Signature Bank, a US bank fully owned by Bank Hapoalim, began operations today in six New York branches. Signature Bank is aimed at wealthy private US customers. Five of the bank’s six branches are in Manhattan, while one is in Brooklyn.
At the same time, Signature Securities, another Bank Hapoalim subsidiary, began providing brokerage services involving securities and other financial products. The founding of Signature Bank and Signature Securities is part of Bank Hapoalim’s policy of expanding its overseas private banking activities.
Signature Bank president and general manager Joseph DePaolo has worked since 1988 in Republic Bank of New York, which was owned by Edmond Safra and was recently sold to the HSBC banking conglomerate. At Republic Bank, DePaolo held several positions, including general manager, and chairman of the brokerage company and insurance agency. DePaolo, who has worked as an accountant with KPMG, was also responsible for Republic Bank's customer service division.
Signature Bank chairman Scott Shay is also a Bank Hapoalim director. In addition, Shay serves as general manager of Ranieri & Co. and a director in the Hyperion fund, a partner in the controlling interest of Bank Hapoalim. He is also a director in the mergers and acquisitions department of Salomon Brothers and in other US financial concerns.
The new bank was initiated by Bank Hapoalim chairman Shlomo Nehama. Commenting on the launching of Signature Bank, Nehama said, “When other international banks look at the New York market, they either think in terms of acquisitions or begin on a small scale, with a single branch. We believe that only a new approach to financial services will provide a suitable answer to the needs of successful business people and businesses. Our management team’s vision and extensive experience give us the confidence and capability to move quickly and decisively in the New York market.”
Published by Israel's Business Arena on May 1, 2001