'!"

•

,e

••••"'

itt

BANKS page 64

N CHAS NACHAS
NACHAS

IT'S EXPLODING!

WHY?
JEFF DUBIN AND EDDIE BIEDERMAN OF

SURPLUS CITY IN BERKLEY AND WESTLAND
HAVE PURCHASED

METROPOLITAN UNIFORMS

IN DOWNTOWN DETROIT.

EXPANSION SPELLS SUCCESS...

SUCCESS SPELLS

NACHASNACHAS
NACHAS

SALLY BIEDERMAN, MORRIE AND DONNA DUBIN

•

Great Rate!
O
• 0

APY*

/0
Certificate of Deposit

Get Republic Bank's great 13-month CD rate when
you open a qualifying checking account.

REPUBLIC

..B1
.2.
111

1. %wilmmumr

Visit any branch or call our Information Center today!

1-800-758-0753

MEMBER
FDIC

GO

Hours: Monday-Friday 7 a.m.-7 p.m. Saturday 9 a.m.-Noon

Annual Percentage Yeild (APY) is accurate as of July 3, 1996.
Minimum of $1,000 to open a qualifying Signature Plus Checking Account.
Penalty for early withdrawal.

Financing the American Dream

EQUAL HOUSING
OPPORTUNITY

returns over the past few years,
largely due to losses of overseas
units. According to Lehman's
analysts, Bank Leumi has
solved most of its balance-sheet
problems and currently has bet-
ter asset quality indicators than
its major rival, Hapoalim.
The analysts said: "It [Bank
Leumi] is focused on the more
interesting parts of the market,
and looks to us capable of deliv-
ering returns at least as good as
those of Hapoalim, but for rather
less risk. The market price of
the bank currently seems to re-
flect the view that Leumi is ei-
ther as risky as Hapoalim or will
not succeed in matching the
larger bank's returns. We be-
lieve this is wrong, and Leumi
appears to us the most appeal-
ing candidate for rerating the in-
dustry."
The analysts said Hapoalim
has a poor asset quality, which
makes the stock risky. But, ac-
cording to Lehman, performance
is unlikely to diverge sharply from
that of the market as a whole.
Commenting on Israel Dis-
count Bank, Lehman said the
bank has a good track record, but
its exposure to construction is a
concern. At its current prices, the
analysts believe the stock is fair-
ly valued. According to Lehman,
the most impressive track record
in the industry belongs to First In-
ternational Bank, mainly because
of its relatively low costs and
strong balance sheet. The analysts
emphasized that the bank's recent
growth has been at the expense of
profitability, adding that the stock
is fairly valued and likely to dis-
appoint investors.

Co-Op Goes
International

bard is expected to emphasize
the company's growth potential.
The company has appointed
Merrill Lynch as the leading un-
derwriter for the issue. UBS, a
Swiss bank, will manage the is-
sue in Europe.

Sea Waves
Unfit For Power

Jerusalem (JPFS) — It is not
economically viable to generate
electricity through wave energy
along Israel's coastline, the En-
ergy Ministry said in response
to a request by an Israeli com-
pany for business.
"It just wouldn't work here,"
said the ministry's director of
R&D, Avraham Arbib. The corn-
pany, A.B. Etz Deco, received a
U.S. patent for its wave-energy
power-station design but has not
received orders in Israel. "It's our
policy to use energy sources which
are readily available in Israel,"
said Mr. Arbib. "In the summer
our waves produce three kilowatts
per meter, and in the winter 10,
with an average of seven. In some
countries they have 40 to 50 per
meter," he added.
So far the country's sole elec-
tricity generator, the Israel Elec-
tric Company, has failed to
register an interest with Deco.
"We are neither for nor against,"
said company spokeswoman
Yael Ne'eman.
However, Deco's managing di-
rector Shmuel Ovadia believes
electricity can be generated
along Israel's shores. "It's eco-
nomical to do it here, even
though the waves aren't that
high," he said.
According to the company,
wind-generated electricity will
cost 2 to 3 cents per kilowatt
hour, roughly one-third of what
is currently paid by Israeli users
of fossil fuels.

Jerusalem (JPFS) — Co-Op
Blue Square Israel, the country's
leading marketing chain, plans
to raise $100 million in an in-
ternational offering of 18.7 per-
cent of the company's shares.
The shares will be issued at the
end of July or the first week of
August on the New York Stock Jerusalem (JPFS) — Congres-
Exchange and the SEAQ in Lon- sional funding for a planned Mid-
don. The U.S. Securities and Ex- dle East Development Bank is
change Commission is currently liable to be eliminated. @Regu-
in the process of approving the re- lar Copy:The formation of the
bank was the centerpiece of the
tail chain's prospectus.
This is the first time that an U.S.-backed Amman economic
Israeli company which has no conference last fall and has been
connection to the high-tech field at the heart of Shimon Peres' vi-
is attempting to raise $100 mil- sion of a "New Middle East."
But sources say the Ne-
lion. Most of the Israeli compa-
nies traded overseas are engaged tanyahu government has not
sent signals to Washington ex-
in high-tech.
Co-Op is controlled by the Co- pressing its support of the bank,
Op Blue Square Chain Consumer despite the fact it was asked to
Cooperative Society, which con- express a view.
The bank was not part of the
sists of about 400 members.
Over the next few weeks, Co- House of Representatives' foreign
Op's senior management in- aid legislation, and the Senate
tends to present the company to Appropriations Committee did
not include it in the $12.15 bil-
potential investors.
General manager Jacob Gel- lion foreign aid bill which is ex-

Development Bank
May Be Doomed

