(May 1 – 09:55 ET) – CIBC World Markets has acquired E. Shalev Ltd., one of the largest institutional brokerage firms in Israel. The combined entity will be known as CIBC Oppenheimer Tel Aviv Ltd., and will continue to specialize in serving the institutional clients.

According to CIBC, the acquisition reaffirms its commitment to the Israeli economy. The combined company will hope to boost sales from Israeli customers by providing new products, and it will enable CIBC to grow its already strong investment banking business within Israel. Financial terms of the acquisition were not disclosed.

CIBC World Markets already provides a full line of investment banking services in Israel where it has underwritten more than 80 investment banking and merger and acquisitions transactions, totaling more than US$4.5 billion. It is also the leading market maker and research provider for nearly 100 Israeli companies that are traded over U.S. stock exchanges.

The firm’s co-ordinated efforts in Israel also include a general partner stake, together with E. Shalev management, in Genesis Partners, a venture capital fund specializing in Israeli-based and Israeli-related companies focused on communications, Internet and information technology.

CIBC World Markets has had a full-service relationship with E. Shalev Ltd. since 1996, establishing a market dominance in Israeli stocks traded on Wall Street, and deploying investment and research services in Tel Aviv and New York. “CIBC Oppenheimer has been the driving force behind investment in Israel since the early 1990s,” said David Kassie, chief executive officer of CIBC World Markets. “We have worked closely with E. Shalev to bring Israeli-originated business to the U.S. markets and to increase CIBC’s presence in Israel.”

E. Shalev Ltd. principal Eddy Shalev noted that the deal is a natural next step in the relationship between the two companies. “CIBC is going to step forward and not only have an affiliation here in Tel Aviv, but a real presence through its acquisition of E. Shalev. Our institutional and corporate clients can now access a full range of integrated credit and capital market products, brokerage services, asset management, leading-edge research and investment opportunities.”

Senior management of E. Shalev will continue to represent their clients under the CIBC World Markets brand.