As reported in Globes.co.il: UBS bought the shares, which it will distribute to investors.
UBS won the Ministry of Finance tender, beating eight other foreign banks.
A capital market source told “Globes” today, “In contrast to the privatization tenders for Israel Discount Bank , in the case of Bank Leumi, the competition for the bloc that was distributed was fierce and aggressive. The banks were prepared to buy the shares at even higher prices, risking losses.”
A source added that UBS aims to resell the bloc of shares by noon today, and plans to sell 90% of the shares to foreign investors.
Following the completion of the sale of MI Holdings’ (State of Israel Holdings) stake in Discount Bank, the government offered a bloc of 3.5-5% of Bank Leumi out of MI Holdings’ 11.46% stake in the bank.