Swiss private bank Pictet plans to enter Israeli market

Pictet & Cie will provide wealth and investment management services for people with more than NIS 5 million in assets.

Sources inform ''Globes'' that Swiss private bank Pictet & Cie is planning to begin operations in the Israeli market. The bank, which manages $400 billion in assets, is working to obtain the necessary permits from Israeli regulators in order to launch operations. In Israel, the bank will reportedly focus on private banking and investment management, and recruit customers with at least NIS 5 million in assets. The bank also plans to work with Israeli investment institutions.

Geneva-based Pictet, founded in 1805, is engaged in private banking and financial assets. It has no significant credit operations or any investment banking or mortgage operations. As a consequence, it was barely affected by the credit crisis in 2008, and is considered a sound bank with a high capital adequacy ratio.

Pictet, which has expanded solely through organic growth with no acquisitions in recent years, is engaged in private banking, private wealth management, institutional asset management, independent asset managers, investment funds, and custody and fund services. It has 3,200 employees, including 600 investment managers, and has 23 branches worldwide, including in Amsterdam, Barcelona, Dubai, Hong Kong, London, Singapore, and Tokyo.

Pictet has decided to expand to Israel and other countries.

Capital market sources say that Pictet believes that Israel has strong potential, given the large growth in wealthy individuals over the past seven years. There are several reasons for this growth, including sales of high-tech companies by entrepreneurs and the enrichment of financial industry executives during boom years.

Pictet is not the only bank which is seeing the potential of the growth in the number of wealthy Israelis. For example, in 2010, UBS AG (NYSE; SWX: UBS) decided to expand its wealth management operations in Israel.

Published by Globes [online], Israel business news - www.globes-online.com - on October 24, 2012

© Copyright of Globes Publisher Itonut (1983) Ltd. 2012

Twitter Facebook Linkedin RSS Newsletters גלובס Israel Business Conference 2018