Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Politics : Middle East Politics -- Ignore unavailable to you. Want to Upgrade?

To: Thomas M. who wrote (5733)	1/30/2004 7:38:13 PM
From: Elmer Flugum	Respond to of 6945

Terrorism goes mainstream to America's financial sources: Hapoalim to float up to 30% of Signature Bank in New York Bank Hapoalim chairman Shlomo Nehama: We don't intend to sell the whole bank. Dafna Zucker 29 Jan 04 17:47 The Bank Hapoalim (LSE: BKHD; TASE: POLI) board of directors today announced that it was planning to float shares of its New York subsidiary, Signature Bank, on Nasdaq, as reported in “Globes” two months ago. The announcement indicated that up to 30% of Signature Bank’s capital would be issued, and the proceeds would be used for Signature Bank’s general business needs, and to finance its continued development and expansion. Signature Bank focuses on private banking. Bank Hapoalim chairman Shlomo Nehama told “Globes” that Bank Hapoalim had no intention of issuing all of Signature Bank - neither immediately, nor in the future. “This issue is an important part of Bank Hapoalim’s strategy of boosting its overseas operations, in line with the trend towards economic globalization. We believe that this strategy will significantly increase Bank Hapoalim’s balance sheet total and profit margins,” Nehama said. The planned IPO will make Signature Bank the first Nasdaq-listed Israeli-owned bank. The value of Signature Bank for the issue was not disclosed, but it is believed to be 160% of equity. Signature Bank has nine branches in the state of New York. Founded in May 2001, the bank manages assets of $2.05 billion, and has accumulated losses of $36 million, mostly from set-up expenses. Signature Bank started making a profit in early 2003, and earned a $2.44 million profit in January-September 2003, after losing $13 million in 2002 and $23 million in 2001. globes.co.il