Bank Hapoalim Opens Singapore Branch; Marks a Key Step in the Bank's International Expansion Strategy

New York, New York, UNITED STATES


SINGAPORE, Nov. 26, 2007 (PRIME NEWSWIRE) -- Bank Hapoalim, Israel's largest bank and leading financial institution, today announced the grand opening of its Singapore branch, the first for an Israeli bank in that country. The new branch is an important part of Bank Hapoalim's global expansion strategy, which has resulted, to date, in operations and branches in 20 countries across five continents.

Bank Hapoalim Chairman Dani Dankner commented: "The opening of Bank Hapoalim's Singapore branch is a major step toward making the Bank a truly global player, as it provides the Bank with a presence in one of the most vibrant and fast-growing economies in Asia. The new Singapore branch, coupled with our recent acquisition of a bank in Kazakhstan and other global initiatives, are important components of the Bank's stated goal of significantly increasing the percentage of total activity from international operations."

Bank Hapoalim Chief Executive Officer Zvi Ziv commented: "Bank Hapoalim's presence in Singapore will provide a further bridge between the Israeli economy, which has enjoyed strong growth rates and increasingly international ties, and the global markets. We look forward to the opportunity to provide our clients worldwide with access to this vital financial center."

The Singapore branch is a full-service offshore bank, offering clients an investment platform in Asia's most prominent private banking center, with outreach to global markets.

About Bank Hapoalim

Bank Hapoalim is Israel's leading financial group and largest bank. In Israel, the Bank Hapoalim Group includes two commercial banking subsidiaries, as well as financial companies involved in investment banking, credit cards, trust services and portfolio management. The Group also has holdings in non-banking sectors.

Overseas, Bank Hapoalim operates through 44 branches, subsidiaries and representative offices, in North and Latin America, Europe, the Far East, Turkey and Australia. In these markets, the Bank is engaged in trade, corporate financing, private banking and retail banking.

Bank Hapoalim is listed on the Tel Aviv Stock Exchange. In addition, a Level-1 ADR is traded "over-the-counter" in New York.



        

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