The Israel Discount Bank, the second largest bank in Israel, has applied to the New York State Banking Department for permission to establish branches in New York City under a new state law permitting foreign banks to do business in the state.
Raphael Recanati, a director of the bank who will become resident director in New York if the bank’s branch application is approved, said today that the Phoenix Assurance Co., Ltd., one of Britain’s leading insurance companies, has bought up a special 2, 000, 000 Israel pound issue of six percent preferred stock in the Israel Discount Bank. “It is a substantial vote of confidence in the growing stability of the Israeli economy,” Mr. Recanati stressed.
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