80OA Qnb Fin 35

    RNS Number : 8025X
  Bank Hapoalim B.M.
  29 June 2008
   

    Head Office
    63 Yehuda Halevi St., Bank Hapoalim Bldg., Tel Aviv 65781
    Tel: 972-3-5673800; Fax: 972-3-5674576

    Date: June 26, 2008
    Reference: 802/08

 To:    The London Stock Exchange


    Dear Sir or Madam, 

    RE:    Immediate Report



    Bank Hapoalim B.M. (hereinafter: "the Bank") is pleased to advise, further to the immediate report of the Bank of 11th March, 2007
according to which there was signed on 9th March, 2007 a memorandum of understandings between the Bank and the company The Phoenix Holdings
Ltd. (hereinafter: "The Phoenix") for the sale of 25% of all of the rights of the Bank in the companies Isracard Ltd. and Europay (Eurocard)
Israel Ltd. (hereinafter: "the Memorandum of Understandings"), that after it became apparent to the Bank that the transaction as concluded
is incapable of being carried out, inter alia, in view of the time which has passed from the date of signature of the Memorandum of
Understandings, the difficulties in implementing the suspensive conditions and the exception taken by the Anti-Trust Commissioner to the
structure of the transaction, the Bank applied to The Phoenix with a request to terminate the Memorandum of Understandings, and The Phoenix
decided to comply with this request.

    A deed of termination of the Memorandum of Understandings was signed between the parties on 25th June, 2008. The termination is not
contingent upon payment of any consideration and/or compensation by either party to the Memorandum of Understandings to the other and each
of the parties waived absolutely any claim and/or contention and/or demand against one another in connection with the Memorandum of
Understandings which was signed, as they also did upon the termination thereof.


    Yours faithfully,

    Bank Hapoalim B.M.
     ( - )                                                              ( - )

 Ilan Mazur, Advocate    Yoram Weissbrem
 Chief Legal Adviser      Secretary of
                            the Bank


This information is provided by RNS
The company news service from the London Stock Exchange
 
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