Israeli lender Bank Hapoalim is reportedly planning to sell its stake in Turkey’s Bank Pozitif.
According to a Reuters report, the Israeli bank is engaged with financial advisers to divest the 70% stake it holds in Bank Pozitif.
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Bank Hapoalim spokesperson told the news agency: “The bank is examining possibilities for the sale of its full holdings in Bank Pozitif, further to the bank’s strategic plan, in which a decision was made to gradually reduce the credit portfolio at Bank Pozitif.”
Hapoalim initiated the process to divest the Turkish lender Bank Pozitif four years ago. However, no agreement was reached at that time. The Israeli lender is expected to make a move on the deal soon.
With 226.53m in assets as of last September, Bank Pozitif is the 39th biggest bank in Turkey, according to Turkey’s TBB banking association. The Cingillioglu family owns a minority stake in the lender.
In November last year, Arison Holdings announced plans to divest a 4.26% stake in Bank Hapoalim for NIS1.425bn ($385m).
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By GlobalDataUnder the arrangement, Arison will sell 57 million shares for NIS25 each to institutional investors.
Following the transaction, Arison’s ownership in Bank Hapoalim will reduce to 15.75%.
Arison Holdings is owned by Shari Arison, who announced her plans to divest her controlling stake in Bank Hapoalim in September last year.
Bank Hapoalim is one of the largest banks in Israel.
