Operating and discount banks will pay a fine to the state of 40 million shekels each

Each bank pledged to pay NIS 40 million to the Treasury, as part of an agreed order • According to the authority, this is the highest amount that a single company has ever agreed to pay in an order • Competition Authority: "Discount or Hapoalim's holding in Nima allegedly amounted to a prohibited restrictive arrangement"

The Competition Authority determined that the banks' holdings in the fintech company Nima amounted to a restrictive arrangement; the Authority's order took into account the fact that Poalim and Discount had sold their shares and were no longer involved in the activity.

The operating and discount banks were accused of having signed a settlement with the fintech company Nima, an agreement that allegedly harmed competition • The competition authority reached an agreement with the banks under which each would pay a fine of NIS 40 million to the state and included insurance and would pay a fine of NIS 11 million • The banks say: There was no harm to the public and no competition but a seeming fear of harm was creat…