CBH Compagnie Bancaire Helvétique SA signed an agreement to acquire Fibi Bank (Switzerland) Ltd. from First International Bank of Israel Ltd. (TASE:FTIN) for CHF 66.2 million on December 19, 2016. Under the terms of the deal, CBH will acquire FIBI Switzerland's customer portfolio for CHF 7 million and CBH will also pay an amount equal to FIBI Switzerland's equity, which totaled CHF 59.2 million as of September 30, 2016. CBH will pay CHF 3.6 million on closing and the balance within one year from closing. With completion, Fibi will operate to terminate its banking operations. Completion is subject to regulatory approvals, including FINMA’s approval. The deal is slated for completion by the end of the first quarter of 2017. Pestalozzi acted as the legal advisor for CBH. CBH Compagnie Bancaire Helvétique SA completed the acquisition of Fibi Bank (Switzerland) Ltd. from First International Bank of Israel Ltd. (TASE:FTIN) on June 2, 2017.