Wealth management

In Brief: Hapoalim Acquires Investec of N.Y.

Published March 20, 2006, 2:00 a.m. EST

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Updated March 17, 2006, 4:49 p.m. EST

1 Min Read

Bank Hapoalim BM, Israel's largest banking company has acquired Investec Inc., a New York institutional broker-dealer, from Investec PLC of London.

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Investec Inc., which has been renamed Hapoalim Securities USA Inc., provides trading and research services, primarily for institutional investors, in U.S. fixed-income securities, equities, and options. It also trades Israeli stocks that are dual-listed on the Tel Aviv Stock Exchange and either the Nasdaq or the New York Stock Exchange.

Bank Hapoalim announced the deal's completion today.

John Murabito, who was the chief executive officer of Investec, has been named the CEO of Hapoalim Securities.

Zvi Furman, the manager of Bank Hapoalim's U.S. operations, has been named the chairman of Hapoalim Securities, a subsidiary of Hapoalim USA Holding Co. Inc.

Bank Hapoalim, which has over $60 billion of assets, operates in Europe, North America, and Latin America.

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Wealth management

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