HSBC Republic will operate a dealing room in Israel, and will also provide investment-banking services. "Globes" heard this today from HSBC Republic general manager in Israel, Yehuda Levy. HSBC will commence activity in Israel toward the end of the year.
As reported one month ago, Citibank, too, intends setting up a dealing room in Israel, to be managed by Tal Vardi, former Bank Hapoalim dealing room manager. Levy said the HSBC dealing room would handle debentures, short-term loans, shekel/dollar options, shekel/foreign currency options, and shekel and foreign currency derivatives.
As opposed to HSBC, Citibank evidently does not intend to provide investment-banking services at this juncture. HSBC and Citibank are the world's largest banking groups.
"We are entering a deployment stage, and seeking a building in which to house the bank. In the coming weeks, we will start interviewing employees and I hope that toward the end of the year, we will begin operating with a manpower establishment of some dozens of employees", Levy said. He added the HSBC would focus in Israel on business banking, foreign trade services, and private banking, but did not intend to provide services to households.
The bank also intends to provide asset management services for institutional investors in Israel, such as provident funds and insurance companies.
Levy comes to HSBC from the First International Bank,
where he headed the foreign currency division, and was responsible for the bank's international activity, including the dealing room and international private banking.
Published by Israel's Business Arena on 2 April, 2000