Looking to take advantage of the depressed global banking industry, it appears that the Israeli Bank Hapoalim, is looking to make an acquisition of a private bank in Switzerland.

According to Globes: “Bank Hapoalim (TASE: POLI; LSE:80OA) is considering expanding its activity in Switzerland by acquiring another local bank, and has allocated $500 million for this purpose. Bank Hapoalim wants a bank that specializes in private banking. Bank Hapoalim wants to exploit the global banking crisis and falling bank prices to expand its current Swiss banking business by absorbing an acquired bank. It has already conducted a preliminary survey of possible acquisition targets.”

I think this is a great strategy. Trying to expand by buying cheap assets is a great way to do it. Small, niche private banks are quite profitable and will add to Bank Hapoalim’s profitibilty, as well as help the bank diversify away from the Israeli economy.

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