End of the road for Prisma provident funds

The deal transferring NIS 20 billion to Psagot has been signed.

This morning, investment houses Prisma and Psagot signed the deal whereby Prisma's provident funds, which have some NIS 20 billion under management, will be transferred to Psagot.

In exchange, Prisma will receive 24% of the shares in Psagot. The agreement provides an adjustment mechanism whereby Prisma's stake in Psagot will be adjusted at the time of the assets are transferred.

After the merger, Psagot will manage provident fund assets of some NIS 40 billion. The deal is still subject to regulatory approval and approval by the banks.

Published by Globes [online], Israel business news - www.globes.co.il - on January 15, 2009

© Copyright of Globes Publisher Itonut (1983) Ltd. 2009

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