RNS Number : 1670Z
  Bank Hapoalim B.M.
  16 July 2008
   

    Head Office

    63 Yehuda Halevi St., Bank Hapoalim Bldg., Tel Aviv 65781

    Tel: 972-3-5673800; Fax: 972-3-5674576

    Date: July 16, 2008

    Reference: 802/08

 To:    The London Stock Exchange

    Dear Sir or Madam, 

    RE:    Immediate Report



Further to the immediate report issued by Bank Hapoalim B.M. (hereinafter: *the Bank*) on 10.12.2007, and to the publications in the press
today, the 15.7.2008, the Bank is hereby pleased to advise the following: 


    The bank is in the advanced stages of negotiations for the conclusion of an agreement for the purchase of more than 75% of the means of
control of JSC SDM-Bank (hereinafter: "SDM") at a price which reflects a corporate value of SDM of about 142 million US Dollars, this having
occurred after the board of directors of the Bank had approved the conclusion of the transaction on these terms.

    SDM is a bank incorporated and operating in Russia and is active in the various areas of banking, through a network of 22 branches in
Moscow and in other large cities in Russia, such as St. Petersburg, Rostov-on-Don and Nizhniy Novgorod and a network of about 30
sub-branches spread over Greater Moscow. In addition, the bank has widespread activity in the area of debit cards. 

    Mr. Anatoly Landsman, one of the shareholders of SDM, is presently the Chairman of its Board of Directors.

    At the end of 2007, the assets of SDM totaled about 632 million Dollars, and its equity capital totaled about 59 million Dollars (the
data is taken from the audited reports of SDM which were prepared in accordance with International Financial Reporting Standards (IFRS)).

    The purchase transaction, if concluded, will be subject to the fulfillment of conditions precedent, among which are obtaining a permit
for the purchase from the Governor of the Bank of Israel and obtaining the necessary permits from the competent authorities in Russia.  


      Yours faithfully,

      Bank Hapoalim B.M.
                (-)                    (-)
      _________________ __________________
                                                         Alberto Garfunkel                Ariel Hasson
                                             Head of International Activity Head of Emerging Markets Division


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