchase agreement with Bank Hapoalim B.M., Israel, and Bank Hapoalim (Switzerland) Ltd on the sale of a majority of the portfolio of international private banking customers of Bank Hapoalim (Switzerland) Ltd in its branches in Switzerland and Luxembourg. As part of the transaction, a number of relationship managers and other employees of Bank Hapoalim (Switzerland) Ltd, of its Luxembourg branch and of its subsidiary and representative office in Israel, are expected to transfer to J. Safra Sarasin. The completion of the transaction is subject to regulatory approvals and certain other conditions.

Walder Wyss advised Bank J. Safra Sarasin AG and Banque J. Safra Sarasin (Luxembourg) S.A. on the transaction. The team was led by Patrick W. Vogel (Partner, Banking and Corporate/M&A) and included Adriano Antonietti (Managing Associate, Corporate/M&A) and Laurent Schmidt (Associate, Corporate/M&A).