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Billionaire-Backed Bank Seeks to Move Away From Israel's Housing Market

  • Mizrahi is weighing $400 million bid for Union Bank of Israel
  • Israeli home prices are slowing after government intervened

Mizrahi Tefahot Bank Ltd.’s planned bid for a smaller rival signals a shift away from the Israeli housing market that transformed it into the country’s most profitable lender.

Mizrahi, Israel’s third-largest bank by assets, is considering a $400 million offer for Union Bank of Israel Ltd., according to a stock market filing on Monday. The banks are in talks for a tie-up in which Mizrahi would purchase all traded shares of Union Bank for as much as 60 percent of its equity, according to the statement.