Advs. Yuval Shalheveth, Daniel Marcovici and Moshe Pasker represented the Peninsula Group in acquiring Union Bank's diamond dealers credit portfolio, currently (June 2020) valued at $91 million and potentially up to $250 million (assuming all credit lines are utilized). In return, Peninsula will pay an amount equal to the size of the credit portfolio at the time of completion at a discount of between 30% and 45%, subject to the size of the portfolio. The portfolio also includes bad and doubtful debts amounting to over $160 million which will be transferred to Peninsula without any consideration. Negotiations were carried out with representatives of Mizrahi Bank and Union Bank which one of them, as part of the terms of their merger, must sell its credit portfolio, as determined by the Director General of the Israel Competition Authority. The transaction is subject to conditions precedent and in particular the completion of the merger between the banks.

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