Leumi to buy Romanian bank for $41.7m.

The purchase is part of a strategy to widen international operations via mergers and acquisitions.

November 1, 2005 02:58
1 minute read.


Dear Reader,
As you can imagine, more people are reading The Jerusalem Post than ever before. Nevertheless, traditional business models are no longer sustainable and high-quality publications, like ours, are being forced to look for new ways to keep going. Unlike many other news organizations, we have not put up a paywall. We want to keep our journalism open and accessible and be able to keep providing you with news and analysis from the frontlines of Israel, the Middle East and the Jewish World.

As one of our loyal readers, we ask you to be our partner.

For $5 a month you will receive access to the following:

  • A user experience almost completely free of ads
  • Access to our Premium Section
  • Content from the award-winning Jerusalem Report and our monthly magazine to learn Hebrew - Ivrit
  • A brand new ePaper featuring the daily newspaper as it appears in print in Israel

Help us grow and continue telling Israel’s story to the world.

Thank you,

Ronit Hasin-Hochman, CEO, Jerusalem Post Group
Yaakov Katz, Editor-in-Chief


Bank Leumi agreed Monday to buy 95% of Eurom Bank in Romania from SC Kolal for $41.7m. Leumi, which disclosed in September that it was in talks to buy the bank, said it also has an option to buy additional shares within six months of the deal closing. Chief Executive Galia Maor said the acquisition was in accordance with the bank's plans to increase its presence overseas. "The purchase of the Romanian bank is part of the group's strategy to widen its international operations via, among other things, mergers and acquisitions," she said. Eurom has 500 workers across 30 branches and its activities include retail banking, international trading, issuing credit cards and providing investment advice. Ehud Shapira, Leumi's senior deputy CEO, said the purchase constitutes an opportunity to enter a new and developing market, especially one that could join the European Union. Leumi had problems informing the press about the purchase, as industrial action prevented its e-mail system from working, a bank spokesman said. Workers also carried out other limited sanctions on Monday, with branches that were supposed to open in the afternoon remaining closed. On Tuesday, business branches are set to close at 11:00 am and, on Wednesday, employees at the bank's headquarters will not start work until 11:00 am. The workers are carrying out the action to ensure that their rights are safeguarded in the impending privatization of the bank.

Join Jerusalem Post Premium Plus now for just $5 and upgrade your experience with an ads-free website and exclusive content. Click here>>

Related Content

The Teva Pharmaceutical Industries
April 30, 2015
Teva doubles down on Mylan, despite rejection