Opening the new office will expand EFG’s coverage of the Israeli market and capture the significant wealth management opportunities in the region, the firm said in a statement this week.

Ran Heistein, who has been named head of the office in Tel Aviv, will report to Franco Polloni, head of Switzerland and Italy region of EFG. In his new role, Heistein will work alongside Dan Sagui, who is responsible for the development of EFG’s business activities in Israel, the firm added.

Ran Heistein and Dan Sagui both have extensive industry knowledge and management experience. Prior to joining EFG, Heistein was deputy CEO of Bank Hapoalim International in Israel, as well as head of the Israel representative office at Bank Julius Baer, and head of the Israel representative office at HSBC Private Bank Suisse.

Sagui was previously CEO of BHI, as well as global market head Israel at Bank Julius Baer, and head of the Israeli desk at HSBC Private Bank in Zurich. In his current role, Sagui is based in Zurich, the firm said.

Polloni said: “We see significant growth potential in the Israeli market, and the opening of a representative office will help us to accelerate our growth in the region. We are very pleased that Ran Heistein and Dan Sagui will lead our business activities in Israel, and we look forward to working with them closely and to benefiting from their deep understanding and experience of the Israeli market.@

Zurich-listed EFG International, which operates in around 40 locations worldwide, isn't the only group operating in the Israel market. As reported here a few days ago, Rothschild & Co has a  new wealth management office in Herzelia, part of the Tel Aviv metropolitan area. Other players in Israel include Credit Suisse, iCapital, Citi Private Bank, UBS and Julius Baer. The country's large IT sector, for example, has been an important generator of HNW individual wealth. Israel's recent Abraham Accords with the United Arab Emirates is also seen as an important wealth creation move.