Bank Leumi said on Sunday it expected the merger of its U.S. unit and Valley National Bancorp to be completed on April 1, adding that all conditions and approvals in the deal have been cleared.
Leumi, one of Israel’s two largest banks, in September said it would merge Leumi USA into Valley National Bancorp in an agreement valuing Leumi USA at about $1.2 billion and creating the 29th-largest publicly traded U.S. bank.
Leumi has said it will hold just over 14% of the merged bank stocks, making it the largest non-controlling shareholder, as it seeks to enhance its exposure to the U.S. market.
Source: Reuters.com