Business Services Industry
Bank of Israel seeks to cancel Barclays deal. (Israel Discount Bank Ltd.'s acquisition of Mercantile Discount Bank Ltd. from Barclays Bank PLC)
Israel Business Today, July, 1993
The Bank of Israel has appealed to the Israeli Supreme Court to set aside the deal in which Israel Discount Bank Ltd (IDB) gained full control of Mercantile Discount Bank Ltd. In that deal, IDB bought out Barclays Bank plc's 50 percent holding in Barclays Discount Bank for [pound]36 million and changed the name of the bank to Mercantile Discount Bank. IDB now owns 100 percent of the shares in Mercantile. (See IBT vol. 325.)
The Bank of Israel is requesting that the decision in Tel Aviv District Court which cleared the way for the deal be set aside. Legal advisors for the Bank of Israel argued against the lower court's ruling that a company already holding a controlling interest in a bank does not need additional permits to buy further shares in the bank. The...
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