Israel Discount Bank has signed Sunday an agreement to buy Dexia Israel (Public Finance) for NIS 670 million. The price is 12% higher than the bank value six months ago.
Earlier this year Franco-Belgian banking group Dexia S.A. sold its controlling shares in Dexia Israel on the Tel Aviv Stock Exchange (TASE) at a company valuation of NIS 600 million.
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TASE regulator recently rejected the Union Bank and Mizrahi Tefahot Bank merger and could prove a stumbling block.
However, Discount Bank is confident that TASE regulator will approve the acquisition as Dexia does work in the municipal financing and public sectors.
Discount Bank plans to merge Dexia into its Mercantile unit, which focuses on the Haredi and Arab sectors but also has public finance activities.
