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Israel Discount Bank Affiliate Places $2 Million in Debentures, Stocks

The Discount Bank Investment Corporation, an affiliate of the Israel Discount Bank, announced today completion of a private placement of $2,000,000 in debentures and common stock.

Raphael Recanati, a director of the DBIC, said the placement had been arranged by a United States syndicate headed by the Philadelphia International Investment Corporation, the foreign investment subsidiary of the Philadelphia National Bank. The transaction is subject to final approval by the Federal Reserve Board and other Government agencies in the United States and Israel.

The financing was in the form of a purchase of $1,000,000 of an issue of 10-year participating dollar debentures and the simultaneous purchase of $1,000,000 in DBIC ordinary shares.