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Israel Finalizes Privatization of Bank Leumi

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Israel Finalizes Privatization of Bank Leumi

The Israeli government has sold its 5.4% stake in Bank Leumi, one of the country’s largest banks, to multinational investment bank Citigroup for approximately $520 million

Golan Hazani | 13:03  05.09.2018

Israel has sold its remaining 5.4% stake in Bank Leumi, one of the country’s largest banks, to multinational investment bank Citigroup for around NIS 1.9 billion (approximately $520 million), Leumi announced in a filing to the Tel Aviv Stock Exchange Wednesday. Through its international broker-dealer Citigroup Global Markets Ltd., Citigroup will pay NIS 23.38 (approximately $6.4) per each of the state’s 81,037,614 shares. Literally translated as “National Bank”, Leumi was nationalized in the early eighties during the country’s bank stock crisis.

Israel Israel's Minister of Finance Moshe Kahlon. Photo: Amit Sha'al Israel

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