Regional Cooperation Minister and Government Companies Authority head David Amselem said on Thursday that he intends to bring a plan to privatize the state’s holdings in Bank Yahav for approval by the Knesset Finance Committee. The move is part of a broader sale of the state’s stake in the company that manages the bank for state employees.
Under the proposed framework, the state would sell up to half of the company’s holdings in Bank Yahav. Another option mentioned is transferring the shares to the state, which would then sell them within 12 months. Amselem estimated the value of the sale at several billion shekels.
According to Amselem’s office, the proceeds would be divided between the state and the company for the benefit of state workers’ welfare and the “Tov” club. No specific timetable was given for submitting the plan to the committee or completing the sale.
Amselem said privatization would let the state focus on areas where it has added value and reflected a consistent policy of reducing state involvement and managing public assets responsibly. He said, “This privatization is expected to strengthen competition in the banking system, improve public service, and improve the welfare and rights of state employees.” The Government Companies Authority said completion of the process is expected to enable implementation of the government decision, subject to legal approvals and regulatory arrangements with the relevant bodies.
