TEL AVIV, Israel, June 1, 2008 (PRIME NEWSWIRE) -- Bank Hapoalim B.M. today announced the signing of an agreement to acquire 50.01% of NuVerse Advisors LLC ("NuVerse"), a New York based wealth manager offering a suite of personalized financial services and advice to high net-worth individuals. NuVerse's team of experienced and well-regarded investment professionals will provide Bank Hapoalim's clients with world class asset management solutions and allow the Bank to better serve clients in a family office environment.
NuVerse offers personal wealth management services to high net worth individuals through offices in the United States, Latin America, and Europe. The acquisition is expected to be complementary to Bank Hapoalim's wealth management capabilities, which are offered through a network of banks, branches and representative offices in over 20 countries in Europe, North and South America and Asia.
Bank Hapoalim Chairman Dani Dankner said: "The acquisition of 50.01% of NuVerse is another clear indication of our ongoing transformation into a global bank, with best-in-class management, products and services in consumer, corporate, and wealth management. I expect NuVerse to make a meaningful contribution to our worldwide infrastructure and to offer attractive investment products to our valued private clients."
Bank Hapoalim CEO Zvi Ziv commented: "I am delighted to welcome to the Hapoalim Group three seasoned financial professionals with a track-record of such excellence. Our wealth management capabilities have greatly expanded in the past decade as we have grown our assets under management to nearly $18 billion, and I am confident that this partnership will further accelerate our growth. Bank Hapoalim today provides its clients with truly global wealth management services, and NuVerse's capabilities and expertise will widen our product and service offering. This is an important step in our efforts to broaden and strengthen our global footprint. Our clients, partners, and Bank Hapoalim itself will all benefit from this expansion."
Dov Schlein stated: "We are very excited to offer our wealth management products and services to the clients of Bank Hapoalim. Additionally, our existing clients will benefit from the extensive array of products and services which will now be available to them through Bank Hapoalim."
NuVerse was founded in 2001 by Dov Schlein, Elias Saal and Stephen Saali. Messrs. Schlein, Saal and Saali were formerly among the senior executives of Republic National Bank of New York ("Republic"). Mr. Schlein served as Chairman of the Board and Chief Executive Officer of Republic and Republic New York Corporation and was the advisor to the Group Chairman of HSBC PLC for Israel; Mr. Saal was President of Republic, Chairman of the Executive Committee of Republic and Republic New York Corporation, and Senior Executive Vice President of HSBC Bank USA, as well as Chief Executive Officer of HSBC Private Banking Americas; and Mr. Saali was President of Republic New York Corporation, Vice Chairman of Republic, and Executive Vice President of HSBC Bank USA.
About Bank Hapoalim
Bank Hapoalim is Israel's leading financial group. In Israel, the Bank Hapoalim Group includes financial companies involved in investment banking, credit cards, trust services and portfolio management. The Group also has holdings in non-banking sectors.
Internationally, Bank Hapoalim operates through 44 branches, subsidiaries and representative offices, in North and Latin America, Europe, the Far East, Turkey and Australia. In these markets, the Bank is engaged in trade, corporate finance, private banking and retail banking.
Bank Hapoalim is the only Israeli Bank listed on both the Tel Aviv and London Stock Exchange. In addition, a Level-1 ADR is traded "over-the-counter" in New York.