Following Shari Arison's announcement today that she would sell her holdings in Bank Hapoalim, the Ministry of Finance Accountant General department began the process of selling the state's 5.4% stake in Bank Leumi, a few weeks after receiving authorization from the Knesset, Globes reports.
Citi won the tender and is buying the entire stake for NIS 1.9 billion, after nine investment banks were contacted yesterday about distributing the shares.
The state's stake in Bank Leumi is the last remnant of the government's nationalization of the banks during the bank shares manipulation crisis 35 years ago.
The sale of the shares is taking place when they are trading at peak prices. Bank Leumi, managed by president and CEO Rakefet Russak-Aminoach, is benefiting from the positive results it reported and its resumption of dividends, amounting to 40% of its net profit.