"Israel to sell its IDB stake"

By The Jerusalem Post

"Finance Minister Ronnie Bar-On plans to sell the government's controlling stake in the Industrial Development Bank of Israel Ltd., the Finance Ministry announced Tuesday. The stake will be offered in a tender open to domestic and foreign investors, it said in a statement. Twelve potential bidders have expressed initial interest in the bank, the ministry said.

"The privatization of the bank is an additional step in making the public sector more efficient and freeing up resources for the private sector," Bar-On said in the statement.

The Industrial Development Bank was saved from collapse by a government bail-out in 2002. It has since reduced its operations through a program coordinated with the government. The bank's license won't be renewed after it expires in July 2008 and buyers will essentially purchase its credit portfolio, the ministry said.

Bar-On's plan has been submitted to a cabinet subcommittee for approval."