NEW YORK - Republic New York Corp. is apparently seeking to acquire a minority stake in Israel's Bank Leumi, according to a report in the London-based Financial Times.
A spokesman from Republic refused to comment on the deal.
The Israeli government last August decided to sell off 20% of Bank Leumi, which is the country's second biggest bank with some $30 billion in assets. The move is part of a program to privatize government-owned financial institutions.
The stake has been estimated to be worth as much as $385 million.
Two brothers of Edmond Safra, the single biggest share-holder in Republic, recently acquired majority ownership of another Israeli bank, First International Bank of Israel Ltd.