Following today’s decision by the Competition Court to overturn the Competition Authority’s decision and allow the merger between Mizrahi Tefahot Bank (TASE:MZTF) and Union Bank of Israel (TASE: UNON), the Union Bank workers committee has called an immediate strike.
The committee said in statement: “This wretched decision will hurt hundreds of families of Union Bank employees, cause a diminution in competition, and harm bank customers. We will not stand aside while our livelihoods are about to be cut off, therefore, as a first step, all the bank’s employees are asked to stop work, leave their offices and go home now, and tomorrow the bank will be shut.”
Court overrules regulator, allows Mizrahi-Union Bank merger
Union Bank’s employees will return to work on Sunday because a meeting has been arranged with the bank’s management, after which the workers committee will decide on its next steps.
Published by Globes, Israel business news – en.globes.co.il – on November 28, 2019
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Article source: https://www.globes.co.il/en/article-1001309054