Leumi sells Romanian bank to UK's Argo Capital

Bank Leumi (TASE: LUMI) has signed an agreement in principle to sell its Romanian unit to UK investment fund Argo Capital Management.

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

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