The Bank of Israel has also allowed Eliahu Holdings to own up to 13.5% of Bank Leumi: up to 8.5% directly, and 5% through Migdal.
The Bank of Israel today gave Shlomo Eliahu three years to sell his stake in Bank Leumi (TASE: LUMI), held through Shlomo Eliahu Holdings Ltd. If he fails to do so, a trustee will sell the shares within a year.
Bank Leumi also allowed Eliahu Holdings to own up to 13.5% of Bank Leumi: up to 8.5% directly, and 5% through Migdal Insurance and Financial Holdings Ltd. (TASE: MGDL).
Last week, Eliahu sold NIS 200 million worth of Bank Leumi shares. He used part of the proceeds to buy shares in other banks. As part of his agreement with IBI Investment House Ltd. (TASE:IBI), which distributed the shares, he agreed not to sell any more shares in the bank for three months, reducing the pressure on the share.
Published by Globes [online], Israel business news - www.globes-online.com - on October 24, 2012
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