Psagot to record NIS 120m capital gain from Phoenix deal

• Published date: 19 January 2023
• Publication title: Globes (Rishon LeZion, Israel)

Psagot added that the activities being sold include assets under management worth NIS 17.1 billion and that after the sale it will retain assets under management worth about NIS 30 billion

After the completion of the deals, Psagot is expected to repay a commitment of NIS 255 million taken by subsidiary Psagot Mutual Funds to finance the purchase of these activities about 18 months ago, and to remain without financial debt, while increasing the cash to a balance of approximately NIS 165 million.

Psagot bought the funds and...