Regional Cooperation Minister and Government Companies Authority head David Amsalem said 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 state is set to sell up to half of its stake, as part of a broader sale of holdings in the company for the Welfare of State Employees. Amsalem said the deal could be worth several billion shekels.
According to the plan, the proceeds would be divided between the state and the company for the Welfare of State Employees, which supports benefits for state workers and the “Tov” club. Another option mentioned is transferring the shares to the state for sale within 12 months. No exact timetable was given for submitting the proposal for approval or completing the sale.
Amsalem said privatization would let the state focus on areas where it has added value, adding that his ministry’s consistent policy is to reduce government involvement and manage public assets responsibly. He said, “This privatization is expected to strengthen competition in the banking system, improve service to the public and bring about an improvement in the welfare and rights of state employees.”
The Government Companies Authority said completion of the process is expected to allow implementation of a government decision. The move still depends on receiving the required legal approvals and finishing regulatory arrangements with the relevant bodies.
