Safra National Bank of New York has agreed to buy Bank Hapoalim's private-banking business in Miami.

The $7.9 billion-asset bank said in a press release that the agreement covers qualifying clients and their relationship management teams. The business focuses on high-net-worth clients across Latin America.

The deal is expected to close in the first quarter. Safra did not disclose the price it will pay.

"We look forward to welcoming the clients and employees of Bank Hapoalim in Miami to our organization," Simoni Morato, Safra National's CEO, said in the release. "Bank Hapoalim's private-banking business in Miami fits perfectly with the strategic vision of the J. Safra Group and Safra National Bank … and we are confident we will add immeasurable value to clients."

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.