Israel-based Bank Hapoalim has announced that Tarshish Holdings and Investments Hapoalim, a wholly owned subsidiary company of the bank, has cancelled its agreement to acquire control of Russia-based SDM Bank.
Bank Hapoalim said that, according to the agreement signed in July 2008 for the acquisition of the control of SDM Bank, all of the suspensive conditions for the completion of the acquisition were supposed to have been fulfilled by January 16, 2009.
On the backdrop of developments in the global economy in general and in Russia in particular, no permit for the acquisition was received from the governor of the Bank of Israel and all of the suspensive conditions for the completion of the acquisition were not fulfilled and thus acquisition was cancelled, noted Bank Hapoalim.
The Bank Hapoalim Group is headed by Bank Hapoalim B.M., the parent bank of the Group and Israel’s largest bank. The Group offers sophisticated investors the scope, contacts and choices of an international bank with the personalised service of private banking. Corporate services offered by the Group in key financial centres address the needs of Israel-related and local businesses. The group serves individual, commercial, and corporate clients at home and abroad. It provides investment banking services inclusive of underwriting and investment; it also provides trust services to individuals and businesses.
