Israel's Migdal Insurance company, which is controlled by Italy's Generali continues to snap up Bank Leumi shares.

The insurance company recently purchased Leumi shares worth NIS 100 million, increasing its total stake to NIS 265 million, or 8.5%. Migdal is gambling that the State of Israel will sell off its controlling interest in the bank. Bank Leumi has a 20% stake in Migdal.

MI Holdings, the government company responsible for handling state assets and privatization, will be in charge of the sale and is looking to sell control of the bank to a single foreign investor.

It has been recently reported that MI Holdings intends sell off control of Bank Leumi by July of this year.