Bank Hapoalim will report a capital gain of NIS 400 million on the sale.
Bank Hapoalim (LSE: BKHD; TASE: POLI) has reached a deal for the sale of Gadish provident fund and fund management company Gmulot Ltd. to Psagot Financing And Factoring Ltd. (TASE:PSFN) and a group of foreign investors for NIS 663 million. The deal was made at 3.175% of assets managed.
The final price will be calculated on the closing date, on the basis of reserves. Bank Hapoalim will report a capital gain of NIS 400 million on the sale.
Plainfield Asset Management LLC of the US owns 46.9% of G. Acquisitions Assets Management Ltd., the buyer of Gadish, and Psagot Financing owns 17.7%. Psagot Financing and Factoring chairman Shimon Hiblum says that Plainfield will add value to Gadish thanks to its international investments.
Published by Globes [online], Israel business news - www.globes.co.il - on February 22, 2007
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