EFG International, a Zurich-based private banking group, announced on Monday that it has opened a new financial service office in Tel Aviv and has hired former Credit Suisse Israel executives to run a local wealth management subsidiary to boost its presence in the country.
The Swiss bank said the new financial service office, which started operating earlier this month, “aims to capture the significant wealth management opportunities in this market” and will offer investment advisory services to clients in the region.
The expansion of the Swiss bank’s operations in Israel comes after the opening of its first representative country office in September 2022.
Joseph Wolf appointed as CEO of EFG’s wealth management subsidiary in Israel
For the wealth management advisory business subsidiary, EFG recruited Joseph Wolf to serve as the CEO. Prior to joining EFG, Wolf was the CEO of Credit Suisse Israel and previously also held several management positions at Barclays, UBS and Bank of America, both in Israel and in the US.
Wolf will be reporting to Franco Polloni, EFG’s head of Switzerland & Italy. In addition, former Credit Suisse head of private banking in Israel Michal Dadoun was appointed to head EGF’s private banking operations, working alongside Wolf.
They will both lead a team that includes three client relationship officers and an investment counselor.
“The expansion of our presence in Israel with the opening of a Financial Service Office and the hiring of a highly experienced local team will enable us to further accelerate our growth in this attractive region,” said Polloni.
EFG aims to leverage its global network and expertise to serve Israeli clients
EFG’s representative office and the financial service office will operate alongside each other and jointly cover the “fast-growing” Israeli wealth management market with the support of Dan Sagui, EGF’s Israel country manager, the Swiss bank said in a statement.
Headquartered in Zurich, EFG International is a private banking group that operates private banking and asset management services. The group has private banking businesses in 40 locations worldwide.
EFG said it aims to leverage its global network and expertise to provide tailor-made solutions to Israeli clients, who have complex financial needs and seek international diversification.
According to a report by Boston Consulting Group, Israel had $1.1 trillion of personal financial wealth in 2020, ranking 23rd globally. The report also projected that Israel’s wealth will grow by 7.4% annually until 2025, driven by strong economic performance and innovation.