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UBS buys 5pc of govt stake in Israel lender
July 30, 2010
The government sold a 5pc stake in Israel Discount Bank to UBS on Tuesday, lowering its holding in the country's third-largest bank to 15pc, the Finance Ministry said.
The ministry did not provide details of the deal, other than UBS was one of four foreign investment banks to submit bids.
A source close to the deal told Reuters that the Swiss bank bought the Discount shares at NIS 6.803 (about $1.76) each - a discount of nearly 2pc from Monday's closing price of NIS 6.93 (about $1.8) - for a total of NIS 340 million (about $88 million).
The source noted that UBS then sold the Discount shares to its clients, mostly foreign ones.
Original Posting At: YNetNews
The ministry did not provide details of the deal, other than UBS was one of four foreign investment banks to submit bids.
A source close to the deal told Reuters that the Swiss bank bought the Discount shares at NIS 6.803 (about $1.76) each - a discount of nearly 2pc from Monday's closing price of NIS 6.93 (about $1.8) - for a total of NIS 340 million (about $88 million).
The source noted that UBS then sold the Discount shares to its clients, mostly foreign ones.
Original Posting At: YNetNews
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