Signature Bank has opened its ninth New York branch.
After a full year of US operations, Signature Bank, Bank Hapoalim's private banking venture in New York, has opened its ninth branch, located in Long Island. Signature Bank's other branches are in Manhattan, Brooklyn, and Westchester. Bank Hapoalim has invested $100 million to date in its US subsidiary.
Signature Bank lost $28 million in its first year of operation, contributing an NIS 11 million shekel loss from set-up expenses to Bank Hapoalim. Forecasts are that Signature Bank will reach break-even in 2003.
Published by Globes [online] - www.globes.co.il - on June 25, 2002