Published On: Wed, May 13th, 2015

Hapoalim receives offer to buy Turkish unit BankPozitif

The offer is from a Turkish holdings company that already has financial activities and should be able to obtain a banking license.

Bank Hapoalim

 

Bank Hapoalim (TASE: POLI) has received an offer to acquire BankPozitif, the Turkish unit that it controls, the Israeli bank has reported to the Tel Aviv Stock Exchange (TASE).

The offer is from a Turkish holdings company that already has financial activities, sources inform “Globes.” Thus if the deal is completed, it can be assumed that there will be no problem in the new owners obtaining a retail banking license from Turkish regulators to receive deposits from the public – a license that Hapoalim does not have. Pozitif has $175 million in capital, and in recent months most banking deals that it has carried out have been at a multiple of less than 1 of equity. Market sources believe that even if talks move ahead , the deal will not be closed before the end of the year… [READ MORE]

 

Published by Globes [online], Israel business news – www.globes-online.com

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