BREAKING NEWS

Knesset Finance C'tee set to authorize Leumi stake sale

By GLOBES

NOVEMBER 30, 2010 14:31

The Knesset Finance Committee will discuss the sale of the government's stake in Bank Leumi (TASE: LUMI) at a Tuesday afternoon meeting, and is expected to approve the sale.

The sale of MI Holdings' (State of Israel Holdings) shares in the bank was cleared nearly two weeks ago when the bank reached an agreement with its workers committee to extend the collective agreement, originally signed in 2005, by four years.

The government wants to sell its 10.4 percent stake in Bank Leumi for NIS 2.6 billion. However, the Bank of Israel and the Finance Ministry seriously disagree over the timing of the sale.

Accountant General Shuki Oren is in charge of the sale.

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