The bank is negotiating with Prisma, Menorah Mivtachim, and Halman Adubi.
Bank Yahav for Government Employees Ltd. is trying to sell to investment houses its three remaining advanced training funds, which manage an aggregate NIS 2.8 billion in assets. Negotiations are being held with three parties: Prisma Investment House Ltd., Menorah Mivtachim Holdings Ltd. (TASE: MORA), and Halman Aldubi Holdings Ltd. The funds will reportedly be sold for NIS 3-4 million, or 0.0015% of assets managed.
Bank Hapoalim (LSE: BKHD; TASE: POLI) sold its 50% stake in Bank Yahav to Mizrahi Tefahot Bank (TASE:MZTF) for NIS 364 million, but closing the sale is contingent on Bank Yahav selling all its provident funds. This is necessary for Mizrahi Bank to comply with the terms for obtaining a pension consultancy license. One of these terms stipulates that a pension consultancy license holder may not control provident funds, which means that Bank Yahav must sell its funds as soon as possible.
Bank Yahav says that the three advanced training funds up for sale are “sector funds”, because the members of each fund all come from a single sector: the nurses advanced training fund, which manages NIS 1.48 billion; the doctors advanced training fund, which manages NIS 1.12 billion; and the paramedics advanced training fund, which manages NIS 188 million. The funds charge a very low management fee of 0.18-0.39% of assets managed.
Published by Globes [online], Israel business news - www.globes.co.il - on October 30, 2007
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