Swiss bank Julius Baer ,which specializes in private banking, has begun incorporating the activity of Merrill Lynch's wealth management division into its office in Israel ,which was inaugurated last year.
By incorporating the division, the Zurich-based bank will extend its activity in the field of wealth management and strengthen its presence in the Israeli market.
Sigal Shapira, who is joining Julius Baer from Merrill Lynch, will head Julius Baer's financial counseling and investment management services in Tel Aviv.
The bank recently hired the services of former Prime Minister and Defense Minister Ehud Barak as a consultant to the division's CEO, who will help him establish ties with Israel's wealthiest people.