Citigroup Inc. (NYSE:C) won an auction to acquire 5.4% stake in Bank Leumi le- Israel B.M. (TASE:LUMI) from the Israel government for ILS 1.9 billion on September 4, 2018. Under the terms, Citigroup acquired 81 million shares for ILS 23.38 per share. The proceeds from the sale would go towards financing the state's budget deficit in 2018 and to lower the debt burden. Citigroup is expected to sell the shares on to its clients.

Citigroup Inc. (NYSE:C) completed the acquisition of 5.4% stake in Bank Leumi le- Israel B.M. (TASE:LUMI) from the Israel government on September 4, 2018.