May 30, 2018 / 1:22 PM / 3 months ago

Israel anti-trust authority rejects Mizrahi-Union bank merger

JERUSALEM, May 30 (Reuters) - Israel’s anti-trust authority said on Wednesday it was opposed to the planned merger between Mizrahi-Tefahot Bank and Union Bank on the grounds it was liable to harm competition.

Mizrahi, Israel’s third-largest bank, had agreed to buy Union, the country’s sixth-largest, in an all share deal valued at 1.4 billion shekels ($391 million).

The authority said its decision was final, but the parties have the right to appeal.

Earlier in the day, Supervisor of Banks Hedva Ber told reporters the merger would not hurt competition.

$1 = 3.5808 shekels Reporting by Steven Scheer; Editing by Mark Potter

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