Israel’s first Joint Arab-Jewish bank was formally established today with the signing of an agreement by Faris Hamdan, an Arab member of the Knesset, Israel’s Parliament, and representatives of the Israel Foreign Trade Bank, a Swiss-Israel concern.
Seventy-five percent of the 1,000,000-pound initial capital was supplied by Arab investors headed by the Arab Knesset member and the remainder by tie Israel Foreign Trade Bank which will provide training for the new bank’s personnel.
Mr. Hamdan last year established an Arab-Jewish canning factory which was the first major Joint Jewish-Arab industrial enterprise in Israel.
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