An Israeli bank has announced it will merge with the American commerce agency, American Commerce Bank.
The merger would create the largest foreign-owned bank in Israel and would increase the bank’s presence in the US.
The new entity would be led by American commerce minister Naftali Bennett, who will be the country’s first foreign minister.
Bennett, a former ambassador to Israel, will oversee the merger of the American bank with the Israeli arm of American commerce.
According to the announcement by the Israeli government, the new bank will be headed by the head of the Israeli economy, Avraham Eisenberg, who previously headed the American-Israel Chamber of Commerce and Commerce for Israel.
Eisenberg will also be responsible for the acquisition of the assets of the newly created bank.
He will oversee both the acquisition and the management of the new entity, a move that has raised concerns in Israel.
Berman Hirschfeld, president of the Israel-US Chamber of Industry and Commerce, told the news agency AFP that the merger would “create an enormous opportunity for American commerce.”
However, Hirschfeldt added that the move would not mean that the American business would stop operating in Israel, which has a sizable American market.
“It will be more of an American business that operates in Israel,” Hirschstein said.
“But the relationship between the two countries is still very strong and the American company can continue to operate there, and the Israeli company can also continue to do business with the United States.”
“There is a very good possibility that this merger will not create a new bank but instead a new company with a completely new identity and the new names of the companies will be American companies, like American Commerce and American Bank.”
The merger is expected to be completed by March 2019.