Israel Bank Sells $5, 000, 000 Note to Ford Foundation in U.S.

The Bank Leumi le-Israel, Israel’s largest commercial bank, has sold to the Ford Foundation in the United States a 6-1/2 percent capital note for $5, 000, 000 to expand the bank’s foreign business, Dr. Y. Foerder, chairman of the bank’s council of governors, announced here today.

The note will be repaid in the 1970-72 period. The proceeds will be used for bank operations in London, Zurich and New York, all of which are expanding. Mr. Foerder said the bank’s balance sheet showed an increase of 16 percent from 1965 to 1966. The balance rose from more than 3, 000, 000, 000 Israeli pounds ($1, 000, 000, 000) to more than 3, 500, 000, 000 pounds ($1, 166, 000, 000). He also announced that the bank would pay a total of 14 percent in dividends this year, the same as last year, totaling 5, 500, 000 pounds ($1, 166, 000).

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