January 4, 2019 / 3:41 AM / 7 months ago

Israel's Leumi considers listing U.S. banking unit -report

FILE PHOTO: Pedestrians are reflected in the windows of a branch of Bank Leumi, Israel's second-largest lender, in Tel Aviv, Israel May 30, 2013. REUTERS/Nir Elias/File Photo

JERUSALEM (Reuters) - Israel’s Bank Leumi is considering taking its New York-based subsidiary Leumi USA public at a valuation of more than $1 billion, Israeli financial news website Calcalist reported on Thursday.

Bank Leumi, Israel’s second largest lender, declined to comment on the report.

Leumi USA is a commercial and private bank.

Calcalist said Leumi was waiting for market conditions to improve before moving forward.

Last year two strategic investors — Endicott Management and MSD Capital — took an aggregate 15 percent stake in Leumi USA, valuing the bank at the time at just under $1 billion.

Reporting by Ari Rabinovitch; Editing by Tova Cohen

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