Dexia SA unit Dexia Crédit Local SA agreed to sell its entire 58.9% stake in Dexia Israel Bank Ltd. to qualified investors for 674 Israeli shekels per share, or a total of approximately €82 million.
The off-market transaction completes the mandatory divestment of Dexia's commercial franchises as part of its resolution plan. The impact of the sale is nonmaterial and will be reflected in the bank's first-quarter results.
Dexia Crédit Local acquired a controlling stake in Dexia Israel Bank in February 2001.
As of March 16, US$1 was equivalent to 3.46 Israeli shekels.
