The price is 3.1-3.2% of the value of assets managed.
Bank Hapoalim (LSE: BKHD; TASE: POLI) has chalked up a success in the sale of Israel’s largest provident fund, Gadish. Sources inform ''Globes'' that the bank has reached an MOU on the sale of Gadish to a group of businessmen headed by ILD Insurance Co. (TASE: ILDH) chairman and general manager Ron Weissberg. The group includes Canadian and Jewish-American businesspeople, and Avihai Stolero through Psagot Financing And Factoring Ltd. (TASE:PSFN).
The sources added that the bank is now negotiating only with this consortium. The price range for Gadish in the talks is NIS 650-675 million, 3.1-3.2% of the value of assets managed.
Bank Hapoalim declined to comment. Weissberg also declined to comment, but associates confirmed that he had made the bank an offer in this mien.
Published by Globes [online], Israel business news - www.globes.co.il - on January 4, 2007
© Copyright of Globes Publisher Itonut (1983) Ltd. 2006