Galia Maor to shareholders: The crisis will affect the Israeli economy and the soundness of many of our customers, especially exporters.
"The continuation and even worsening of the crisis in some European economies will have direct and indirect effects on the Israeli economy and the soundness of many of our customers on the credit side, especially exporters," said Bank Leumi (TASE: LUMI) president and CEO Galia Maor at the bank's general shareholders meeting in Tel Aviv today.
Maor said, "The uncertainty and crisis also have severe negative effects on financial markets and on the condition of international banking. Our nostro portfolio which is exposed to these markets, albeit in a measured way, is liable to be affected. This is why we've taken measures to identify in time points that are sensitive to these developments."
Published by Globes [online], Israel business news - www.globes-online.com - on June 2, 2010
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