Bank Esh to raise NIS 150 million after Isracard deal collapses

In depth

Bank Esh will raise at least NIS 150 million after the planned sale to Isracard did not go through. Most of the sum is expected to come from Nir Tzuk, the bank's controlling shareholder.

The Bank of Israel demanded that the bank strengthen its capital, and the bank has not yet opened to the public. The capital to be raised is meant to launch the bank's commercial operations, which have not yet begun.

In parallel, the bank's owners are holding meetings with institutional bodies, including insurance companies, in an attempt to bring in a partner. The bank's valuation in the raise has not yet been set.