Bank Leumi (TASE: LUMI) has signed an agreement in principle to sell its Romanian unit to UK investment fund Argo Capital Management. RELATED ARTICLES Leumi Romania recovers Leumi extends NIS 930m support to foreign units Market sources believe that the sale will be for €100-120 million while Leumi Romania's equity at the end of 2016 was €160 million. Leumi, managed by CEO Rakefet Russak-Aminoach acquired Romania's Eurom Bank SA 11 years ago and has failed to make it into a profitable endeavor. Leumi said that the sale would have no material effects on its results. Published by Globes [online], Israel business news - www.globes-online.com - on January 3, 2018 © Copyright of Globes Publisher Itonut (1983) Ltd. 2018