FBC corporate practice attorneys, led by Avremi Well, represented the State of Israel in the privatization of Bank Leumi.  The closing, which took place on November 24, 2005, ended a long period of government control over Israeli private banks, which began almost a quarter of a century ago.  At the closing the State of Israel sold 9.99% of Leumi’s share capital and an option for the buyer to purchase an additional 10.01%, together constituting a controlling stake in Leumi, for consideration of NIS 2.5 billion (over $500 million).

The privatization of Bank Leumi followed a similar process that occurred earlier this year, in which the State of Israel, represented by FBC as well, sold its controlling stake in Israel Discount Bank for NIS 1.3 billion (approximately $300 million).