Israel Discount Bank top shareholder group cuts stake further

TEL AVIV, April 8 Tue Apr 8, 2014 3:08am EDT

TEL AVIV, April 8 (Reuters) - The two largest shareholders in Israel Discount Bank, the country's No. 3 bank, agreed to sell a 3.63 percent stake to Citigroup Global Markets for a total of 235.68 million shekels ($67.59 million).

The 38.28 million shares are due to be transferred on Tuesday, the bank said in a statement to the Tel Aviv Stock Exchange. The price of 6.157 shekels a share is a discount to Monday's closing price of 6.65 shekels.

U.S.-Canadian businessman Matthew Bronfman and New York real estate investor Rubin Schron, who bought a controlling 25 percent holding from the government in 2005, began reducing their stake in December, when they sold 7 percent to institutional investors for 493 million shekels.

Following the latest sale, Bronfman and Schron still hold 38.28 million shares through Treetops Acquisition Group II and 114.84 million shares through Treetops I for a total stake of 14.5 percent. ($1 = 3.4868 Israeli Shekels) (Reporting by Tova Cohen)

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