EFG International is establishing a presence in Israel with the opening of a representative office for its Swiss entity, EFG Bank, in Tel Aviv.
Following the granting of regulatory approvals, EFG will officially begin operating locally in this market on 7 September 2022.
The group hopes the office will expand EFG’s coverage of the Israeli market and “capture the significant wealth management opportunities in the region”.
Ran Heistein has been named as head of the representative office in Tel Aviv. He will report directly to Franco Polloni, head of Switzerland and Italy region of EFG.
Heistein will work alongside Dan Sagui, who is responsible for the development of EFG’s business activities in Israel.
Prior to joining EFG, Heistein served as deputy chief executive of Bank Hapoalim International (BHI) in Israel.
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.”
This comes a week after Rothschild & Co set up a representative office in Israel for its wealth management business.
