Israeli lender Israel Discount Bank has agreed to offload its Swiss operations- IDB Swiss Bank- to Hyposwiss Private Bank Geneva for CHF10.9m ($10.6m).
Discount Bank will not make any profit on the transaction, the Israeli bank said in a statement.
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The sale of the Swiss business forms part of the bank’s strategy to shift focus on its international operations in the US.
Discount Bank started implementing the strategy in August 2014, with various bids submitted for the Swiss subsidiary in July 2015.
Under this strategy, the bank has also completed the sale of Discount Bank Latin America operations, a subsidiary of IDB New York, as well as has completed the process of closing its London division.
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