UNION BANK OF ISRAEL

Union Bank of Israel is one of the country's leading commercial banks specializing in providing ser- vices to the business sector. Total assets of $2.6 bil- lion make Union Bank the country's sixth largest bank. Founded in 1951, and for many years part of the Bank leumi Group, Union Bank was privatized in 1993. Some 60% of shares are held by a consor- tium of leading Israeli businessmen - Shiomo Eliahu, Yeshayahu Landau and David Lubinsky.

The Israeli government retains a 23.3% equity while Bank Leumi owns 16.7% of shares. Union Bank's 1,000 employees, located in its Tei Aviv headquarters and 25 branches from Nahariya to Beer Sheva, combine financial acumen with per- sonal attention to customers' needs. The Bank's principal branches are in Tel Aviv, Ramat Gan, Jerusalem and Haifa.

Expertise in Diamond Trading
The Ramat Gan branch by the Diamond Exchange is the focal point for the Bank's activities in facili- tating the diamond trade. With exports of $3.5 bil- lion last year this is the country's largest economic sector and Union Bank is responsible for some 30% of the credit lines provided to Israeli diamond dealers.

Union Bank's staff and financial instruments offer a full basket of services and solutions to investors and businessmen, not only in the diamond sector but in all branches of industry, commerce, real estate and construction. In particular the Bank pro- vides foreign currency expertise and services including foreign currency deposits, financial deriv- atives, forward swaps and interest rate options. The Bank also offers the full range of services for the Tel Aviv Stock Exchange and accounts for 6% of the share turnover on the market.


Subsidiary and Affiliated Companies
Union Bank Trust Co. Ltd. is a trust company active principally in mutual fund trusteeship, custody of blocked shares, bond trusteeship, money trustee- ship and endowments. lgud Capital Markets & Investments Ltd. is the bank's underwriting company. lgudim Ltd. is the Bank's property holding company. Norhinees of Union Bank of Israel Ltd. is the Bank's nominees company. Bank Safes Co. Ltd. is an affiliate engaged in the rental of safes.

Future Plans
Union Bank intends expanding its scope of activi- ties in the near future to include mortgages and mutual trust funds. The Bank intends to broaden its activities by providing private banking and invest- ment services to a wider range of clientel.


E-Mail:igud@netvision.net.il