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Eden values First International Bank at NIS 3.3b.
(From Israel Business Arena)
Byline: Stella Korin-Lieber
First International Bank of Israel (TASE:FTIN1; FTIN5) is worth the same as its equity, according to a valuation Prof. Yoram Eden gave Israel Discount Bank (TASE: DSCT ). Eden valued First International Bank at 2.75 times its market cap of NIS 1.2 billion.
This means that Discount Bank will not have to write down the value of its 26.4% stake in First International Bank in its financial report to be published tomorrow. Instead, Discount Bank can report a gain equivalent to 26.4% of First International Bank NIS 35 million profit posted in the fourth quarter of 2002.
Discount Bank's …
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