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Another Israeli Bank Taken Over; Faced Financial Difficulties

The Credit Bank of Israel has been taken over by the Bank Leumi, Israel’s largest bank, because of “financial difficulties” and will be operated by the Bank Leumi, officials announced last night.

A Bank Leumi spokesman said that the Bank Leumi had assured the funds of the Credit Bank, one of Israel’s smaller banking institutions. There was no report on the nature of the Credit Bank’s troubles. Last January, the Bank of Israel took over two other banks, Feuchtwanger and Ellerns, after government investigators found alleged mismanagement.

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