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(Bloomberg) Bank Leumi Le-Israel BM, one of Israelâs largest lenders, is considering a sale of its U.S. bank arm, which could fetch about $1 billion, according to people familiar with the matter.
(Bloomberg) Bank Leumi Le-Israel BM, one of Israelâs largest lenders, is considering a sale of its U.S. bank arm, which could fetch about $1 billion, according to people familiar with the matter.
The Tel Aviv-based bank is working with a financial adviser to find buyers for Bank Leumi USA, said the people, who declined to be identified because the matter isnât public. It also may consider an initial public offering for the unit, one of the people said.
(Bloomberg) Bank Leumi Le-Israel BM, one of Israel’s largest lenders, is considering a sale of its U.S. bank arm, which could fetch about $1 billion, according to people familiar with the matter.The Tel Aviv-based bank is working with a financial adviser to find buyers for Bank Leumi USA, said the people, who declined to be identified because the matter isn’t public. It also may consider an initial public offering for the unit, one of the people said.The plans are at an early stage and Bank Leumi may opt to hold onto the business, they said.The company regularly reviews options for Bank Leumi USA as part of an investment agreement with two minority shareholders in the unit, one of the people said. Those shareholders are Endicott Management Co. and MSD Capital LP, which Bank Leumi USA’s holding company sold a 15% stake to in 2018. MSD Capital manages Michael Dell’s personal fortune.Leumi hasn’t taken any decision to carry out a transaction, the bank
Bank Hapoalim BM (OTC: BKHYY) control 61% of the nation’s banking market.
Despite its dominance at home, Bank Leumi had been severely impacted by the economic trauma of the COVID-19 pandemic. The lender’s 2020 profit of $642 million represented a 40% year-over-year plummet, while its loan loss expenses quadrupled to $780 million.
Israeli’s traditional brick-and-mortar banking is also facing a new challenge from fintechs.
In March, First Digital Bank, an online exclusive lender, became Israel’s first de novo bank since 1978.
Apple Inc (NASDAQ: AAPL) is introducing its Apple Pay digital wallet to the Israeli market this month and, in doing so, taking control of the iPhone market.
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