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15 February 2010
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DISCOUNT OFFERING TO SELL ITS HOLDINGS IN TACHLIT
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Giora Offer, Discount’s President & CEO stated: “This is an excellent asset, one of the leading players in the field. The current state of the market and recent regulatory changes relating to the sale of the banks’ holdings in index-linked note companies have made it opportune to conduct this process now”
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Tel-Aviv, Israel, February 15, 2010 –Israel Discount Bank Limited (TASE:DSCT) (“the Bank”), Israel’s third largest bank, announced today that it is offering to sell its holdings in the index-linked notes company “Tachlit Indices”. The decision was taken following recent legislative changes, which require the Bank to sell its holdings in the index-linked notes company by August 2013.
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“Tachlit Indices”, a leading platform in the indices field, is owned by Discount in partnership with the Michael Davis Group, through the subsidiary “Tachlit Investment House”. As of the end of 2009, Tachlit managed about NIS 12 billion, compared to NIS 7.7 billion at the end of 2008, a 55% increase.
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Giora Offer, Discount’s President & CEO stated: “This is an excellent asset, one of the leading players in the field. The current state of the market and recent regulatory changes relating to the sale of the banks’ holdings in index-linked note companies have made it opportune to conduct this process now”.
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The sale is being handled by Adv. Gil Oren, a partner in the firm of Yigal Arnon, and Yuval Barak, a partner in the firm of Giza-Singer-Even. As part of the process, potential buyers will be contacted by Giza-Singer-Even with regard to the acceptance of offers.
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About Israel Discount Bank
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Israel Discount Bank is the third largest banking franchise and a leading financial group in Israel. With nationwide coverage, Israel Discount Bank provides a full spectrum of corporate and retail financial products and services to its clients, both in Israel and key financial centers around the world. Israel Discount Bank is traded on the Tel-Aviv Stock Exchange under the ticker DSCT. For additional information, please visit the Company’s investor relations website at www.discountbank.co.il/IR
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Company Contact
Barry Simon
Head of Investor Relations
Tel: +972 3 5146593
barry.simon@discountbank.co.il
The above constitutes an English convenience translation of the Hebrew Press Release issued by the Bank
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