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Israel’s Two Largest Banks Permitted to Open Branches in New York

Israel’s two largest banking institutions were today given permission by the New York State Banking Department to open branches in New York City. The Department approved the applications of Bank Leumi le-Israel to convert its agency here into a full-fledged branch operation and of the Israel Discount Bank to open a branch here.

Both new branches, which are expected to open later this year, will expand the scope of their international operations and will also be able to accept deposits in the form of regular checking and savings accounts.