July 28, 2018 / 7:19 PM / 3 months ago

CORRECTED-Bank Leumi agrees to sell credit card unit to Warburg Pincus

(Corrects to read company valuation is 2.5 billion shekels)

JERUSALEM, July 28 (Reuters) - Israel’s Bank Leumi said on Saturday it had agreed to sell its 80 percent stake in credit card unit Leumi Card to U.S. private equity firm Warburg Pincus in a deal valuing the company at 2.5 billion shekels ($685 million).

Israel’s Harel Insurance Investments and Financial Services said it was lending Warburg Pincus 850 million shekels for the purchase. ($1 = 3.6489 shekels) (Reporting by Ari Rabinovitch)

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