They will offer to by 53 of the bank's shares according to
an estimated value of $37-40 million.
Baron Edmund de Rothschild's representatives will
announce the successful bid for the acquisition of the
controlling share (53%) of General Bank at the beginning of
next week.
On the deadline, six groups submitted bids for the
acquisition of Baron Rothschild's shares in the bank.
Bids were submitted by First International Bank, Union
Bank, the Export Group, Jerusalem Bank and the Etgar Fund.
Two additional foreign groups, whose identities are unknown
in Israel, submitted bids. They are groups tied to banking
activity, although not directly active in banking.
Widespread estimates are that the highest bidders are
Union Bank and First International Bank, who submitted bids
according to estimated market value of $37-40 million.
Rothschild's group will choose the highest bid, however the
three banks will have an advantage, as receipt of
authorization from Bank of Israel will not take very
long.