Full coverage· Economy· Updated
Discount Bank to Pay Up to $270,000 Per Employee in Mercantile Merger
Discount Bank is set to spend at least 500 million shekels on severance packages for employees leaving Mercantile Bank as part of a merger. An estimated 400 to 550 employees will depart, potentially receiving one million shekels each.
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What happened
- 01Discount Bank will pay at least 500 million shekels in severance for Mercantile Bank employees leaving due to merger.
- 02Each departing Mercantile Bank employee is estimated to receive at least one million shekels.
- 03Between 400 and 550 of Mercantile Bank's 1,400 employees are expected to leave.
- 04The merger process is expected to be completed by 2027, pending regulatory approvals.
- 05Mercantile Bank will initially continue to operate as an independent brand.
- 06Discount Bank is currently the second least efficient bank in Israel.
The merger, approved by both banks' boards, is expected to be completed by 2027, pending regulatory approvals. Analysts suggest the full benefits of the integration will take about three years to materialize.
The coverage
One newsroom on this story
Who covered it
Only N12 so far. No other newsroom has reported it yet.
How it reads
Neutral tone, on average across the newsrooms
