The Rothschilds – the world’s most famous banking dynasty – owned a bank in Israel as well. Though small, it nevertheless bore the famous family heirloom of a hand holding five arrows. It was called the Land of Israel Bank for Credit Benefits, which the Baron Edmund de Rothschild – grandson of the Baron Edmund James de Rothschild, also known as “HaNadiv HaYadu’a” (“the famous benefactor”) – purchased from Alfonso Tsaba in 1965, changing its name to Israel General Bank (Bank Klali).
Rothschild regarded the bank as a twin sibling of his Banque Privée, based in Geneva. He positioned it as a private banking institution, with few branches, targeting exclusive, high income clients. Rothschild’s name attracted a significant clientele, and his professional experience enabled the bank to provide its clients with unique services, unknown in the local banking scene at the time. In addition, the bank took part in financing large national projects.
The bank’s first CEO was David Shoham, who previously served as CEO of the Foreign Trade Bank – a government owned bank which provided services in foreign currencies. The Foreign Trade Bank resided next to the Land of Israel Bank for Credit Benefits, assisting it with transactions involving foreign currency. When Rothschild acquired Tsaba’s bank, he brought Shoham and some additional senior officers to his bank, which was located, naturally, in Rothschild Boulevard in Tel Aviv.
In 1997, the Investec Group of South Africa acquired control of the bank, and later, under its new name, U-Bank – the bank was sold to the First International Bank of Israel group.
(From Barlev collection of Securities Certificates)