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Bethel Finance news:
Israel Discount Bank will absorb Discount Mortgage Bank Ltd. during 2012. When the merger is completed Discount Bank will grant mortgages through its branches.
"The merger will enable us to add mortgages to the products and services offered by Discount's branches, meeting all customers' needs under one roof," said Discount Bank CEO Reuven Spiegel.
Discount Mortgage Bank is Israel's fourth largest mortgage bank, with an 8% share of the market. Its mortgage portfolio totaled NIS 17.2 billion at the end of June, and it granted NIS 1.9 billion in mortgages during the first half of the year.
Discount Bank's share price fell 2% today to NIS 4.93, giving a market cap of NIS 5.3 billion.
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