Bank Leumi, Israel’s biggest, is buying Geneva-based Banque Safdié for SFr177 million ($182 million). The deal excludes the Geneva building and the international operations, which will be retained by the Safdié family.

Leumi has reportedly said it will combine the private banking of Bank Leumi Switzerland and Banque Safdié.

"The acquisition of Banque Safdié strengthens and significantly contributes to our private and international banking operations, which are a central pillar in the Leumi group's business strategy," Leumi chief executive Galia Maor said in a statement.

Founder Edmundo Safdié said his family has taken a strategic decision to focus its efforts on wealth management with Safdié DTVM Ltda in Brazil and in the private equity and real estate sectors.

The deal, expected to close in the second half of 2011, is subject to approvals from the Israeli and Swiss regulators.