After Discount Bank sells the shares for NIS 100 million, it will have a 16.5% holding in First International Bank.
Israel Discount Bank (TASE: DSCT) has sold more First International Bank of Israel (TASE: FTIN) shares. Discount Bank yesterday distributed NIS 100 million worth of shares at a price of NIS 52.20 per share , a 1% discount on First international Bank's share price yesterday. Discount Bank distributed the shares itself, mainly to Israeli institutions.
Discount Bank is selling a nearly 2% stake in First International Bank, leaving it with a 16.3% holding. Selling the shares is part of an arrangement set by the Bank of Israel and the Israel Antitrust Authority in which Discount Bank will jettison its investment in First International Bank, and ultimately retain a stake of no more than 5%. Last year, Discount Bank began implementing the arrangement and is reducing its stake in First International Bank.
Published by Globes [online], Israel business news - www.globes-online.com - on December 17, 2014
© Copyright of Globes Publisher Itonut (1983) Ltd. 2014
Discount Bank
Yossi Nissan and Irit Avissar