A merger transaction for Leumi USA, at a value of $ 1.2 billion
Leumi significantly expands its operations in the US: Bank Leumi USA's merger transaction with Valley National Bank has been completed. The transaction represents a value of approximately $ 1.2 billion for Bank Leumi USA. The merged bank will be the 29th largest bank traded on the US stock exchange.
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03/04/2022
Sunday, 03 April 2022, 16:32 Updated: 16:43
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Bank Leumi announces that Bank Leumi USA's merger transaction with Valley National Bancorp, announced by Leumi in September 2021, has been completed. Following the merger, Leumi holds 14.2% of the shares and is the largest shareholder in the merged bank - but not the controlling shareholder.
The deal reflects a value of about $ 1.2 billion for Bank Leumi USA (about 140% on equity).
Leumi will appoint two directors and observe the board of directors.
Bank Leumi USA CEO Avner Mendelssohn will now serve as Deputy Chairman of the Board.
Along with the merger agreement, Leumi and Valley also signed a cooperation agreement regarding Leumi's participation in the credit to be provided by Valley and the provision of banking services to the customers of the two banks.
Leumi's significant holding in the shares, the ownership structure and the cooperation agreement place Leumi in a position where it can realize its strategy to significantly expand its operations in the US market and provide unique services to US customers.
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Hanan Friedman, CEO of Leumi: "It will be possible to see the significant fruits of the merger in the not too distant future" (Photo: PR)
"Breakthrough capabilities for the Bank of Israel"
The merged bank will be the 29th largest of the banks traded on the US stock exchange, and has the ability to grow in business activity in a variety of strategic areas, including a number of areas in which Leumi USA has unique expertise, including: high-tech, venture capital companies, real estate entrepreneurship Real estate and private banking. Along with the Leumi Group's business lines in the United States, many years of experience and quality manpower will also be significant growth engines for the merged bank.
Leumi CEO Hanan Friedman
: "With the completion of the deal, our expansion capabilities throughout the United States are receiving a significant boost today - a breakthrough for the Bank of Israel. "I thank our partners at Valley, led by Chairman and CEO Ira Robbins, and I am confident in our shared success."
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