January 11, 2018 / 1:29 PM / a year ago

Israel's First Intl Bank plans to buy rest of Otsar Ha-Hayal

TEL AVIV, Jan 11 (Reuters) - The First International Bank of Israel (FIBI) said on Thursday it will act to acquire the 22 percent it doesn’t already own in Bank Otsar Ha-Hayal for 339 million shekels ($99.1 million).

Most of the shares are held by Haver, a group representing Israeli career soldiers and army pensioners, which has agreed to sell its shares to FIBI.

The price represents 121 percent of Otsar Ha-Hayal’s equity.

The deal will not have a significant impact on FIBI’s financial results, Israel’s fifth-largest bank said in a statement. ($1 = 3.4219 shekels) (Reporting by Tova Cohen, Editing by Ari Rabinovitch)

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