David Rockefeller, board chairman and chief executive officer of the Chase Manhattan Bank, said today that “In support of current efforts to establish a lasting peace in the Middle East, we intend to continue our normal banking operations under standard banking practices with all concerned” because “we do not think that any good purpose would be served, public or private, by modifying this traditional policy.”
Rockefeller issued the statement in response to what he termed “the painful irony of the bank’s situation” with regard to its role in the Middle East. To “illustrate” he mentioned a CBS broadcast editorial today alleging that Chase Manhattan “has bowed to an Arab boycott by refusing to open an office in Israel.” At the same time, the newspaper Newsday reported today that Chase Manhattan faces boycott proceedings by the Arab League.
Stating that his bank serves countries in all parts of the world in “the cause of international commerce,” Rockefeller noted that “We have for a good many years, served the banking requirements of the State of Israel, always basing our decisions on sound economic grounds, Likewise, we continue to serve the requirements of virtually every other country in the Middle East, based on these same economic principles.”
The B’nai B’rith Anti-Defamation League recently accused Chase Manhattan of being one of a number of American firms participating in the Arab boycott of Israel, citing the fact that the bank has not opened a branch in Israel although it has branches in Lebanon and Bahrein and will open one in Egypt. A spokesman for the bank said Friday that it had given consideration at one time to opening a branch in Israel but decided that a branch there would not be profitable. The spokesman noted that Chase Manhattan has maintained a relationship with Israel “that goes back 20 years.” Chase Manhattan is the chief fiscal agent for Israel Bonds in the U.S.
Rockefeller said in his statement today that “The heart of the matter is that we are carrying on normal business operations in the Middle East at a lime when fundamental and far-reaching political issue are at stake. Consequently, it is quite understandable that all concerned should be seeking to achieve maximum advantage for their side.”
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The Archive of the Jewish Telegraphic Agency includes articles published from 1923 to 2008. Archive stories reflect the journalistic standards and practices of the time they were published.
