According to the acquisition agreement, the basic consideration will be composed of the Net Asset Value (NAV) of the bank being acquired plus a multiple of the bank’s assets under management at closing, such that the total consideration is estimated at CHF177m excluding the Geneva building and the international operations that will remain in the hands of the Safdie family.
Bank Leumi plans to merge the private banking business of Banque Safdie and Bank Leumi Switzerland, which will boost its assets to CHF10bn.
Leumi CEO Galia Maor said the acquisition of Banque Safdie strengthens and significantly contributes to Leumi’s private and international banking operations, which are a central pillar in the Leumi group’s business strategy.
Edmondo Sadfie founded the family-owned Banque Safdie in 1965. The family wants to focus on its business in Brazil.
