EFG International has opened a financial services office in Tel Aviv and the establishment of a local subsidiary, EFG Wealth Management (Israel).

In a statement on 18 September, EFG said Joseph Wolf had been appointed as CEO of EFG Wealth Management (Israel), reporting to Franco Polloni, head of Switzerland & Italy region of EFG.

The new Financial Service Office in Tel Aviv will further increase EFG's coverage of the Israeli market and enable it to offer investment marketing (advisory-like) services to clients in the region, it said. 

By leveraging its strong local knowhow and investment expertise, EFG said it aims to capture the significant wealth management opportunities in this market.

The Financial Service Office, located at Rothschild Boulevard 3, Tel Aviv, has been fully operational since 10 September 2023.

The opening of the Financial Service Office follows the successful establishment of EFG's Representative Office under the leadership of Ran Heistein in September 2022.

The Representative Office and the Financial Service Office will operate alongside each other and jointly cover the fast-growing Israeli wealth management market with the support of Dan Sagui, who is responsible for the development of EFG's business activities in Israel.

In his new role as CEO of EFG Wealth Management (Israel), Wolf will work alongside Michael Dadoun, who has been appointed as head of private banking Israel. They both joined EFG in September 2023 and will lead an experienced team of specialists, including three client relationship officers and one investment counsellor.

Wolf and Dadoun were "both seasoned bankers with deep knowledge of the Israeli market and extensive industry experience", EFG said.

Prior to joining EFG, Wolf served as CEO of Credit Suisse Israel and previously also held several management positions − mainly in the field of research − at Barclays, UBS and Bank of America, both in Israel and in the US. He started his career in 1998 at UBS, New York, and holds an MBA in Finance from Columbia University.

Dadoun has joined EFG from Credit Suisse, where he served as Head of Private Banking Israel from 2021.

He previously spent several years at UBS Wealth Management and Bank of America Merrill Lynch in Tel Aviv, Israel, and the UK.

Franco Polloni, head of Switzerland & Italy Region of EFG said: "The expansion of our presence in Israel with the opening of a Financial Service Office and the hiring of a highly experienced local team will enable us to further accelerate our growth in this attractive region.

"I am very pleased to welcome Joseph Wolf, Michael Dadoun and the entire team to EFG and I am convinced that together with Dan Sagui and Ran Heistein, they will successfully drive the further expansion of our business in Israel."