The board of directors of FIBI Holdings, controlled by the Safra family, recently decided to increase its stake in The First International Bank of Israel, in which it owns the controlling interest. The plan was made public in FIBI Holdings’ financial report, published today.
In accordance with its decision, FIBI Holdings recently invested NIS 10 million in First International Bank shares, thereby increasing its stake in the bank from 46.9% to 48% of capital, and from 66.2% to 67.1% of the voting rights.
As far as is known, the FIBI Holdings board allocated NIS 10 million for investment in First International Bank shares, which has already been fully spent. Consequently, not further FIBI Holdings purchases of First International Bank shares are expected.
FIBI Holdings finished the third quarter with a NIS 15 million profit, up slightly, compared with NIS 14 million in the third quarter last year. The company lost NIS 69 million in the first nine months of the year, compared with an NIS 82 million profit in the corresponding period in 2001. The loss was caused by a steep rise in the allowance for doubtful debts by the First International Bank, which reported a loss in the first two quarters of 2002.
Published by Globes [online] - www.globes.co.il - on November 26, 2002