Nochi Dankner. 'Now we must concentrate on making money'
Photo: Vardi Kahana
Dankner: Credit Suisse crisis behind us
Initial information from IDB situation-room set up last week to tackle Credit Suisse drops: Shares acquired for NIS 2 billion realized for NIS 1.2 billion, setting NIS 800 million loss
"The Credit Suisse crisis
is behind us," Nochi Dankner, owner of IDB Group's controlling interest, told the group's top executives over the weekend. Financial system officials estimate as well that IDB is on its way out of the woods.
Calcalist learned that IDB-controlled Koor sold additional Credit Suisse shares for some NIS 300 million having reported last Wednesday selling off NIS 918 million ($260 million) worth of shares. Koor now remains with some NIS 2.9 billion ($820 million) holdings in the Swiss bank.
Throughout the past week, Calcalist exposed information about the goings on behind the scenes at IDB and about the situation room IDB set up to tackle the Credit Suisse slide, manned by Dankner himself and other top executives from the Group.
Dankner met with foreign and Israeli investors to assuage their concerns and in attempt to reassure the Group, decided to realize part of his Credit Suisse position although estimating the share at a purchase price.
Dankner channeled funds from IDB Development and Discount Investments to Koor, negotiated successfully for lowering Credit Suisse's floor price to 18 Swiss francs, and negotiated with Bank Hapoalim for a change of debt to security ratio on the Koor credit line at a NIS 900 million ($255 million) value.
After a week of manning the situation room on Friday, Dankner announced that "we had an excellent week, the Credit Suisse crises is behind us. I want to thank all of you for you efforts. Now we must concentrate on one thing: Making money."
Click here to read this report in Hebrew
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