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N.Y. Bank Leumi Branch Gets State Charter, First for a Foreign Bank Unit

The New York branch of the Bank Leumi, Israel’s oldest and largest bank, has received approval for a New York State charter that will convert it to the First Israel Bank and Trust Co. of New York, it was announced here today. Approval for the issuance of the charter, the first ever for a branch of a foreign bank, was effected by the New York State Banking Board in Albany yesterday.

The new bank has capital funds of $7 million. A majority of its stock is owned by the Bank Leumi Le-Israel in Tel Aviv of which it will become an affiliate. Dr. Y. Foerder, chairman of the Bank Leumi. will serve on the board of directors of the First Israel Bank and Trust Co. of New York. The new bank will open for business on July 1 at 60 Wall Street, the premises from which the New York branch of Bank Leumi has been operating since 1961.

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