Sherry Arison sold a portion of her shares in the bank to Klal Insurance totaling NIS 336 million

Bank Hapoalim reported that Sherry Arison had sold a portion of her shares in the bank to Klal Insurance at the lock-in price, totaling NIS 336 million.

As a consequence of this transaction, Arison's stake in the bank decreased to 4.88%, equivalent to NIS 2.18 billion, falling below the 5% threshold required to maintain an interest in the bank. Consequently, Arison will no longer be obligated to disclose any future sales of her shares.

This marks the fifth time that Arison has sold Poalim shares since 2018 when she decided to relinquish control of the bank. In September of the previous year, she had already sold shares amounting to NIS 300 million.

Following the announcement of the sale, the bank's stock experienced a 1% decline in the morning trading hours. Similarly, Clal Insurance shares also retreated, dropping by 1.4%.

As of now, Clal Insurance has not issued a public statement regarding the matter. Their purchase of Hapoalim shares is just one part of their recent acquisitions, which also includes shares of companies in various sectors, such as real estate (Housing and Construction Real Estate), energy (Meshek Energy), and aviation (El Al).