Dexia Israel hires Value Base to find buyer

Dexia Photo: Shutterstock

Israel Discount Bank and Bank of Jerusalem have both proposed mergers with Dexia Israel.

Dexia Israel (Public Finance) Ltd. (TASE:DXIL) is taking steps to promote its sale following merger offers made by Israel Discount Bank (TASE: DSCT) and Bank of Jerusalem (TASE: JBNK). Dexia Israel today announced that its board of directors, headed by chairperson Levana Shifman, had decided to hire the Value Base investment bank, controlled by Victor Shamrich and Ido Neuberger, to help it sell the bank.

Value Base led the distribution of the controlling shares in Dexia Israel five months ago when global bank Dexia decided to sell its holding. The investment bank was hired to distribute the shares among investors, and will now advise the bank in considering and promoting the process of its sale or merger.

Initial meetings on the subject were recently held with Bank of Jerusalem and Discount Bank. Value Base will attempt to locate additional potential buyers and help devise an optimal sale plan. Progress in a merger of the bank is taking place after some of Dexia Israel's shareholders, including the Noked Capital hedge fund and the Union of Local Authorities in Israel, sent the bank a letter demanding that it move ahead with the offers it had received and inform the shareholders about the process.

Published by Globes [online], Israel business news - www.globes-online.com - on August 14, 2018

© Copyright of Globes Publisher Itonut (1983) Ltd. 2018

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Dexia Photo: Shutterstock
Dexia Photo: Shutterstock
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