et At r

4 0.4

Stigma Hurting
Israeli Holdings

Investors might not think of their
Israeli holdings as risky invest-
ments, but the holdings have re-
cently started to suffer from a
similar sort of stigma that is at-
tached to Mexican holdings, ac-
cording to Rodolfo Bogni, head of
Swiss Bank Corporation's (SBC)
London branch.
According to Mr. Bogni, who
arrived in Israel last month to de-
velop the bank's activities in the
country, investors have lost con-
fidence in all emerging markets
because of Mexico's financial cri-
sis.
Nevertheless, Mexico's finan-
cial crisis has not deterred SBC
from attempting to develop its
business in Israel.
SBC is considered one of the
world's strongest financial insti-
tutions, rated the maximum
triple A by rating agency Stan-
dard & Poors. With assets of
about $140 billion, SBC is one of
the world's largest banks.
Swiss Bank plans to strength-
en its business in Israel in part-
nership with Clal Issuing, the
brokerage arm of the Clal group.
While SBC does not intend to
open an office in Israel, Mr. Bog-
ni envisages frequent travel for

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a number of SBC executives be-
tween Israel and Europe.
Emphasizing that SBC is a
leader in international privati-
zation, equity and equity-linked
offerings, Mr. Bogni said the bank
has already applied to participate
in Bezek's overseas offering.
"Privatization is one of the rea-
sons for SBC to operate in Israel.
It is one area in which we have a
track record, both on the adviso-
ry side and underwriting side,"
said Mr. Bogni.
"But there are other areas
which are equally important.
Most top Israeli corporations are
coming to the stage of develop-
ment where they are so big that
in order to make the next step,
they will need joint ventures or
perhaps acquisitions to expand
and grow.
"We hope we can work with
Clal Issuing, using our own cor-
porate finance and skills, partic-
ularly in mergers, acquisitions
and the advisory area. We have
concentrated our expertise on ar-
eas like food and beverage, phar-
maceuticals, chemicals, media,
paper packaging and so on. Many
of these industries are very im-
portant for Israel."

LEADING ISRAELI STOCKS
TRADED ON U.S. EXCHANGES

N
A
N
C

Symbol

Name

Exchange

Jan. 27

Feb. 3

Change

SCIXF

Scitex

NASDAQ

'17.00

'17.13

+$0.13

ECILF

ECI Telecom

NASDAQ

'13.88

'13.94

+$0.06

A
L

TEVIY

Teva Pharm

NASDAQ

'24.13

$26.94

+$2.82

I EC

PEC Israel

NYSE

'24.75

'24.50

-$0.25

ELBTF

Elba Computers

NASDAQ

'17.25

'20.75

+$3.50

ELT

Elscint LTD

NYSE

'1.75

'1.88

+$0.13

ELRNF

Elron Electronics NASDAQ

$8.88

$10.00

+$1.13

TAD

Tad iran

NYSE

'21.38

'20.75

CMVT

Co mverse

NASDAQ

'12.75

'12.25

-$0.50

LANTF

Lannet Data

NASDAQ

'21.25

'21.88

450.63

ISL

First Israel Fund NYSE

'9.50

'10.63

+$1.13

P
L
A
N
N

N
G

(810)350.8899 800.972-0371

TAX-DEFERRED ANNUITIES IRA'S MONEY MANAGEMENT

Source: Allen Olender, Prudential Securities,
West Bloomfield.

t-/