The next step is the merger between Arzi and Discount's Swiss branch.
Israel Discount Bank (TASE: DSCT) closed its purchase of Switzerland's Arzi Bank AG.
In December, Israel Discount Bank announced that it would purchase Arzi for CHF 40.5 million. The amount is worth approximately NIS 131.2 million. When the deal was originally announced, the value in shekels was closer to NIS 136 million.
Discount Bank expects the next step, the merger between Arzi and Israel Discount Bank (Switzerland) SA (IDBS) to be completed over the next few days. The Swiss branch of Discount Bank will also be renamed IDB (Swiss) Bank Ltd.
Published by Globes [online], Israel business news - www.globes-online.com - on June 22, 2008
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