August 5, 2018 / 12:40 PM / a year ago

Israel's Mizrahi, Union Bank to appeal anti-trust ruling on merger

TEL AVIV, Aug 5 (Reuters) - Mizrahi-Tefahot Bank and Union Bank will appeal to Israel’s anti-trust court a decision by the country’s anti-trust authority to rejected a planned merger between the two banks, Mizrahi said on Sunday.

Mizrahi, Israel’s third-largest bank, late in 2017 had agreed to buy Union, the country’s sixth-largest, in an all share deal valued at 1.4 billion shekels ($380 million).

In May, the anti-trust authority said the disappearance of Union Bank as a competitor likely would harm the already limited competition over private customers in the banking sector.

The Bank of Israel, the country’s banking regulator, has been a longstanding supporter of the proposed deal.

$1 = 3.6872 shekels Reporting by Tova Cohen, Editing by Ari Rabinovitch

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