Israel's Bank Leumi to sell Romanian unit to Argo Capital

Argo

03/01/2018 13:16

TEL AVIV, Jan 3 (Reuters) -  
    * Bank Leumi  LUMI.TA , Israel's second-largest bank, said 
on 
Wednesday its board signed an agreement in principle to sell its 
99.91 percent stake in Bank Leumi Romania SA to British 
investment firm Argo Capital Management Ltd. 
    * Leumi said its decision to sell its Romanian unit is part 
of its 
strategy to concentrate its international operations in main 
financial centres through its subsidiaries in the United States 
and Great Britain. 
    * It said the signing of a binding deal was subject to the 
completion of due diligence, further negotiation and regulatory 
approvals. 
    * Leumi said the transaction is not expected to have a 
material 
effect on its financial results. 
    * Argo Capital is a subsidiary of Argo Group  ARGOA.L . 
 
 
 (Reporting by Steven Scheer; Editing by Tova Cohen) 
 ((steven.scheer@thomsonreuters.com; +972 2 632 2210; Reuters 
Messaging: steven.scheer.thomsonreuters.com@reuters.net; 
Twitter: @StevenMScheer)) 
 
Keywords: BANK LEUMI ARGO/ROMANIA