Shari Arison, holder of the controlling interest in Bank Hapoalim (TASE: POLI) through Arison Holdings, has sold 3% of her shares. She received NIS 653.4 million for her shares from Citi, which distributed them to other investors.

The shares were sold for NIS 16.335 each, a discount of 2.5% on the share price at the close of trading on the TASE last night. The bank's share price lost 2.2% in trading today.

Arison originally approached UBS to distribute the share but the Swiss investment bank reportedly only offered NIS 16.30 per share. Sources in the market say that Citi completed distribution of the shares this morning with the assistance of local investment house IBI.

Published by Globes, Israel business news - www.globes-online.com - on October 6, 2010

© Copyright of Globes Publisher Itonut (1983) Ltd. 2010