Changing hands?

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.