Israel Finalizes Privatization of Bank Leumi

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