Bank Hapoalim (LSE: BKHD; TASE: POLI) yesterday officially inaugurated its branch in Singapore, the first branch of an Israeli bank in the Far East. The bank predicts that the branch will become profitable by 2010.
Bank Hapoalim CEO Zvi Ziv told "Globes", "Singapore has great potential."
600 international financial institutions currently operate in Singapore, and financial services account for 11% of the country's GDP.
Bank Hapoalim chairman Dan Dankner said, "Singapore is the world's fourth largest international financial center after New York, London, and Tokyo." He added that the branch was part of the bank's global expansion strategy.
The branch, operated by subsidiary Bank Hapoalim Switzerland began operating in May. It is run by Rami Lador.
Published by Globes [online], Israel business news - www.globes-online.com - on November 27, 2007
© Copyright of Globes Publisher Itonut (1983) Ltd. 2007