Mizrahi Tefahot agrees to the terms of release from Bank al-Etihad

Mizrahi Tefahot Bank (TASE: MZTF), headed by Moshe Larry, has completed the main phase of raising $ 600 million offshore in the CoCo bond offering, and has also announced that it has reached understandings with Union Bank of Israel employees on the simplification. In the bank that was acquired by Mizrahi-Tefahot last year and which is now a subsidiary. Related Articles Mizrahi Tefahot: Less than 2% of mortgage payments are still frozen, appointed Moshe Lari, CEO of Mizrahi Tefahot, will not appeal against the ruling of Mizrahi Tefahot Bank who signed a special collective agreement with Bank Al Etihad and Histadrut (General Union of Labor in Israel) Under terms of termination for 340 permanent employees at Bank al Etihad, nearly half of the 700 hired workforce. The agreement will be implemented over a period of two years. At the end of 2020, Bank al-Etihad had 1,071 workers, about 700 of whom are renters, 200 of them are temporary workers, and the rest are employed on personal contracts and technology workers. It is believed that a large percentage of non-permanent employees will leave within the next two years. For Mizrahi Tefahot, downsizing is essential, as it was a major part of the Etihad acquisition decision. The simplification plan will cost Mizrahi Tefahot about 400 million shekels before tax (about 263 million shekels after tax), but it will be recorded as an item in the balance sheet against the deferred credit that was carried over when Mizrahi Tefahot acquired Bank Al Etihad, and this will not affect the profit or the adequacy ratio. The money in the consolidated financial statements for the first quarter of 2021. Mizrahi-Tefahot said that the end-of-service benefits will be up to 200% of normal dues. And on the issuance of Coco bonds, the bank said that there is a demand of 2 billion dollars from about 150 foreign financial institutions in the United States, Europe and Asia. The offer is expected to be completed on April 7. Posted by Globes, Israel business news – en.globes.co.il – on March 25, 2021 © Copyright Globes Publisher Itonut (1983) Ltd. 2021