A new mortgage bank with initial capital of $1, 000, 000 is being established in Israel by a group of Latin American merchants and industrialists to help provide foreign currency for expansion of the building industry in Israel. The announcement was made here by Leon Dultzin, member of the Jewish Agency executive and head of the Agency’s economic department.
Eliahu Surasky, well known Mexican banker, will head the banking group which has already received pledges of participation from bankers in Argentina, Chile, Uruguay, Brazil and Mexico. The Israel government has approved the project in principle, Mr. Dultzin declared.
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