Bank Hapoalim has announced that it had signed an agreement to buy the US brokerage business of Investec in a $40 million deal. Investec...

Bank Hapoalim has announced that it had signed an agreement to buy the US brokerage business of Investec in a $40 million deal.

Investec (US) has been active for over 75 years and is licensed in all 50 US states. It has a seat on the New York Stock Exchange.

The deal is subject to approval of the relevant US and Israeli authorities.

“The acquisition of Investec (US) continues Bank Hapoalim’s strategy of international expansion. It is expected to deepen our securities trading activities for our customers. This acquisition will enable us to provide highly skilled execution services for our Israeli institutional customers, and for our private banking customers in the US,” said Zvi Ziv, chief executive officer of Bank Hapoalim.