Israel's Bank Leumi May Sell Jersey Unit

Israel's second-largest bank is in preliminary talks to sell its holdings in Bank Leumi Jersey.

Reuters

REUTERS - Bank Leumi, Israel's second-largest bank, said on Monday its wholly-owned U.K. unit was in preliminary talks on a possible sale of its holdings in Bank Leumi Jersey.

Leumi, which did not name the potential buyer, also said there have been initial negotiations to sell Leumi Overseas Trust Corp, a unit of Bank Leumi Jersey.

It said the talks were part of the bank's strategy to reduce its private banking activities outside of Israel.

Given the talks are preliminary, it cannot be assumed they will result in a deal nor can a possible purchase price be anticipated, Leumi said, adding that its Jersey units have little material impact on its financial results.