The Ministry of Finance has offered 3.5-5% of the shares Bank Leumi (TASE:LUMI) for sale. The move follows the sale last year of all the government's holdings in Israel Discount Bank (TASE:DSCT).
At 5.30pm on Tuesday afternoon, after the capital market closed, at the instruction of Minister of Finance Yuval Steinitz, and with the approval of Knesset subcommittee for Finance headed by MK Moshe Gafni (United Torah Judaism), the Ministry of Finance's Economic Comptroller's Division began a competitive process for the sale of a package of 3.5% of Bank Leumi shares, which were offered to nine foreign investment banks.
Nine foreign investment banks have been offered the shares and the winner will have an option for an additional 1.5% stake in Leumi.
The winning bid will be chosen Wednesday morning at 10 am.
As part of the process, the Accountant General is committed not to selling more of the bank's shares in the coming months.
Bank Leumi's share price rose 0.4% to NIS 17.77 on the TASE today.
Published by Globes, Israel business news - www.globes-online.com - on January 18, 2011
© Copyright of Globes Publisher Itonut (1983) Ltd. 2011