David Rockefeller, Chairman of the Board of Chase Manhattan Bank, rejected a request by Israel for a long-term loan. Rockefeller also did not accept an Israeli request that the bank open a branch in Israel.
Rockefeller, who is here at the beginning of a longer Mideast tour, was asked by Israel for a loan for a period of three to five years. Although no mention was made of the specific sum Israel was asking for, it was understood that it would amount to a maximum of $150 million, Rockefeller explained his negative attitude by referring to business considerations. The bank, he said, was careful not to enter into extension of long-term loans, considering the unstable situation of world financial markets.
Although he did not say so, it was understood that reservations about the possibility of opening an Israel branch originated in fear of negative reactions in Arab oil-producing countries in which the bank is active. The Israeli requests were made at a meeting yesterday with Finance Minister Yehoshua Rabinowitz.
The Archive of the Jewish Telegraphic Agency includes articles published from 1923 to 2008. Archive stories reflect the journalistic standards and practices of the time they were published.
