Israel's Largest Bank Opens S'pore Branch

Source : TODAY, Tuesday, 27 November 2007

For the first time in Singapore, an Israeli bank has opened a branch here as part of its global expansion strategy.

Bank Hapoalim chief executive officer Zvi Ziv

Bank Hapoalim, Israel's largest bank, opened the full service offshore bank at Republic Plaza and is looking to attract business in private and retail banking, especially from high net worth individuals.

"Bank Hapoalim's presence in Singapore will provide a further bridge between the Israeli economy, which has enjoyed strong growth rates and increasingly international ties and the global markets," said Bank Hapoalim chief executive officer Zvi Ziv. "We look forward to the opportunity to provide our clients worldwide with this access to this vital financial centre."

Its Singapore branch is one of 44 branches, subsidiaries and representative offices outside Israel. As at June, its total assets amounted to US$68.4 billion (S$98.5 billion) and its net profit was US$345million.

"The opening of Bank Hapoalim's Singapore branch is a major step towards making the bank a truly global player, as it provides the bank with a presence in one of the most vibrant and fastest growing economies in Asia," said its chairman Dani Dankner.

At the opening of the bank on Monday, Minister of Foreign Affairs George Yeo said: "In many ways, Singapore is becoming the London of a new re-emergent Asia. I hope that Bank Hapoalim's presence in Singapore will encourage more Israeli companies to use Singapore as a gateway into a dynamic region."

Noting the bilateral co-operation in the armed forces, industrial research and education, he said the decision to establish a branch here was "not an isolated event, but a further expression of a growing relationship between Israel and Singapore".