Banks news
Israel's business and economic news in English, from the country's financial press. Hebrew headlines are translated; every story links to the publisher.
Clal gives record valuation to investment bank in Israel: this is how Valuebaise's price jumped
Clal Insurance is investing in Valuebaise, an investment bank founded by Victor Shamrik and Eido Neuberger, at a valuation of NIS 600 million. The investment, which was previously stalled due to Securities Authority investigation, is now proceeding at a significantly higher valuation amid market gains and record prices for investment banks.
Globes (Hebrew, translated) · 1 hour ago · Clal Insurance, Valuebaise
The cancellation of Kayal's acquisition deal, following new conditions set by the Competition Authority, includes broad implications for the banking sector. Bank Discount will receive NIS 135 million in compensation, but faces potential complications with the state, the billionaire investor, and the regulator.
Declines in Tel Aviv ease: banks weigh down, technology rises
The Tel Aviv stock exchange continues to decline, led by bank and financial stocks dragging the market down, while the technology sector and energy index gain. Kalal is considering an investment in Wilio Bais at a pre-money valuation of 600 million shekels, and Doral jumps on the back of massive server farm revenue guidance.
Class action against banks approved: they did not pay interest on positive current account balances
A class action lawsuit has been approved against Bank Leumi, Mizrahi Tefahot, Discount Bank, and Bank Hapoalim for failing to pay interest on positive current account balances. The plaintiffs claim the banks acted in bad faith by not paying interest despite significant interest rate increases in the economy since April 2022, with alleged damages in the billions of shekels.
Following the Competition Authority's decision to block a transaction, Hersh and Hamburger will pay 135 million shekels in compensation to Discount Bank and the remainder to Bank Leumi (International).