The envelopes with the competing bids for acquiring the controlling interest in Bank Otzar Hashilton Hamekomi were opened at time of web posting. The tenders committee and Government Committees Authority director Yaron Jacobs today continued the pricing procedures.
Eleven groups bid in the tender, two of which were approved by the Supervisor of Banks. The first is the Heisten-Minrav group, consisting of brothers Mark and Hart Heisten, who own a large private bank in Indiana, and real estate figure Avraham Koznitzki, through the public group Minrav Holdings.
The second is the Dexia-Roemi group, which includes French bank Dexia and Avi Roemi, a businessman who returned to Israel after making his fortune in a US spare auto parts company. Roemi acquired 40% of Bank Otzar Hashilton Hamekomi on the stock exchange.
Bank Otzar Hashilton Hamekomi is a banking institution that serves as the budgeting arm for transferring funds from government ministries to local authorities and for granting State-guaranteed loans. The bank’s equity is over $50 million and its market value is $53 million.
The State is selling a package that includes its own shares and those of Bank Hapoalim, Bank Leumi, and Discount Bank. These constitute 11.3% of the capital shares and controlling shares, which confer 53% of the voting rights and the right to appoint two thirds of the directors. The price was previously estimated at $9-13 million.
Published by Israel's Business Arena on January 24, 2001