Sale of Palestine Economic Corporation’s 50 percent interest in the Union Bank of Israel, Ltd., to Bank Leumi le-Israel was announced here today. Palestine Economic Corporation, New York, and Bank Leumi le-Israel had each owned 50 percent of Union Bank’s capital. According to a Joint announcement, acquisition of PEC’s interest was made “by friendly agreement between BLI and PEC who will cooperate closely in other fields in the future.”
Union Bank, with assets of $45,000,000 and eight branches in Israel, will continue its business in the present form, maintaining its special character. The bank is active in all phases of commercial banking with emphasis on foreign trade financing, especially in the diamond industry. Bank Leumi, which maintains an agency in New York, is Israel’s largest and oldest commercial bank.
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