Union Bank of Israel (TASE: UNON) signed a framework agreement to acquire the rights of up to ILS 180 million of auto loan portfolio from Direct Financing of Direct Group (2006) Ltd. on February 7, 2011. Direct Financing of Direct Group also transferred to the bank the liens taken against the loans. In exchange, Union Bank and Direct Financing will share the loan spread. The framework agreement will be in effect for one year from the signing of the agreement, or until the maximum amount is reached, whichever comes sooner. Union Bank of Israel (TASE: UNON) cancelled the acquisition of the rights of up to ILS 180 million of auto loan portfolio from Direct Financing of Direct Group (2006) Ltd. on February 7, 2012.