US investment manager BlackRock says it holds 3% stake in Bank Hapoalim
Global investment manager BlackRock Inc has a 3% stake worth around NIS 1 billion ($ 308 million) in Bank Hapoalim Ltd., the Israeli lender said on Sunday in a stock exchange filing of Tel Aviv.
BlackRock informed the bank of its holdings at the end of March 2021, in a notification dated April 29. The U.S. investment manager said he and his affiliates currently own a 3.01% stake, equivalent to 40,306,222 shares in the bank.
According to Israeli regulations, investors who have a stake greater than 2.5% in a bank that does not have a controlling shareholder must report their holdings. A stake of more than 2.5% makes the investor a “significant stakeholder”.
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According to the Calcalist financial website, BlackRock is the only foreign shareholder with the designation of “significant stakeholder” for Hapoalim Bank. BlackRock also owns a 3.3% stake in Bank Leumi Le-Israel, Calcalist said.
Hapoalim Bank does not have a majority shareholder, with billionaire Shari Arison having sold his 20% stake in the Israeli lender since 2018. Arison now owns an 11.35% stake in the bank.
With a market capitalization of $ 125 billion on the New York Stock Exchange, BlackRock has more than $ 8 trillion in assets under management. Bank Hapoalim has a market capitalization of 35 billion shekels ($ 11 billion) on the Tel Aviv Stock Exchange.