Leumi to write off 250 mln shekels in 2014 for Israel Corp
Bank Leumi estimated on Tuesday that a $400 million deduction to be taken by conglomerate Israel Corp in its 2014 financial results would lower the bank's annual net profit by about 250 million shekels ($63 million).
Leumi, Israel's second-largest bank, owns 18 percent of Israel Corp. The Israeli conglomerate said its 2014 profit would be cut by $400 million following the spin-off of some its assets into a new company called Kenon Holdings earlier this month.
