Harel Insurance and Altshuler Shaham Join Bank Hapoalim as Partners in Leader Capital Markets
A deal was finalized over the weekend for Harel Insurance and investment house Altshuler Shaham to become partners in Leader Capital Markets, a leading Israeli underwriting and brokerage firm. This follows prolonged negotiations first reported in November 2025. With this transaction, Leader becomes one of the few underwriting companies in Israel owned by three major financial institutions: Bank Hapoalim, Harel, and Altshuler Shaham. Each will hold 16.66% of the company’s shares, collectively owning 49.99%, while the remaining 50.01% stays with existing shareholders led by CEO Amit Verdi, who has committed to remain in his role for at least five years.
The deal values Leader at 160 million shekels and excludes Top Capital, a real estate company co-owned by Leader’s managers and Phoenix. Altshuler Shaham is purchasing its shares directly from existing shareholders, providing them partial liquidity, whereas Harel is injecting its entire investment of 23.5 million shekels into the company to strengthen its operations. Part of Harel’s investment will be allocated equally to Leader’s subsidiaries, Leader Capital Markets and Leader Underwriting.
Leader also operates in investment banking, having supported transactions such as UMI’s acquisition of control over the Kaduri brothers’ company. Some investment banking activities are conducted in partnership with Jefferies Bank. The company previously attempted to lead the acquisition of Shufersal by Michael Alpert’s group, which ultimately failed.
This transaction continues Bank Hapoalim’s increasing stake in Leader, following its March 2024 purchase of 20% of the company for 60 million shekels through its investment arm, Poalim Equity. For Harel, this marks a return to underwriting after exiting the sector in 2007, recognizing underwriting as a strategic growth driver alongside its investment house, Harel Finance. Altshuler Shaham also reenters underwriting after exiting a partnership in 2009, now reassessing the sector’s strategic importance.
The move strengthens Leader’s market position by combining the financial backing and extensive issuer networks of its three institutional shareholders, who manage hundreds of billions of shekels in assets. This alliance is expected to enhance Leader’s underwriting, brokerage, and capital raising activities, with Poalim Equity planning to promote IPOs of portfolio companies in the coming years, where Leader will play a key role.
