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Israeli competition watchdog to allow Mizrahi Tefahot-Union Bank merger

Israel's Competition Authority will not object to a court decision allowing the proposed merger of Mizrahi Tefahot Bank Ltd. and Union Bank of Israel Ltd., Reuters reported, citing the regulator.

The antitrust authority initially opposed the deal, saying it was likely to harm competition. In November, the Jerusalem Competition Tribunal overturned the regulator's decision, saying there was no evidence to suggest the merger would harm competition in the Israeli banking market.

Mizrahi Tefahot Bank agreed in late 2017 to buy Union Bank of Israel.