Credit Suisse to offer financial services in Israel

By SHARON WROBEL
October 31, 2007 08:19

The ISA license will allow the newly formed subsidiary to provide services and tailor-made advice to private banking clients in Israel.

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Credit Suisse, Switzerland's second biggest bank, has appointed Muli Ravina as CEO of its operations in Israel, heading the bank's newly established office which was expected to open in December after being granted an investment-marketing license by the Israel Securities Authority. "Credit Suisse has been expanding its activities and increasing understanding of the Israeli market for over a decade," said Maya Salzmann, market area head of Private Banking UK, International and Eastern Europe at Credit Suisse. "As a global integrated bank with extensive local expertise, Credit Suisse is now well positioned to meet the needs of Israeli clients, who are increasingly looking for local access to global execution capabilities and comprehensive solutions that are tailored to their requirements." The ISA license will allow the newly formed subsidiary of Credit Suisse to provide financial services and tailor-made advice to private banking clients in Israel. Ravina, who is joining Credit Suisse from Jerusalem-based Ericom Software Ltd., will be responsible for the bank's investment banking and asset management businesses and for building Credit Suisse's onshore private banking presence in Israel. Separately, Citigroup on Tuesday announced the completion of its first securities lending transaction in Israeli securities. "In line with our efforts to expose the Israeli market to international investors, Citi is looking to improve the access of foreign investors to the local market, enable additional liquidity resources and continue supporting the development of the local economy," said Ralph Shaaya, Citi's country manager for Israel. Securities lending, also called securities financing, is the temporary transfer of securities on a collateralized basis, allowing portfolio managers who lend securities to earn a fee while allowing the borrower to execute their trading strategies. Citigroup, a member of the Tel Aviv Stock Exchange, started offering securities clearing and settlement services in Israel last year.


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