Business Services Industry
American - Israel Bank may be absorbed by Bank Hapoalim.
Israel Business Today, March, 1998
Bank Hapoalim wholly owned subsidiary, American - Israel Bank may be seeing its last days. The Arison - Dankner Group, who recently purchased the controlling interest in Bank Hapoalim, will shortly call a Board of Directors meeting to discuss a proposal to absorb the American - Israel Bank business into Bank Hapoalim. The merger would streamline and cut operating costs by allowing Bank Hapoalim to close almost all of American - Israel Bank's 18 branches. These branches are in almost all cases located near existing Bank Hapoalim branches. The 350 employees of America Israel Bank are considered Bank Hapoalim employees and management will either relocate them into Bank Hapoalim branches or offer them voluntary retirement.
The American - Israel Bank is a commercial...
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