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