The company has won 10% of the short-term credit insurance market in Israel in just three years.
The Israel Antitrust Authority found that 6,000 customers switched to Union Bank last year, showing its contribution to competition.
Former director Prof. Haim Levy wrote a letter criticizing the way the bank's board does business, but no one, including Levy, is talking about what was in the letter.
The state's 6% holding is worth NIS 5.83 billion, 30% more than when the Ministry of Finance considered a sale several years ago.
"A higher interest rate will give the banks a bigger advantage."