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'''Israel-British Bank''' was a bank founded in 1929 as the Bank Haolin Eretz-Israel Polonia Bank by ] immigrants to ], and was known as the ''Immigrant Bank''. In 1930 it was re-established as Palestine-British Bank. By 1961 it had branches in Tel Aviv, Jerusalem, Haifa, ], Jaffa, and London. On 1 August 1965 it became the Israeli-British Bank. On 1 October 1968 the London branch became a newly formed subsidiary under the title of Israel-British Bank (London). '''Israel-British Bank''' was a bank founded in 1929 as the Bank Haolin Eretz-Israel Polonia by ] immigrants to ], and was known as the ''Immigrant Bank''. In 1930 it was re-established as Palestine-British Bank. By 1961 it had branches in Tel Aviv, Jerusalem, Haifa, ], Jaffa, and London. On 1 August 1965 it became the Israeli-British Bank. On 1 October 1968 the London branch became a newly formed subsidiary under the title of Israel-British Bank (London).


Nahum Zeev Williams purchased it in 1938 and on his death the bank passed into the hands of a group headed by his family, associated with the ].<ref>Sedan, Gil. . JULY 11, 1974</ref> Nahum Zeev Williams purchased it in 1938 and on his death the bank passed into the hands of a group headed by his family, associated with the ].<ref>Sedan, Gil. . JULY 11, 1974</ref>

Revision as of 20:34, 9 June 2013

Israel-British Bank was a bank founded in 1929 as the Bank Haolin Eretz-Israel Polonia by Polish Jewish immigrants to Mandate Palestine, and was known as the Immigrant Bank. In 1930 it was re-established as Palestine-British Bank. By 1961 it had branches in Tel Aviv, Jerusalem, Haifa, Nathanya, Jaffa, and London. On 1 August 1965 it became the Israeli-British Bank. On 1 October 1968 the London branch became a newly formed subsidiary under the title of Israel-British Bank (London).

Nahum Zeev Williams purchased it in 1938 and on his death the bank passed into the hands of a group headed by his family, associated with the Mizrachi movement.

In July 1974 the bank collapsed, owing British investors £46.6 million. Yehoshua Ben-Zion, the managing director of Israel-British Bank was convicted of embezzling £20 million ($39.4 million) from the bank. He was sentenced to 12 years in prison. After urging of the Israeli prime minister Menachem Begin in 1977, Ben-Zion was pardoned by the Israeli president Ephraim Katzir, on medical grounds. He was released after serving three years.

References

  1. Sedan, Gil. Bank scandal hits Israel. JULY 11, 1974
  2. Langer, Felicia (1974) With my own eyes. Israel and the Occupied Territories 1967-1973. Ithaca Press. ISBN 0-903729-10-5. Page 126.
  3. Israel Yearbook on Human Rights 1979, Volume 9; Volume 1979 By Yoram Dinstein, p. 2011
  4. Justice in Israel: a study of the Israeli judiciary, p. 241
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