Discount Bank lays cornerstone for Rishon Lezion HQ

Discount Bank new headquarters Photo: PR

Construction work on four buildings in Rishon's new Eleph district is due to be completed by 2022.

Israel Discount Bank (TASE: DSCT) laid the cornerstone for its new headquarters in Rishon Lezion today, sources inform "Globes." Work is about to start in the Eleph district project in Rishon Lezion, which will include the headquarters not only for the bank but also its subsidiaries Mercantile Discount Bank and Israel Credit cards Ltd. (CAL). The huge project will cost over NIS 1 billion to build.

Among those attending the cornerstone laying ceremony were Rishon Mayor Dov Zur, Discount Bank chairman Yossi Bachar and other senior executives at the bank. Construction of the bank's new headquarters is scheduled to be completed before the end of 2022.

The headquarters campus will include four buildings, each with 8-10 floors on a 21,000 square meters lot that was bought for NIS 105.5 million by the bank's Discount Leasing unit (71.5%) together with Mercantile Discount (18.5%) and CAL (10%).

Israel Discount Bank's headquarters is currently dispersed in 23 buildings in Tel Aviv covering 90,000 square meters. Most of these buildings are owned by Israel Discount Bank, which will soon start selling off these valuable assets, yielding profits of hundreds of millions of shekels. These assets include 18 floors in Israel Discount Bank tower in Tel Aviv's Yehuda Halevi Street.

Published by Globes [online], Israel business news - www.globes-online.com - on September 3, 2018

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

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Discount Bank new headquarters Photo: PR
Discount Bank new headquarters Photo: PR
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