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Kardan and Israel Discount Bank could be 'in negotiations'

Kardan Financial Services (KFS), a subsidiary of Kardan NV is in negotiations with the Israel Discount Bank for the sale of new shares, according to Forbes.

It is thought the Discount Bank will buy new KFS shares equal to ten per cent of the total existing shares, with a credit facility granted by Discount Bank to KFS also included.

The negotiations are ongoing and the amount that Discount Bank will invest in KFS is thought to be undecided.

Reports in the Israeli media suggested that the bank was ready to pay $70 million for a ten per cent stake, it would also help KFS to expand into Russia and Ukraine and provide a credit line of $300 million.

There has been no confirmation from Kardan on the deal or on plans to expand into eastern Europe.