September 4, 2018 / 3:06 PM / in 2 months

Israel's government selling off remaining stake in Bank Leumi

TEL AVIV, Sept 4 (Reuters) - Israel’s Accountant General on Tuesday launched the sale of the government’s remaining 5.37 percent stake in Leumi, the country’s second largest bank, the Finance Ministry said in a statement.

After the closing of the Tel Aviv market, the accountant general approached nine investment banks about the purchase of the 81 million shares.

The winner in the process will be determined before the start of trade on Wednesday.

The state’s stake is worth nearly 2 billion shekels ($553 million).

Leumi’s shares fell 0.9 percent on Tuesday to 23.72 shekels.

$1 = 3.6182 shekels Reporting by Tova Cohen; Editing by Steven Scheer

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