Israel: Israel regulator will not challenge Mizrahi’s acquisition of Union Bank

Israel’s antitrust authority said on Tuesday it would not challenge a court decision to allow the acquisition of Union Bank of Israel by rival Mizrahi Tefahot Bank.

Israel’s third-largest lender late in 2017 agreed to buy Union, the sixth-largest bank, in an all share deal valued at 1.4 billion shekels ($404 million).

The antitrust authority initially rejected the deal, saying the disappearance of Union Bank as a competitor likely would harm competition over private customers in the banking sector. Last month an antitrust court overturned that decision.

Full Content: Reuters

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