UP FRONT
Peace Coalition
Continued from Page 5
and the Palestinians, they
say.
"The coalition is based on
a new-old idea — namely,
that we have to have peace
in the Middle East and that
we have to negotiate even-
tually with the Arabs and
we have to push to get it
done," says coalition
member Arthur Feuer, pres-
ident of the Detroit branch of
Americans for a Progressive
Israel.
The various coalition
member groups do not
always share the same polit-
ical vision, but "we all sup-
port negotiations and ac-
knowledge that the 'enemy'
has a name and represents a
people," says Selma Goode of
Workmen's Circle. "What's
important is peace and
justice for all peoples in the
Middle East."
The group's future pro-
grams include panel discus-
sions on the Middle East,
alternative Israeli films,
letter-writing campaigns to
politicians and hosting guest
speakers, including a Feb. 8
program with Jerome Segal,
head of the new Jewish Peace
Lobby. ❑
Hapoalim Of Southfield
Loans $10 Million
KIMBERLY LI FTON
Staff Writer
B
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ank Hapoalim of
Israel, in its fourth
month of operation in
Southfield, has garnered a
portfolio worth $10 million,
bank officials said this
week.
Israel's largest fi-
nancial institution, Bank
Hapoalim opened
Michigan's first Israeli loan
production office last August
at the Prudential Town
Center. The bank's goal is to
financially assist its Israeli
customers with U.S. trading
and investment activities, to
acquire good assets through
loans and to raise funds at
reasonable prices. Hapoalim
officials said they also hope
the office can advise local
banks when their customers
deal with Israel. The bank's
assets total $138 billion.
To date, Bank Hapoalim
has provided loans to several
Michigan businesses with
sales of more than $25
million, said Eldad Hezrony,
vice president and _branch
manager for Chicago's Bank
Hapoalim.
Hezrony said he expected
to secure a $20 million port-
folio for the bank's Michigan
office within its first year of
operation. In the next two
years, the bank hopes to
amass loans equaling $50
million, he said.
"We are very happy with
our results," Hezrony said.
"We have done better than
we expected."
The Southfield office is a
one-person operation,
managed by Gary Giumetti,
a banker in southeastern
Michigan for the past 20
years. He does not send out
mailers and brochures.
Rather, Giumetti seeks
business through personal
calls.
Hapoalim became
Michigan's fifth office of an
overseas bank, joining Mit-
sui Bank, Chicago-Tokyo
Bank, National Mortgage
Bank of Greece and Stopan-
ska Bank of Yugoslavia.
Lloyds of London, which
opened a loan office in
Detroit in 1985 and closed
earlier this year, was the
state's first foreign bank.
Hapoalim operates seven
full-service financial institu-
tions in the United States. In
addition, loan production of-
fices are set up in Detroit
and Washington, D.C. Plans
are under way for loan of-
fices in Minneapolis and St.
Louis, Hezrony said.
Hezrony said he has no
plans to convert the loan of-
fice into a full-service bank-
ing facility. But he said he
would not rule out such a
possibility.
Like American banks,
Israeli banks offer a broad
range of credit services,
ranging from individual
consumer loans to financing
of electric power stations.
They also provide special fi-
nancing of imports and ex-
ports.
Bank Hapoalim owns 70
subsidiaries, including nine
commercial banks, two mor-
tgage banks, 13 pension
funds and seven hotels. ❑
JWV Women
Plan Meeting
The Department of
Michigan Ladies Auxiliary of
the Jewish War Veterans will
conduct a department
meeting 7 p.m. Jan. 10 at the
memorial home.
Primrose Group
Will Meet
Primrose Benevlent Club
will meet 11:30 a.m. Jan. 8 at
Lincoln Towers club house. A
petite luncheon will be
served.