Israel Discount Bank considering sale of Uruguayan unit

Thursday, September 12, 2013

Israel Discount Bank announced on Thursday that it may sell its Uruguayan operations.

The subsidiary, Discount Bank Latin America, primarily focuses on the Uruguayan retail segment. The Tel Aviv-based parent company also has representative offices in Argentina, Chile, Brazil, Mexico and Peru.

Discount also announced that it had received several non-binding offers for its New York unit.

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At the end of 2012, the Uruguayan subsidiary posted equity of 1.64bn pesos (US$73.5mn currently). Its retail loan book reached 3.03bn pesos, while retail deposits were 19.9bn pesos. After-tax profits came to 63.2mn pesos for the year.

Discount Bank is Israel's third largest bank. In addition to its US and Latin American operations, it has a subsidiary in Switzerland and a branch in London.

Net profits from Discount Bank's international operations were up 32.1% in the first half of 2013, reaching 74mn shekels (US$20.8mn), according to the bank's latest financial statement.