Leumi plans to sell Leumi USA for $ 1 billion – report


“Bloomberg” reports that Leumi is working with a financial advisor to find buyers for Bank Leumi USA.

Bank Leumi (TASE: LUMI) is considering the sale of its US unit Bank Leumi USA for $ 1 billion, reports “Bloomberg”, according to people familiar with the matter.

“Bloomberg” says Leumi is working with a financial advisor to find buyers for Bank Leumi USA. One of the sources said Leumi may also consider an initial public offering for the unit. The plans are at an early stage and Bank Leumi may decide to keep the business, the sources told “Bloomberg”.

Leumi regularly reviews options of Bank Leumi USA as part of an investment agreement with two minority shareholders of the unit, one of the people told “Bloomberg”. These shareholders are Endicott Management Co. and MSD Capital LP, to which the holding company of Bank Leumi USA sold a 15% stake in 2018. MSD Capital manages the personal wealth of Michael Dell.

A representative of Bank Leumi declined to comment on “Bloomberg”.

Bank Leumi USA had five branches, $ 7.2 billion in assets and about $ 6 billion in deposits as of Dec. 31, according to the Federal Deposit Insurance Corp., “Bloomberg” reports.

Posted by Globes, Israel Business News – en.globes.co.il – May 4, 2021

© Copyright of Globes Publisher Itonut (1983) Ltd. 2021


Bank Leumi Photo: Eyal Izhar

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