Peninsula Group Ltd (TASE:PEN) agreed to acquire diamond dealers credit portfolio of Union Bank of Israel Ltd. (TASE:UNON) on July 14, 2020. Peninsula will pay between 55% and 70% of the loan portfolio's value and will take over Union Bank's premises inside the Israel Diamond Exchange. The final price will depend on the loans' total value on the date of completion. The transaction is subject to conditions precedent and in particular the completion of the merger between Mizrahi Bank and Union Bank. Yuval Shalheveth and Daniel Marcovici of Yigal Arnon & Co. acted as legal advisors for Peninsula Group Ltd.

Peninsula Group Ltd (TASE:PEN) completed the acquisition of diamond dealers credit portfolio of Union Bank of Israel Ltd. (TASE:UNON) on July 17, 2020.