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Bank Hapoalim drops bid for Ukrinbank

Bank Hapoalim drops bid for Ukrinbank

28 October 2008

Bank Hapoalim has cancelled plans to purchase a 75.8% stake in Ukrinbank for USD 136 mln, the Israeli bank said in a statement to the Tel Aviv Stock Exchange yesterday, according to Bloomberg. The announcement comes after the Bank of Israel withdrew permission for the acquisition due to the global financial crisis and its effect on Ukraine. The preliminary agreement was announced in December 2007.

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