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Changing hands?

14 June 2004 Angelo Coppola

In response to recent press coverage in Israel, Investec Bank (Israel), an 80% owned subsidiary of Investec plc, has made an announcement on the Tel Aviv Stock Exchange regarding Investec plc’s intentions with respect to the bank.

The bank was commenting on an announcement released on the Tel Aviv Stock Exchange.

The announcement stated that its controlling shareholders are reviewing business alternatives that have been presented to them.

Within this context, preliminary discussions are being conducted with Bank Leumi. Should such preliminary discussions come to fruition, it is possible that a change in the ownership of the bank may result.

At present, the relevant regulatory authorities have been approached in order to obtain their opinion on the matter. Once their opinion on the matter has been received, the parties will consider whether they will resume discussions in this regard.

In light of the above, there is no certainty that the preliminary discussions will resume and progress into negotiations or result in a deal between the two parties.

Quick Polls

QUESTION

Is the commission procurement rule introduced via clause 5.14 of the Amended Financial Services Sector Code (AFSSC) an important piece of the transformation puzzle?

ANSWER

The clause’s implementation coincides with an increase in the minimum spend targets, which further complicates matters
Many FSPs still view the AFSSC as a matter of choice and consequence rather than compliance
Transformation represents a great opportunity for growth and penetration by brokers
Brokers are unlikely to find their commission business yanked away from them by insurers looking to influence procurement scorecards
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