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51IR Hapoalim 21

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Name Symbol Market Type
Hapoalim 21 LSE:51IR London Medium Term Loan
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  0.00 0.00% 0 -

Hapoalim International NV Class Action - Conversion of Foreign Exchange (1544C)

13/06/2019 3:31pm

UK Regulatory


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TIDM51IR

RNS Number : 1544C

Hapoalim International NV

13 June 2019

RNS Notification

13 June 2019

Offering Circular dated 30 July 2015 in respect of the USD 2,500,000,000 Global Medium Term Programme (the "Programme") of Hapoalim International N.V. (the "Issuer"), as amended, restated or supplemented from time to time (the "Offering Circular")

RE: Notification in respect of certain events affecting Bank Hapoalim B.M., the guarantor of the Issuer's obligations under the Programme

Terms used but not otherwise defined herein shall have the meanings ascribed to them in the Offering Circular.

The Issuer makes the following announcement in respect of Bank Hapoalim B.M., the guarantor of the Issuer's obligations under the Programme (the "Guarantor"):

The Guarantor has published the attached immediate report on a class action in connection with the conversion of foreign exchange:

LEI of the Guarantor: B6ARUI4946ST4S7WOU88

Class and sub-class of regulated information: Ongoing regulated information - Inside information

For further information please contact:

Gilad Bloch

Secretary of the Bank

Bank Hapoalim B.M.

   Direct Dial:            +972 (0)3 567 3800 
   Email:                   gilad.bloch@poalim.co.il 

The following is an unofficial translation of the Hebrew report and has been prepared for convenience only. In case of any discrepancy, the Hebrew version prevails.

"

Bank Hapoalim B.M.

Number with the Registrar: 520000118

   Securities Authority   Tel Aviv Stock Exchange Ltd. Tav 121 Transmitted via Magna: 11/06/2019 

www.isa.gov.il www.tase.co.il (Public) Reference: 2019-01-049452

Immediate Report

Explanation: This form should not be used when there is a form

appropriate to the reported event.

Results of an issue should be reported on Tav 20 and not on this form.

A report on the rating of bonds or the rating of a corporation

should be filed under Form Tav 125.

Nature of the Event: Class Action in Connection with the Conversion of Foreign Exchange

Reference numbers of previous reports on the subject: _____________________________

Bank Hapoalim B.M. ("the Bank") respectfully advises that on 11(th) June, 2019 the Bank was served with an application for the approval of a class action which was filed with the District Court of Tel Aviv - Jaffa against the Bank and five other banks.

As claimed in the application, when a transaction of conversion of foreign exchange is executed, the customer is charged in addition to a transaction fee (as to which disclosure is given in the Bank's list of charges and in the transaction print-out) an additional fee categorized as a "conversion differences fee", which is not specified in the list of charges of the respondents and is allegedly charged unlawfully and without proper disclosure thereof. The applicants allege that the collection of the conversion differences fee as aforesaid constitutes a breach of the provisions of the law, including the laws of contract, banking and unjust enrichment, as well as a breach of a bank's duty of trust. It was further alleged that by carrying out such a collection, the respondents engage amongst themselves a restrictive practice in breach of the Economic Competition Law, 5748- 1988.

The applicants estimate the total amount of the claim to be in the sum of approximately NIS 8 billion, out of which the sum of NIS 1.96 billion is attributable to the Bank.

Attached is a file _____________________

The company is not an enveloping company as defined in the TASE Rules and Regulations

The date and time when the corporation first learned of the event: 11/06/2019 at 08:30

Names of the signatories on behalf of the Corporation and their job titles:

Yael Almog, Chief Legal Advisor

Moriah Hoftman Doron, Head of the Central Legal Counselling Division

Date signed: 11.06.19

The reference numbers of the previous documents on the subject (any citation made does not

constitute inclusion by way of reference):

The securities of the corporation are listed for trading on the Tel - Aviv Stock Exchange

Date on which the structure of the form was updated: 30/04/2019

Abbreviated Name: Poalim

Address: POB 27, Tel Aviv 6100001 Telephone: 03-567 3800. 03-567 3333, Fax: 03-567 4576

Electronic Mail: gilad.bloch@poalim.co.il Company Website: http://www.bankhapoalim.co.il

Previous names of reporting entity:

Name of Electronic Reporter: Bloch Gilad, His Job Title: Secretary of the Bank, Name of Employing Company:

Address: Yehuda Halevy 63, Tel-Aviv 6578109, Telephone: 03-567 3800 Fax: 03-567 4576,

Electronic Mail: gilad.bloch@poalim.co.il

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

MSCLLFFSRAIVLIA

(END) Dow Jones Newswires

June 13, 2019 10:31 ET (14:31 GMT)

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