Merger between Valley National, Israel's Bank Leumi set for April 1

1 minute read

Pedestrians are reflected in the windows of a Bank Leumi branch in Tel Aviv May 30, 2013. REUTERS/Nir Elias

Register now for FREE unlimited access to Reuters.com

JERUSALEM, March 6 (Reuters) - Bank Leumi (LUMI.TA) said on Sunday it expected the merger of its U.S. unit and Valley National Bancorp (VLY.O) to be completed on April 1, adding that all conditions and approvals in the deal have been cleared.

Leumi, one of Israel's two largest banks, in September said it would merge Leumi USA into Valley National Bancorp in an agreement valuing Leumi USA at about $1.2 billion and creating the 29th-largest publicly traded U.S. bank. read more

Leumi has said it will hold just over 14% of the merged bank stocks, making it the largest non-controlling shareholder, as it seeks to enhance its exposure to the U.S. market.

Register now for FREE unlimited access to Reuters.com
Reporting by Steven Scheer

Our Standards: The Thomson Reuters Trust Principles.