September 4, 2018 / 5:48 AM / 10 months ago

Arison to sell controlling stake in Israel's Bank Hapoalim

JERUSALEM, Sept 4 (Reuters) - U.S.-Israeli billionaire Shari Arison said on Tuesday she will sell off her controlling stake in Israel’s largest bank, Hapoalim.

Arison in a statement said she had received permission from the Bank of Israel to reduce her stake to below five percent, from her current 20 percent.

The Bank of Israel in its own statement said that after the sale, Bank Hapoalim will be held entirely by the public, as are other Israeli banks, without a controlling shareholder.

Arison said she has one year to decide on when to start selling her shares and then four years to complete the sale, with an option for another two years pending permission from the banking regulator.

Arison says her directors on the bank’s board will step down, but no date was given. (Reporting by Ari Rabinovitch, Editing by Tova Cohen)

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