American and British Banking Corporations Operating in Israel Seek Merger

The merging of American and English banking interests in Israel was urged today by the Palestine Economic Corporation of New York and Palestine Corporation Ltd. Both companies recommanded to their shareholders a merger of their interests by the Palestine Corporation’s issuing to the Palestine Economic Corporation 900,484 shares at par. The issued capital of the Palestine Corporation would accordingly be increased to a total of 1,535,000 pounds sterling.

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