27th Oct 2008 11:27
Head Office
63 Yehuda Halevi St., Bank Hapoalim Bldg., Tel Aviv 65781
Tel: 972-3-5673800; Fax: 972-3-5674576
Date: October 26, 2008
Reference: 802/08
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To: The London Stock Exchange |
Dear Sir or Madam,
RE: Immediate Report
Bank Hapoalim B.M. (hereinafter: "the Bank") hereby advises, further to the immediate report published on 20th December, 2007 with reference to the signing of an agreement for the acquisition of the Ukrainian bank OJSC Ukrainian Innovation Bank (hereinafter: "Ukrinbank"), through Tarshish - Hapoalim Holdings and Investments Ltd., a wholly-owned subsidiary of the Bank (hereinafter: "Tarshish"), as follows:
1. On 23rd October, 2008, in the evening, the Governor of the Bank of Israel notified the Bank of the cancellation of the permit (hereinafter: "the Permit") which he had given to Tarshish to acquire Ukrinbank.
2. In the Governor's notification it was stated that underlying his decision are the exceptional economic events in global financial markets and the fear of the effect they may have on financial institutions around the world. According to the Governor, the economic developments, which recently took place in the Ukraine obliged him to examine the Permit which had been given to acquire Ukrinbank and to consider the necessity of cancelling it, especially in view of the fact that the transaction for the acquisition of Ukrinbank has not yet been completed.
3. In view of the cancellation of the Permit, the conditions precedent for the completion of the transaction for the acquisition of the control of Ukrinbank were not fulfilled, and accordingly Tarshish terminated the acquisition agreement on 24th October, 2008.
Yours faithfully,
Bank Hapoalim B.M.
( - ) ( - )
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Alberto Garfunkel Senior Deputy Managing Director Head of International Activity |
Ariel Hasson Head of Emerging Markets Banking |
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