Homburger advises Bank Hapoalim (Switzerland) Ltd on the sale of a majority of its international private banking business in Switzerland and Luxembourg to J. Safra Sarasin

In September 2017, Bank Hapoalim B.M., Israel, and Bank Hapoalim (Switzerland) Ltd announced their intention to wind down the activities of Bank Hapoalim (Switzerland) Ltd in Switzerland and Luxembourg. On April 11, 2018, Bank Hapoalim B.M., Israel, and Bank Hapoalim (Switzerland) Ltd entered into an asset purchase agreement with Bank J. Safra Sarasin AG / Banque J. Safra Sarasin (Luxembourg) S.A. 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 to J. Safra Sarasin. 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.

Homburger advised Bank Hapoalim B.M. and Bank Hapoalim (Switzerland) Ltd on the transaction. The Homburger team was led by partner Frank Gerhard (Corporate / M&A) and included Sergio Bortolani as lead associate as well as associate Joy Malka and junior associate Rafael Schoch (all Corporate / M&A).