News
August 30, 2005
August 31, 2005 - “The acquisition, in line with the strategy of international expansion, enables Bank Hapoalim to increase its brokerage activity in the USA ,” stated Zvi Ziv.
Bank Hapoalim has signed an agreement for the purchase of Investec (US) Inc., a US-based broker-dealer. The company is subject to the supervision and regulations of the federal securities authority in the USA (the SEC), the New York Stock Exchange, the National Association of Securities Dealers (NASD) and the other stock exchanges in which it is a member.
The company has operated for over 75 years, is authorized to work in all 50 states in the USA , and has a seat on the New York Stock Exchange. The company's CEO is John Murabito.
The company provides securities trading services as well as research services, primarily for institutional investors. It specializes in American stocks, including shares, options and bonds, as well as Tel Aviv-NASDAQ dual-listed Israeli shares.
The Bank will purchase the company from its present owners, Investec USA Holding Corp., whose parent company is UK-based Investec plc. Responsible for the activity of the new acquisition will be Zvi Fuhrman, manager of Bank Hapoalim's activity in the USA .
The formal completion of the acquisition is subject to the receipt of the appropriate authorizations from the regulators in the USA and Israel.
Zvi Ziv, Bank Hapoalim's CEO, stated:
“The acquisition of the company represents a continuation of Bank Hapoalim's strategy of international expansion, and is expected to increase the extent of securities trading activity on behalf of its customers. The acquisition will make it possible to provide a highly professional level of investment activation services for the Bank's Israeli institutional customers, and for Global Private Banking customers in the USA".
Preceding press release obtained from Bank Hapoalim at www.bankhapoalim.com. Berkshire Capital has reprinted this press release substantially in its entirety.
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