Mozi Wertheim handed over his 22.3% controlling stake in the bank to his children, David and Drorit.
Mizrahi Tefahot Bank (TASE:MZTF) today notified the Tel Aviv Stock Exchange (TASE) that Moshe (Mozi) Wertheim has handed over all his shares in the companies holding, which hold part of the controlling stake in the bank to his children, David and Drorit.
Mozi Wertheim owns 22.3% of the bank through MWZ (Holdings) Ltd. and F&W LP. He handed over 63% of the two companies to David, and 37% to Drorit. He transferred the shares and the voting rights in the two companies for no compensation. The transfer is subject to approval by the Bank of Israel.
Mozi Wertheim will continue to serve as a director in Mizrahi Tefahot Bank after the transfer of his shares to his children.
Wertheim's partner in the controlling core in Mizrahi Tefahot Bank is Ofer Investments Ltd., controlled by Leora Ofer, with a 18.5% stake.
Published by Globes [online], Israel business news - www.globes-online.com - on February 17, 2013
© Copyright of Globes Publisher Itonut (1983) Ltd. 2013