Reports: Bank Valley National is the leader in the race to acquire Leumi USA

Following reports in May that Bank Leumi was considering selling its US banking arm, Bloomberg now reports that the leading candidate for the acquisition of Leumi USA is Vali National Bancorp, a banking holding company from New Jersey.

Bank representatives national and Eli National Bancorp Declined to comment on the report.

Valley National Properties is valued at about $ 42 billion and is traded on NASDAQ at a market value of $ 5.3 billion. Since the beginning of the year, the company’s share has risen more than 30%.

According to reports in May, Bank Leumi, the largest bank in Israel with a market value of about NIS 38 billion, began looking for alternatives for holding operations in the United States, among other things, by selling or issuing the bank’s shares in the United States. A consultant who managed to raise two strategic investors in 2018.

The two investors, who are minority shareholders in the bank, are Endicott Group and MSD Capital (MSD). They bought 15% of Leumi USA shares for about $ 140 million, which means that the deal was made at a value of about $ 930 million at the time.

A final decision has not yet been made on the matter and Bank Leumi can choose not to sell the American arm if it does not receive a good enough price for it.

According to the U.S. Federal Insurance Corporation, as of Dec. 31, Leumi U.S. Bank had five branches, $ 7.2 billion in assets and $ 6 billion in deposits.

By Editor

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