12 MONTH
CERTIFICATE

Poalim Sets Up
Financing Firm

Jerusalem (JPFS) — Poalim
Capital Markets, a subsidiary
of Bank Hapoalim in Israel, has
established a foreign trade fi-
nancing firm in partnership.
with BB Aval, the internation-
al financing arm of Berliner
Bank of Germany.
The new company will spe-
cialize in financing export trans-
actions worldwide, especially to
developing markets like South
America and Eastern Europe.
BB Aval specializes in financing
short- and long-term export
transactions, as well as provi-
sion of foreign trade insurance
coverage.

Revlon Quits
After 36 years

Jerusalem (JPFS) — Revlon,
the New. York-based beauty-
products company, has decided
it will close its manufacturing
activity in Israel, primarily be-
cause of the limited market and
H high labor costs, a senior man-
ager for Revlon Israel said.
Revlon has been in Israel
since 1961, making it one of the
most veteran international
firms in Israel.
The toiletries and cosmetics
manufacturer employs 150
workers, including marketing
and sales people.
Over the course of the last few
years, Revlon Israel has under-
gone a reorganization process
that has involved a reduction in
production activity and increase
in imported products.
Most of the company's sales
to the local market consist of im-
ported products.
The decision to terminate lo-
cal manufacturing activities is
/\__) part of the concern's recent
strategy to concentrate manu-
facturing in fewer countries.
Revlon emphasized it is not
pulling its business out of Israel,
explaining that it intends to
maintain its import and distri-
bution operations.
The spokesperson said Revlon
intends to expand its workforce
and activity in Israel in line with
any growth in business.
It is expected that Revlon will
sell its property in Ashdod.

Shoul Eisenberg
Receives Award

Jerusalem (JPFS) — Israel Cor-
poration Ltd. chairman Shoul
Eisenberg was awarded the
Commanders Cross of the Or-
der of Merit of the Federal Re-
public of Germany for his
contribution to Israeli-German
relations.

5.75%

The Eisenberg Group has ex-
tensive dealings with Germany
and in other countries, particu-
larly in the Far East.

INTEREST RATE

5.870

Tadiran, Exide
Sign Battery Deal

Jerusalem (JPFS) — Tadiran
said it signed a memorandum of
understanding with the U.S. Ex-
ide Corporation for the joint pro-
duction of lithium batteries.
Exide, based in Michigan, is
the world leader in manufac-
turing and marketing starting,
lighting, ignition and industri-
al lead acid batteries. It has a
market share of 40 percent, ac-
cording to Tadiran.
Tadiran said the two sides
plan strategic cooperation that
would combine Tadiran's tech-
nology and research and devel-
opment capabilities with Exide's
worldwide marketing organiza-
tion. The terms of the agree-
ment have not yet been set.
Tadiran said it had invested
$20 million in developing the
batteries and another $10 mil-
lion in building an automated
production line capable of turn-
ing out about 8 million batter-
ies annually.
The lightweight batteries
have a life span of more than 10
years, and are designed for use
in cellular telephones, medical
equipment and military hard-
ware.

Jordan Keeps
Airport Open

Jerusalem (JPFS) — Domestic
flights would continue to land
at the Eilat Airport, and not at
the proposed Israeli-Jordanian
airport to be established at Ak-
aba, according to a draft agree-
ment drawn up recently.
Eilat Mayor Gabi Kadosh and
Aharon Dekel, chairman of the
Eilat Hotel Association, who
both favor keeping the Eilat
Airport, had feared that during
his visit to Jordan, Prime Min-
ister Binyamin Netanyahu
would yield to Jordanian pres-
sure to redirect all flights to
Eilat to the proposed joint air-
port.
However, the Transport Min-
istry announced that Ministry
Director-General Nahoum Lan-
gental had gained Jordanian ac-
ceptance of a draft agreement
which would reserve the joint
airport for international flights,
while the Eilat Airport, locat-
ed in the center of town, would
continue .to serve domestic
flights.
Upon his return from Jordan,
Mr. Langental announced that
the building of the joint airport
could begin in a matter of
months.

A.F.Y./*

60 MONTH
CERTIFICATE

a00%

INTEREST RATE

6.13%

A.F.Y./*

These are fixed rate certificates of deposit that are insured by Federal Deposit
Insurance Corporation (FDIC). A minimum opening deposit and balance of $500.00
is required to obtain the stated Annual Percentage Yield.

FLAGSTZIR"

BANK

EQUAL HOUSING
OPPORTUNITY

CALL (810)338-7700 or (810)352-7700

LENDER

Main Office 2600 Telegraph Rd. Bloomfield Hills, Ml 48302

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to D00.0,0

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*Annual percentage yield when compounded quarterly. Rate is accurate as of 3/21/97. Penalty for early withdrawal from certificate accounts may be assessed.

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