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Citigroup snaps up Israel's remaining stake in Bank Leumi

U.S. bank Citigroup Inc. has emerged as the winner of a tender process to acquire the Israeli government's remaining 5.37% stake in Bank Leumi le-Israel BM, Reuters reported Sept. 4, citing Israel's finance ministry.

The stake comprising 81 million shares is worth roughly 2 billion shekels, the report said, adding that Citigroup is expected to distribute the shares to its clients.

The ministry said it received bids from six of nine investment banks that Israel's accountant general approached about the sale.

As of Sept. 4, US$1 was equivalent to 3.62 Israeli shekels.