American Advisory Board Established for Israel Bank in New York

An advisory board of prominent American bankers and businessmen has been established here to guide the policies of the New York branch of the Bank Leumi le-Israel and its representative office in Los Angeles which was opened last week, it was announced here today by Dr. Y. Foerder, chairman of Bank Leumi.

Dr. Foerder said that the members of the American board would aid in the development of the bank’s international business. The Israeli bank executive also announced the expansion of Bank Leumi’s quarters in New York’s financial district by an additional 6,000 square feet of office space to accommodate the rapid growth of the bank’s operations since it was granted branch status last August.

Dr. Foerder also reported that the Industrial Development Bank of Israel, established three-and-a-half years ago to provide long-term financing for Israeli development projects, has raised about $4,500,000 of a projected $10,000,000 issue of six percent preferred shares first issued in the United States nine months ago.

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