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Mizrahi Tefahot to acquire Union Bank of Israel

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Mizrahi Tefahot to acquire Union Bank of Israel

Mizrahi Tefahot Bank Ltd. agreed to buy Union Bank of Israel Ltd. through a share swap, Reuters reported.

Mizrahi Tefahot will acquire a 75% stake in Union Bank of Israel from its controlling shareholders, including Yeshayahu Landau Holdings (1993) Ltd. and Shlomo Eliyahu Holdings Ltd., while the remaining 25% will be bought through a public offering. The agreement is subject to regulatory approval and a deal with Union Bank of Israel's employees over an efficiency plan.

Hedva Ber, Israel's banking supervisor, previously said an acquisition of Union Bank of Israel by Mizrahi Tefahot would create greater competition in the country's banking sector, which is currently dominated by Bank Hapoalim BM and Bank Leumi le-Israel BM.

Union Bank of Israel had a market capitalization of 1.41 billion Israeli shekels, according to S&P Global Market Intelligence data.

As of Nov. 27, US$1 was equivalent to 3.50 Israeli shekels.