Bank Hapoalim, the Israel-based bank, is closing its Singapore wealth management branch five years after launch.

Bank Hapoalim, the Israel-based bank, is closing its Singapore private banking branch five years after launch.

The bank's Singapore division will be transferred to the Hong Kong and China branches amid a restructuring of the business, according to a source close to the situation. It is understood that some layoffs will be made by November and the whole office closed down by April. 

Bank Hapoalim (Switzerland) and its Hong Kong subsidiary BHI Investment Advisors (Asia) will be carrying out the restructuring, as well as Poalim Asia Direct, which operates in
China. A spokesperson did not return calls for comment. 

Bank Hapoalim's launched its Asian business in
2006, through an acquisition via Hapoalim Switzerland. A year after that a Singapore branch was opened, with an objective to operate in private banking and tap China's lucrative wealth pool.

Bank Hapoalim said in a statement on its website: "Bank Hapoalim is expanding its business operations in East Asia, through a representative office of Bank Hapoalim Switzerland and through a Hong Kong-based subsidiary specializing in investment advising, as well as through Poalim Asia Direct, which operates in China."

"As part of this effort, in order to maximize operational efficiency, service for private-banking clients in Asia will be provided through Bank Hapoalim Switzerland branches in Zurich, Geneva, and Luxembourg and through the subsidiary in Hong Kong. The activity of the bank's Singapore branch, which is focused on private banking, will be gradually redirected to Hong Kong and China, with the support of the Bank Hapoalim Switzerland branches."

With a presence in 20 countries Hapoalim is Israel's largest lender, founded in 1921. As of December 2011, it had US$93 billion in assets, up from US$84 billion year on year.