Hyposwiss Private Bank has acquired United Mizrahi Bank Switzerland (UMBS), re-establishing ithe former's Zurich presence.

Mizrahi-Tefahot Bank – UMBS’ parent – agreed the merger with Hyposwiss, subject to regulatory approval by FINMA.

UMBS staff and clients will transfer to Hyposwiss and the bank will be rebranded to Hyposwiss, operating as the Zurich branch.

The acquisition should strengthen Hyposwiss’ Swiss brand, as it represents its return to the German speaking part of Switzerland.

Niels Bom Olesen, chief executive, said: “I am delighted that this transaction will allow Hyposwiss to r...