80OA Qnb Fin 35

    RNS Number : 7401G
  Bank Hapoalim B.M.
  27 October 2008
   

    Head Office
    63 Yehuda Halevi St., Bank Hapoalim Bldg., Tel Aviv 65781
    Tel: 972-3-5673800; Fax: 972-3-5674576

    Date: October 26, 2008
    Reference: 802/08

 To:    The London Stock Exchange


    Dear Sir or Madam, 

    RE:    Immediate Report



    Bank Hapoalim B.M. (hereinafter: "the Bank") hereby advises, further to the immediate report published on 20th December, 2007 with
reference to the signing of an agreement for the acquisition of the Ukrainian bank OJSC Ukrainian Innovation Bank (hereinafter:
"Ukrinbank"), through Tarshish - Hapoalim Holdings and Investments Ltd., a wholly-owned subsidiary of the Bank (hereinafter: "Tarshish"), as
follows:

    1. On 23rd October, 2008, in the evening, the Governor of the Bank of Israel notified the Bank of the cancellation of the permit
(hereinafter: "the Permit") which he had given to Tarshish to acquire Ukrinbank.
    


    2. In the Governor's notification it was stated that underlying his decision are the exceptional economic events in global financial
markets and the fear of the effect they may have on financial institutions around the world. According to the Governor, the economic
developments, which recently took place in the Ukraine obliged him to examine the Permit which had been given to acquire Ukrinbank and to
consider the necessity of cancelling it, especially in view of the fact that the transaction for the acquisition of Ukrinbank has not yet
been completed.

    3. In view of the cancellation of the Permit, the conditions precedent for the completion of the transaction for the acquisition of the
control of Ukrinbank were not fulfilled, and accordingly Tarshish terminated the acquisition agreement on 24th October, 2008. 



    Yours faithfully,

    Bank Hapoalim B.M.
     ( - )                                                                   ( - )

             Alberto Garfunkel                          Ariel Hasson
      Senior Deputy Managing Director         Head of Emerging Markets Banking
      Head of International Activity        



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