Details of the $16,150, 000 lean to Israel made by a syndicate of ten banks in this country headed by the Bank of America of San Francisco, were revealed today by Dr. Martin Rosenbluth, representative for the Western Hemisphere of the Israel Ministry of Finance.
Emphasizing that this is the third major loan by the Bank of America to Israel in the past year and a half, Dr. Rosenbluth said that the loan was underwritten by “the outstanding subscriptions of the State of Israel Bond Issue. ” The loan was obtained following a visit to San Francisco by Ehud Avriel, Director General of the Finance Ministry of Israel, and Sidney S. Green, financial adviser of the Treasury.
The syndicate of banks which granted the loan includes, in addition to the Bank of America; the Chase National Bank of the City of New York; Chemical Bank and Trust Company, New York; Bankers Trust Company, New York; The Citizens and Southern National Bank, Atlanta, Ga. ; Swiss Bank Corporation, New York Agency; Credit Suisse, New York Agency; National Bank of Washington, Tacoma, Wash, the National Bank of Commerce, Seattle, Wash.; and the First National Bank of Miami, Florida.
Henry Morgenthau, Jr., commenting on the loan, said: “It is an indication of the continuing and growing inter-relationship between the economic interests of the State of Israel and financial institutions in the United States. The strength of attachment in America to the economic expansion of Israel is one of the significant factors taken into account by these and other financial institutions. “
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