Israel Discount Bank (IDB), one of Israel's three largest banks, was this week granted approval from the Swiss Federal Banking Commission to establish a banking subsidiary in Geneva. The new bank will focus on providing international, private banking services to IDB customers, including Israelis.
IDB has been looking to expand its international operations, and this Swiss initiative is the latest move in its strategy to provide services to clients in the world's largest financial centres. The bank opened its first branch in London a year ago and has also established offices in France and Germany.
Through IDB's International Private Banking Division, the bank offers European-style private banking. IDB says: 'International Private Banking means completely understanding the customer's financial needs and offering services to fulfill them. Israel Discount Bank aims to build a long-term business relationship with its international clientele - a "partnership" based on trust. A vital part of this "partnership" is the assignment of an "Account Manager" on a long-term basis, who talks to the customer about his financial goals and available options, thus ensuring that he benefits from those best suited to his individual needs.'
The chairman of the board of IDB, Arie Mientkavich, said that the new operation in Switzerland will reinforce the bank's European presence in the private and business sectors. The Swiss branch is expected to open within the next few months.
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