Bank Leumi, Israel’s second biggest bank, said on Sunday its UK subsidiary has agreed to acquire Riggs Bank & Trust Co (Channel Islands) Ltd. from Riggs Bank N.A. for about $25 million.
In addition, the subsidiary, Bank Leumi (UK) Plc, agreed to acquire credit and deposit portfolios from Riggs Bank N.A.’s branch in London for about $12 million, Bank Leumi said in a statement.
The final amounts to be paid could be adjusted at the time of the closing of the deal, which is expected to take place in February, Bank Leumi said.
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