Banking is one of Israel's largest industries. In 1996, the banking industry (1) generated NIS 15,250 million ($4,690 million) in added value, (2) accounting for 8 percent of business sector product and 20 percent of total product in trade and services. (...) http://www.iasps.org.il/bank.htm
(...) Today, yet another Israeli "brand" is finding a tremendously warm reception: International Private Banking. At the forefront of this significant trend is Israel Discount Bank, one of the nation's largest banks [it ranks third - JB], with over US$29 billion in assets and over US$1.2 billion in equity. Michal Alon, the vivacious Head of International Private Banking, together with her seasoned team, have helped build Israel Discount Bank's Private Banking services into one of the institution's leading areas of expertise. Hilton Israel Magazine: Is private banking only for multi-millionaires? Ms. Alon: Although Private Banking is certainly for the wealthy, it is also for many others - business people and investors, regular visitors and overseas perfectionists - who wish to have a nest egg in Israel. In fact, many people are pleasantly surprised to learn that for an investment of only US$25,000 or US$50,000 they can become part of the institution's Private Banking framework and benefit from our discreet, personalized services. Others are enjoying the "million dollar treatment" in especially designated centers, for the bulk of their internationally diversified and sophisticated investments. Hilton Israel Magazine: What do you offer your customers? Ms. Alon: There is no doubt that our clients demand both top discreet professional services, as well as an excellent working relationship with their Private Banker in our bank. But that is just the beginning. Israel Discount Bank offers people the opportunity of putting their money to "work", through their Israeli account, either as private individuals or via a business or offshore corporate account. Hilton Israel Magazine: Is it significant that you offer a global network? Ms. Alon: Let's not confuse global service and global network. It is a cliche to speak about a "global village" but there is no doubt that people are more attuned to what is going on in real time around the world than ever before. A customer can, and in fact does invest through his Israeli "home"account in all major financial centers around the globe. However, when he wishes to meet a familiar face, we are there for him, with a permanent presence in London, Paris, Geneva, Berlin, New York, Miami and Beverly Hills, as well as throughout Latin America. (...) Article at: http://www.discountbank.co.il/cgi-bin/inetcgi/discount/front/eng_show_item.j sp?itemOID=18470&catID=-11452 The board of directors of MI Holdings and Accountant General Yaron Zelekha yesterday approved the privatization framework for Israel Discount Bank. (...) In keeping with the plan, the state will offer to sell 26 percent of the bank's shares to a controling shareholder, who will have an option to purchase the additional 25 percent. If one of the contenders chooses to purchase more shares and less options, the state will allow this. According to state regulations, when a government company is privatized, 10 percent of the shares sold - 5.7 percent of Discount's stock, in this case - are given to the company's employees at a 25-percent reduction. Despite this regulation, Discount employees are demanding options for bank shares and to be a part of the sales process. On Wednesday, the bank's workers committee, headed by Ricky Bachar, declared a labor dispute because of the sales process. Article at: http://www.haaretz.com/ "It is the 'small motor' that sets the 'big motor' of the masses in motion" (Regis Debray, Revolution within the Revolution, p. 83).
