December 11, 2013 / 9:17 AM / 6 years ago

Hapoalim won't seek to buy Discount Bank's New York unit

TEL AVIV, Dec 11 (Reuters) - Bank Hapoalim, Israel’s largest bank, said it decided not to continue with an examination of a possible acquisition of Israel Discount Bank’s New York unit.

Hapoalim did not elaborate in a one-sentence statement it issued to the Tel Aviv Stock Exchange on Wednesday.

Last week it said it was “working to advance the process that will allow the bank to complete the necessary checks regarding Discount Bancorp”.

Discount Bancorp is the holding company that owns Israel Discount Bank of New York.

Discount, Israel’s third-biggest bank, has said it may sell all or part of its New York business to shore up its balance sheet. Net income at its New York subsidiary slipped to $42.7 million in 2012 from $45.8 million in 2011, while total assets rose to $10 billion from $9.5 billion.

Israeli media reports had said Hapoalim was seeking to buy the unit to expand its overseas operations since growth in Israel is limited. (Reporting by Tova Cohen)

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