Isracard (ISCD) Ends Esh Bank Acquisition Plan Valued at NIS 500m

Isracard (ISCD) has abandoned its plans to acquire Esh Bank after failing to reach a binding agreement. The memorandum of understanding, signed earlier, has lapsed with an initial valuation of Esh Bank at NIS 500 million. Isracard was expected to pay NIS 250 million ($81.9 million) initially, followed by NIS 150 million based on future terms. The decision means Esh Bank will continue its independent operations, which began last September with a conditional license from the Bank of Israel.