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Israel Discount Bank to Buy 11 Pct of Kardan Unit

TEL AVIV
Mon Dec 31, 2007 1:01pm EST

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TEL AVIV (Reuters) - Israel Discount Bank (DSCT.TA) said on Monday it had signed an agreement to buy 11 percent of Kardan Financial Services (KFS), the financing subsidiary of Kardan NV (KRNV.TA), for 55.6 million euros ($81.79 million).

In addition, Discount will provide KFS with credit facilities of 225 million euros to finance KFS's business activities abroad, Israel's third-largest bank said in a statement.

Discount Chairman Shlomo Zohar said the deal will enable the bank to play a role in the financing sector in Eastern Europe through a strategic partner.

Netherlands-based Kardan (KARD.AS) is an investment company focused on the real estate, financial services and infrastructure sectors mainly in Central and Eastern Europe.

KFS intends to mainly use the funds to develop its activities, capitalising on strong growth opportunities in the financial services sector in the CEE region, Kardan said. Part of the funds will also be used to refinance certain loans.

(Reporting by Tova Cohen; editing by Sue Thomas)


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