Two months ago, Bank Hapoalim (Switzerland) completed the acquisition of InterMaritime Bank Geneva.
Bank Hapoalim (Switzerland) Ltd.’s net profit rose by 10% for the first half of 2005 to 13.4 million Swiss francs (NIS 47 million), states the bank’s financial report, published today. The higher profit was due to a 9% increase in revenue to 35.2 million Swiss francs for the first half of the year.
Assets of Bank Hapoalim Switzerland’s customers rose by 14% to 7.5 billion Swiss francs. The growth in the bank’s profits and assets follows the growth trend in the bank’s activities during 2004.
Bank Hapoalim (Switzerland) is a wholly-owned subsidiary of Bank Hapoalim (LSE:BKHD; TASE:POLI) that specializes in private banking services. Two months ago, Bank Hapoalim (Switzerland) completed the acquisition of Bank of New York InterMaritime Bank Geneva.
Published by Globes [online], Israel business news - www.globes.co.il - on July 31, 2005