Safra National Bank of New York signed an agreement to acquire the private banking business in Miami from Bank Hapoalim B.M. (TASE:POLI) for $16.5 million in cash on December 1, 2016. Safra will take on some 60 employees at Hapoalim’s Miami branch. As part of the transaction, the Miami branch will no longer be engaged into the international private banking. In this context, Bank Hapoalim's Uruguayan subsidiary, Hapoalim Latin America S.A, and representative offices in Latin America will be closed. The transaction is subject to regulatory approvals and is expected to be completed in the first quarter of 2017. Ben Plotkin and Jonathan Weitz of Keefe, Bruyette & Woods Limited acted as financial advisors to Bank Hapoalim. Iman Roy of Berwin Leighton Paisner LLP acted as legal advisor to Hapoalim. Reena Sahni, Russell Sacks and Kristen Garry of Shearman & Sterling LLP acted as legal advisors for Safra National Bank of New York.