Brief
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
13:0305.09.18
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 Israel's Minister of Finance Moshe Kahlon. Photo: Amit Sha'al](https://pic1.calcalist.co.il/PicServer3/2018/09/05/845397/1NL.jpg)