Ayalon Insurance May Exit Provident Funds Business After 3 Months
Translated & summarized from Globes by baba
Ayalon Insurance, which entered the provident funds market three months ago, is considering exiting the business. The company is evaluating a request from its parent, Wisor, to join the acquisition of Altshuler Shaham Finances. Ayalon may purchase part of the subsidiary's operations due to Israeli concentration laws.
The story in 4 lines · by baba
- Ayalon Insurance may exit the provident funds sector after only three months.
- The company is considering joining the acquisition of Altshuler Shaham Finances.
- Ayalon's parent company, Wisor, requested its participation in the deal.
- Israeli concentration law may limit Ayalon's potential stake in the subsidiary.
Ayalon Insurance, which launched its provident funds operations just three months ago, is reportedly considering exiting the business. The company has received a further request from its parent company, Wisor, to join the deal to acquire Altshuler Shaham Finances. Ayalon's board of directors has decided to examine this possibility.
It is possible that Ayalon might acquire a portion of the subsidiary's operations. This is because Altshuler Shaham is a public company, and Israeli "concentration law" prohibits holding three layers of ownership. Further details are expected.
