Israel's Bank Leumi May Sell Jersey Unit

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Pedestrians are reflected in the windows of a Bank Leumi branch in Tel Aviv in this May 30, 2013. Credit: 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. 

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