Continued expansion of the activities of Bank Leumi LeIsrael in the United States was reported here today by Gideon Strauss, executive vice-president of the bank, which is the largest in Israel.
Mr. Strauss said these were the following major developments here last year in the bank’s activities: 1. The organization of a New York subsidiary, Leumi Securities Corp., a wholesale broker-dealer firm specializing in Israel Securities; 2. An increase in activities and capital of the bank’s New York financing subsidiary, coupled with a change of the subsidiary’s name from Israel Foreign Trade Credits Corporation to Leumi Financial Corp.
The bank’s new subsidiary here, Leumi Securities Corp., which commenced operations in early March, will serve banks, brokers, financial institutions and other dealers throughout the Western Hemisphere, Mr. Strauss said. The decision to organize Leumi Securities, he added, was prompted by the need for a well-managed over-the-counter service for the estimated 100, 000 holders of Israel stocks and the many hundreds of thousands holding Israel bonds in the U. S. and Canada, through their brokers.
Mr. Strauss announced that Theodore K. Landau has been appointed executive vice-president of the New York financing subsidiary, Leumi Financial Corp. The company specializes in international lending on terms and conditions more liberal than those provided by banking channels and also hardles U.S. financing for longer periods than those provided by commercial banks.
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