First Israel Bank and Trust Co., of New York, a subsidiary of Bank Leumi le-Israel, Tel. Aviv, began operations today as successor to the New York branch of the Israeli financial institution which had been operating here since 1961.
Capitalized at $7 million, the new bank was chartered under the laws of the State of New York and is a member of the Federal Deposit Insurance Corp. The parent bank is the oldest and largest bank in the Middle East, having been founded in 1902. It currently operates 175 branches in Israel. Its consolidated assets at the end of 1967 totaled $1,283,000,000. Benjamin P. Schoenfein is president of the new bank. More than 50 contemporary artists of Israel are represented in an exhibition at First Israel.
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