There's yet another contender looming for
(TASE:DSCT) subsidiary in New York: a group of managers formerly hailing from Commercial Bank of New York.
The group has formally advised the Israeli authorities of their interest in the entire Discount operation, not only in
, TheMarker has learned.
Other contenders for Discount New York include Bank Hapoalim, Bank Leumi and the Safra banking brothers. However, a representative of the Saftas has stated that the family did not formally tell the treasury of intentions to bid for Discount New York.
Commercial Bank has a representative office on Tel Aviv's Rothschild Blvd, which it opened in October 1999 in the presence of the group's founder, Edmundo Safdie, who also established Brazil's BancoCidade founder and owner.
At the time Safdie had said that Commercial Bank might seek to expand through acquiring an Israeli bank.
Discount New York is expected to command a price of $750 million to $800 million. MI Holdings, the company in change of government companies, has suggested that Discount not sell the whole thing but settle for selling half, which after taxes would bring it about the same sum.
Bank Discount has put Discount New York on the block, despite it being its most profitable business, because it is teetering at the edge of minimum capital adequacy.