Merkantil Bank Workers Oppose Merger with Discount Bank, Threaten Labor Dispute

Alex Greenstein, chairman of the Merkantal Bank workers' committee, sent a strong letter on Tuesday to Discount Bank chairman Danny Yamin and CEO Avi Levi opposing the bank's recent announcement to explore merging Merkantal into Discount. Greenstein criticized the management for years of rumors and lack of clear communication with employees.

Despite Discount Bank initially denying merger plans months ago, it has now authorized management to examine the possibility. Financial market analysts warn the merger could lead to the closure of dozens of Merkantal's 74 branches and voluntary retirement offers to a significant portion of its approximately 1,500 employees, out of Discount's total 7,400 staff.

Greenstein emphasized the workers' fundamental opposition to the merger itself, not just its terms or implementation. He urged Discount's management not to interpret the silence of employees as consent and warned that the committee views the merger examination as a serious threat.

He highlighted Merkantal's 108-year history of resilience and insisted the bank is an asset to be preserved and developed, not a problem to be solved. The workers' committee threatened immediate action with the Histadrut labor federation to declare a labor dispute and take organizational measures to protect employees' rights and Merkantal's future. Greenstein concluded that any attempt to advance the merger will face determined and uncompromising resistance using all available tools.