First International Bank of Israel is liquidating its remaining international business, and will become the only one of Israel's five leading banks that operates exclusively in Israel. Controlled by Zadik Bino, the bank announced that it had signed an agreement to sell FIBI Switzerland to Swiss bank CBH.
CBH will acquire FIBI Switzerland's customer portfolio, which totaled 876 million Swiss Franc as of September 30, for seven million Swiss francs, amounting to 0.8% of the assets. CBH will also pay an amount equal to FIBI Switzerland's equity, which totaled 59.2 million Swiss francs as of September 30. The deal is slated for completion by the end of the first quarter of 2017.
The Israeli bank is expected to receive 7 million Swiss francs beyond FIBI Switzerland’s capital. The move comes after FIBI decided to shut down its overseas operations due to considerations such as cost versus payoff, as the Swiss subsidiary was indeed profitable.
First International stated that the deal is not expected to materially affect its results. The current deal involves only the bank's customer assets; First International is likely to also sell its bank building in Zurich.
"The acquisition of FIBI Switzerland's business enables us to significantly increase our activity, and we welcome all of the new customers," said CBH general manager Philippe Cordonier.
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