Phoenix Holdings Ltd.
Yango Group, a subsidiary of Yango, officially signed to acquire Phoenix Holdings Ltd., one of the three Israeli insurance giants, which involved assets under management of RMB 300 billion. It is by far one of the biggest cross-border M&A deals in Israeli financial industry. Phoenix Holdings Ltd. was founded in 1949, which is a diversified leading financial holding company in Israel, involving insurance, asset management, endowment real estate, agriculture and other businesses. Yango has completed the submission of all documents required for approval of the transaction to the Israeli Capital Market, Insurance and Savings Authority and is being under review of it.