JERUSALEM (Dec. 11)
Arrangements have been completed here for the transfer of the Anglo-Palestine Bank, registered in London, to the National Bank of Israel, following the consent of 90 percent of the holders of Ordinary “A” shares, which are mostly in the possession of non-Jewish institutions abroad.
The paid-up capital of the Anglo-Palestine Bank is 620,000 pounds sterling, divided equally between Ordinary and Ordinary “A” shares. Only holders of Ordinary shares, all owned by the Jewish Colonial Trust–the Zionist banking institution established by Dr. Theodor Herzl–may elect a board of directors. On the other hand, 90 percent of the holders of Ordinary “A” shares must consent to the transfer of the assets of the Anglo-palestine Bank to the National Bank of Israel.
Holders of the Anglo-Palestine Bank shares have been offered National Bank of Israel shares at an exchange rate of three shares in the new bank for two Ordinary shares of the Anglo-Palestine Bank. Moreover, holders of seven new shares will be entitled to buy two more shares at a nominal price. The shares of the National Bank of Israel will be listed on the London Exchange.