The sale reduces Discount Bank's stake in First International Bank to 18.3%.
Israel Discount Bank (TASE: DSCT) is continuing to reduce its holdings in First International Bank of Israel (TASE: FTIN). Managed by president and CEO Lilach Asher-Topilsky, Discount Bank today sold 3% of First International Bank in off-floor deals for NIS 179 million. The sale, made to a number of investment institutions, was at NIS 56 per share, 2% lower than this morning's market price. The sale reduces Discount Bank's stake in First International Bank to 18.3% of the latter's capital.
Three months ago, Discount Bank sold 5% of First International Bank's shares for NIS 280 million. The sales are part of a planned separation between the two parties at the demand of the Supervisor of Banks that Discount Bank reduce its holdings in shares of First International Bank, controlled by Zadik Bino's FIBI company, to 5% by 2019.
Published by Globes [online], Israel business news - www.globes-online.com - on September 15, 2014
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