Merger of American and British banking interests in Israel which will combine the banking interests of the American-financed Palestine Economic Corporation and those of the British-financed Palestine Corporation Ltd., is now being completed, according to an announcement here today.
The new concern will be known as Palestine Corporation Ltd., and the Palestine Economic Corporation will have a majority interest in it. The company has three banks in Israel, one specializing in commercial banking, one in servicing the cooperative sector and small businesses and one providing mortgages and savings facilities.
Sir Robert Waley-Cohen, managing director of Shell Transport and Trading Co. Ltd., will be chairman and Robert Szold, chairman of the board of P.E.C., vice-chairman of the enlarged Palestine Corporation, Ltd. The announcement was made here by Dr. Kurt Grunwald, manager of the Jerusalem branch of the Palestine Corporation.
The Anglo-Palestine Bank, Israel’s largest banking institution and bankers to the Government of Israel, will have a representative in New York. The Israel Consulate announced today that Gideon Strauss, Israel Consul in charge of commercial affairs, has resigned and will assume the position of representative of the bank here.
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