European stocks drop on U.S. debt fears; DAX down 0.25%
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Union Bank of Israel Ltd. was acquired by Mizrahi Tefahot Bank Ltd. Union Bank of Israel Ltd. provides various banking and financial products and services to private and commercial customers in Israel. It operates through Households, Private Banking, Small and Negligible Businesses, Mid-Sized Businesses, Large Businesses, Institutional Entities, Financial Management, and Other segments. The company offers savings, demand deposits, current accounts, foreign currency accounts and deposits, and structured products; student, car, mortgage, and other loans; credit cards; and Internet and phone banking services. It also provides pension and investment counseling services; operational financing and financing investment services, and construction loans for real estate; import-export operations, foreign currency dealing room services, and brokerage services in local and international capital markets; and leasing services. In addition, the company offers import-export, investment financing, financial, and investment counseling services for customers in the diamond industry. Further, it invests in securities, such as debentures, bank deposits, and derivative financial instruments transactions, as well as real estate; provides underwriting and trustee, and insurance agency services; and issues liability deeds. The company operates 35 branches, including a private banking center. Union Bank of Israel Ltd. was founded in 1951 and is headquartered in Tel Aviv, Israel.