NEW YORK (Dec. 17)
The El Al Israel National Airlines today announced payment of the final installment on a $1,500,000 loan made by the Chase National Bank of New York.
In 1950, El Al arranged with the bank for a loan of $800,000 in order to modernize its fleet. By the end of the following year half of this amount was paid off and the loan then was increased to $1,500,000 to complete the modernization program of the airline.
In making the final payment Mr. Dror Galezer, manager of finance for El Al in the United States, paid tribute to the vision and helpful support of the Chase National Bank in making this program possible. He expressed the hope that future expansion programs of his company might continue to benefit from the financial skills and know-how of American banking institutions.