January 5 (SeeNews) - In Romania story dated January 3, please read in the last paragraph, "... Argo Group, a London AIM listed alternative investment manager with offices in Cyprus, Romania, Ukraine and the UK," instead of "...Argo Group, a financial institution based in Hamilton, Bermuda and listed on the Nasdaq market." (corrects description of Argo Group).
A corrected version follows:
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Israel's Bank Leumi said on Wednesday that it has signed an agreement in principle for the sale of its 99.91% stake in its Romanian subsidiary to British investment fund Argo Capital Management.
The decision is part of a strategy concentrating international operations in major financial centres through the bank's subsidiaries in the United States and the UK, Bank Leumi said in a statement filed to the Tel Aviv Stock Exchange (TASE).
The final transaction, which is not expected to impact financial results significantly, still depends on further negotiations, due diligence processes and on obtaining approvals from local competition authorities.
Bank Leumi Romania was opened in 2006 and operates a network of 15 units in 12 Romanian cities.
Bank Leumi Romania posted a net profit of 11.8 million lei ($3 million/2.5 million euro) in 2016, compared to a loss of 25 million lei reported for the previous year.
Argo Capital is a subsidiary of Argo Group, a London AIM listed alternative investment manager with offices in Cyprus, Romania, Ukraine and the UK.
(1 euro=4.6412 lei)