First International Bank of Israel to Sell Swiss Offshoot

Business in Brief | Fimi Fund selling off part of Inrom Construction; Evogene to switch from NYSE to NASDAQ; Bank shares drive TASE up slightly.

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A First International Bank of Israel branch in Haifa.
A First International Bank of Israel branch in Haifa.Credit: מורן מעיין/ג'יני

First Int’l to sell Swiss offshoot 

The First International Bank of Israel has signed a deal to sell the operations of its offshoot in Switzerland, FIBI Switzerland, to Swiss bank CBH. The Israeli bank is expected to receive 7 million Swiss francs beyond FIBI Switzerland’s capital. The move comes after FIBI decided to shut down its overseas operations due to considerations such as cost versus payoff, as the Swiss subsidiary was indeed profitable. (Michael Rochvarger)

Fimi Fund selling off part of Inrom Construction 

The Fimi Fund managed by Ishay Davidi is selling a third of its holdings in Inrom Construction Industries for 240 million shekels. This gives the fund a profit of 10 times its investment. Fimi sold 17% of Inrom’s shares to institutional investors. Following the sale, Fimi will be left with 34% of Inrom, at a company valuation of 485 million shekels. It will still be the company’s controlling shareholder. Fimi bought the company for 47 million dollars in 2008 and has withdrawn $250 million in cash, share sales and dividends. (Yoram Gabison)

Evogene to switch from NYSE to NASDAQ

Crop productivity company Evogene is planning to transfer its stock exchange listing to NASDAQ. It currently is listed on the NYSE index. The transfer will take place after the close of trade on December 29, the company stated. (TheMarker)

Bank shares drive TASE up slightly

The Tel Aviv Stock Exchange finished Tuesday's trading session with mild gains, led upward by bank shares. The blue chip Tel Aviv-25 Index gained 0.3% to close at 1,465 points, while the broader Tel Aviv 100 Index gained 0.3% as well to close at 1,281 points. Bank shares gained 2.7%, led upward by Bank Hapoalim and Bank Leumi, which gained 3.3% and 3% respectively. Biomed shares gained 1.8%, while real estate shares bucked the trend to drop 0.5%. Insurance shares gained 1.1%, and communications shares gained 0.3%. Total turnover was 1 billion. Notable shares included pharmaceutical companies, which lost ground: Teva Pharmaceuticals and Opko Health both lost 0.9%, Perrigo was down 1.1%, and Mylan lost 1.5%. Tower Semiconductors gained 1.5% to hit a six-year high. Clal Insurance expanded a bond issue to 245 million shekels, up from 120 million, after receiving interest totaling four times its planned issue. (Omri Zerachovitz and Guy Erez)