Discount buying Discount. (Israel Discount Bank to acquire 9.09% of Israel Discount Bank of New York) (Banking, Finance and Insurance)

Israel Business Today, December, 1991

Discount Buying Discount

Israel Discount Bank is to acquire 9.09 percent of the shares of subsidiary Israel Discount Bank of New York. The stock is to be purchased from the PEC Israel Economic Corporation a subsidiary of the IDB Development Corp.

The acquisition follows guidelines issued by the U.S. Federal Reserve Bank, whose approval of the separation of the banking interests of the IDB Bankholding Corp. was contingent on PEC's divesting itself of the Discount bank shares. Cost of the acquisition is estimated at $28 million.