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Israeli Bank Issues Additional Shares to Its Shareholders in U.S.

Bank Leumi le-Israel has registered with the Securities and Exchange Commission on offering to shareholders of additional shares on the basis of four new shares for each five shares of both ordinary and Class A now outstanding. A total of 1,400,000 new ordinary shares and 3,920,000 new Class A shares would be issued, according to the offering.

Exact terms of the issue will be announced shortly before the offering which is expected to be made later this month. The offering will be underwritten in the United Stabs by a group headed by Kuhn, Loeb and Company. The issue will be the first underwritten offering of Bank Leumi shares in the United States.