Two shareholders in an Israeli bank decided to get rid of their shares. Perhaps they are starting to realise that investing in Israel is a “no-go” for economic prosperity!
Israel Discount Bank top shareholder group cuts stake further
TEL AVIV, April 8 Tue Apr 8, 2014 12:38pm IST
The two largest shareholders in Israel Discount Bank, the country’s No. 3 bank, agreed to sell a 3.63 percent stake to Citigroup Global Markets for a total of 235.68 million shekels ($67.59 million).
The 38.28 million shares are due to be transferred on Tuesday, the bank said in a statement to the Tel Aviv Stock Exchange. The price of 6.157 shekels a share is a discount to Monday’s closing price of 6.65 shekels.
U.S.-Canadian businessman Matthew Bronfman and New York real estate investor Rubin Schron, who bought a controlling 25 percent holding from the government in 2005, began reducing their stake in December, when they sold 7 percent to institutional investors for 493 million shekels.