The MI Holdings (State of Israel Properties) tenders committee has picked NM Rothschild & Sons Ltd. to handle the new privatization of Bank Leumi (TASE: LUMI). The investment bank will seek potential buyers for the controlling core of the bank from a list of 100 candidate banks and financial institutions.
Ministry of Finance director general Yarom Ariav, who serves as chairman of MI Holdings, chaired the tenders committee. Other members were MI Holdings general manager Yitzhak Klein and deputy accountant general Ami Landau.
The two finalists in the tender were announced in early October: NM Rothschild and Collins Stewart plc (LSE:CLST). Yaron Zelekha was the Accountant General at the time. The decision on the winner was delayed until Zelekha's departure.
NM Rotshchild is Europe's leading investment bank. It will formulate the Bank Leumi privatization documents, handle requests by foreign financial institutions, and manage the road show. Governor of the Bank of Israel Prof. Stanley Fischer has promised to play an active role in the privatization as well.
The Bank Leumi privatization tender is due to be published in early 2008.
Published by Globes [online], Israel business news - www.globes-online.com - on December 9, 2007
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