JERUSALEM (Feb. 27)
Benjamin Dunkelman, of Toronto, who last week was given by the Bank of Israel an option to purchase Ellern’s Bank at Tel Aviv, was reported here today to have bowed out of his bid to buy that financial institution. His Israeli representatives were reported to have halted negotiations for the purchase.
Ellern’s had been acquired last year by another Tel Aviv bank, Feuchtwanger’s. Both institutions were taken over by the Bank of Israel several weeks ago when, according to the Government, some of the Feuchtwanger directors were found to have engaged in some practices which endangered the soundness of the institution. However, the Bank of Israel has announced since that Ellern’s financial position was perfectly sound. The only two contenders left in the field now as possible purchasers of Ellen’s are the Manufacturers Association Bank and the Workers Bank.