Israel Discount Bank Sells Shares to Boost Capital Buffer
- Bank selling stock discounted as much as 5 percent: official
- Bank says needs more capital to cover growth in loan book
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Israel Discount Bank Ltd. surprised investors with its second share sale in as many years, citing the need to raise capital to backstop a bigger loan book. The stock plunged.
Israel’s fourth-largest bank, announcing the plan in a regulatory filing, didn’t say how much it is seeking to raise. The bank will carry out the sale Monday at a minimum of 6.75 shekels a share, or 5 percent below Sunday’s closing price, a senior official at the lender said.