U.S.-Based Pension Fund Buys Into Israel's Largest Bank
A West Coast university's pension fund and other unnamed American investors buy half the controlling shares of Israel's Bank Hapoalim
Golan Hazani, Adrian Filut and Omri Milman | 16:17 25.09.2017
A group of American investors has agreed to buy a stake in Israel's largest bank, Bank Hapoalim. The group will buy 49% of the shares held by controlling shareholder Arison Investments Ltd., the business arm of the Arison Group, for approximately $570 million (2 billion NIS), according to a Sunday announcement by Arison Investments.
The identities of the buyers were not disclosed, but one of the investors is the pension fund of a California-based university, according to persons familiar with the matter who spoke on conditions of anonymity.
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Ms. Arison will remain the dominant factor in the Bank's board of directors. No changes are expected in the bank's senior management.