Bank Leumi le-Israel has established a new subsidiary specializing in Israel securities, according to an announcement here today. The new firm-Leumi Securities Corporation-will serve banks, brokers, financial institutions and other dealers throughout the Western Hemisphere, and has an initial capital of $100,000. Israel D. Frumkin was appointed executive vice-president of the Corporation.
The decision to organize Leumi Securities, it was stated, was prompted by the need for a well-managed over-the-counter service for the estimated 100,000 holders of Israel stocks and many more holders of Israel bonds in the U.S. and Canada.
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