The other contenders in the final round of pricing were Israel Phoenix Assurance, and the Markstone Fund-Solomon.
Investment house Excellence Nessuah has bought United Mizrahi Bank's (TASE: MZRH) provident funds for NIS 405 million.
The other contenders in the final round of pricing in the tender for the sale of the provident funds were Israel Phoenix Assurance (TASE: PHOE1 ;PHOE5), and the Markstone Fund-Solomon.
Insurance companies Harel Insurance Investments (TASE: HARL), Menorah Holdings (TASE: MORA1 ;MORA5), and Migdal Insurance (TASE: MGDL) dropped out earlier.
Mizrahi's funds manage NIS 11.2 billion, of which NIS 1.2 billion is in the hands of management company Netivot. Mizrahi owns 60% of Netivot.
Like the other banks that have been through similar processes lately, Mizrahi did not sell its employees' provident funds.
Israel's banks have been selling their provident and mutual funds in compliance with the provisions of the Bachar capital market reforms.
Published by Globes [online], Israel business news - www.globes.co.il - on November 13, 2005