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Bank Leumi Sets $1.22 Price on Shares Offered Present Stockholders

The Bank Lenmi le-Israel, Israel’s largest bank, today set a subscription price of $1.22 a share on its previously announced rights offering to present stockholders.

The offering totals 1,793,750 voting shares and 5,147,000 non-voting “A” shares. Under terms of the offering, stockholders can buy one new share for each two shares of the corresponding stock held of record on November 7. Subscriptions rights will expire November 25.

The offering is being underwritten in the United States by a group managed by Kuhn, Loeb and Company and by securities firms in Europe and Israel.