Billionaire Shari Arison has signed a non-binding agreement with North American investors to sell 49% stake in Arison Holdings, through which she holds a 20% controlling stake in Israel’s Bank Hapoalim.

The financial terms of the deal and the name of the buyers were not disclosed. The buyers are expected to become long-term investors in the bank and will be allowed to name directors to the boards of the acquired firm, as per the terms of the non-binding agreement.

Arison said that there was no certainty of the transaction being materialised. The deal is subject to regulatory approvals, including from the Bank of Israel.

“Once the transaction will be completed, we will act together with our new partners, and with the bank’s management and employees, to enhance responsible long-term growth, for the benefit of all stakeholders, customers and the Israeli market,” Arison said.

Even if the deal goes through, the bank will continue to be controlled by Arison, who will retain a 51% holding. In 1997, Arison’s father Ted was part of a consortium that took control of Bank Hapoalim from the Israeli government.

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