An expression of confidence in Leumi by the financial market: Due to Very High Demand, Bank Leumi Completed a NIS 2.75 Billion Capital Raising by Issuing Shares
Bank Leumi successfully raised NIS 2.75 billion in a recent share issuance, exceeding initial expectations due to high demand from both Israeli and foreign institutional investors. The stock priced at NIS 30.25 per share saw more than double the demand during the issuance. This capital raising aims to strengthen Leumi's growth strategy and enhance its credit portfolio in corporate, commercial, and mortgage sectors, potentially increasing returns for shareholders.
- Raised NIS 2.75 billion, exceeding expectations.
- More than double the demand for shares indicates strong market confidence.
- Funds will support growth in corporate and commercial credit, and mortgages.
- None.
In light of very high demand by Israeli and foreign institutional investors, Leumi increased the capital raising from NIS 2 billion to NIS 2.75 billion
Leumi's stock price at the issuance was NIS 30.25 per share,
Leumi's President & CEO: "This is an expression of confidence in the Bank's strategy, resilience and its position as a market leader"
TEL AVIV, Israel, June 23, 2022 /PRNewswire/ -- Bank Leumi (TASE: LUMI) raised approximately NIS 2.75 billion as part of an issuance of shares to Israeli and foreign institutional investors. During the course of the issuance, the Bank recorded huge demand, more than twice of the actual capital raised. Leumi's stock price at the issuance was NIS 30.25 per share.
The issuance is intended to support Leumi's growth strategy and expand the Bank's credit portfolio, mainly in the fields of corporate and commercial credit and mortgages, while fulfilling its potential and capabilities. Furthermore, the issuance will allow the Bank to strengthen its capital base and therefore is expected to support the increase in return to shareholders.
Mr. Hanan Friedman, Leumi's President & CEO: "The excellent results of the issuance, as well as the huge demand by both Israeli and foreign investors, constitute an unequivocal expression of confidence in Leumi's strategy, resilience and its position as the leading financial institution in Israel. The capital raising will allow us to continue our consistent growth trend in the business lines in focus."
The issuance was led on Leumi's behalf by Head of the Finance Division, Mr. Omer Ziv.
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