American-israel Bank Formed; U.S. Jews Asked to Acquire Stock

American Jews were urged today to acquire stock in a newly formed American-Israel bank which has been established to finance industrial enterprises in Israel. The new banking venture is known as the Israel American Development Bank.

John Furman, the bank’s general manager, who is now on a visit to the United States, explained today that the bank was founded jointly by the Workers Bank of Tel Aviv and by AMPAL-American Israel Corporation. The bank, he said, will provide development capital at reasonable interest rates for existing as well as new industries vital to the economic growth of the nation, thus meeting one of the most acute needs in Israel’s expanding economy. Over 30 of Israel’s industrial enterprises are the bank’s first clients, he reported.

“Our bank will finance projects with a view to increase Israel’s exports, create new employment, develop hitherto under-developed areas and introduce more efficient production methods and lower production costs, “Mr. Furman said. “Among our first customers are manufacturers of metal, glass, plywood, cement, automotive products and agricultural machinery. We invite all friends of Israel to share the success of our new bank. “by subscribing to its perpetual 6% Debenture Stock. We are able to accept Israel Government Bonds in payment for stock and we shall be paying half-yearly interest on stock in dollars, Stock holders will be able to share our surplus profits and assets, too.”

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