Israel Discount Bank of New York is the seventh largest bank in New York.
Hebrew daily “Yediot Ahronot” quotes Citibank Israel dealing room manager Tal Vered, "Standard & Poor's downgrading of Israel Discount Bank could affect Israel Discount Bank of New York's ability to attract deposits. Depositors, including Jews, will now demand a higher guaranteed yield on their money. Jewish investors are no longer ideological investors, and invest according to financial worth."
Discount New York is the seventh largest bank in New York. It is considered conservative, stable and established, with longstanding high profits. The bank has over $4.3 billion in deposits. Discount Bank recently opened negotiations to sell its holding in the bank.
Israeli banks are making strenuous efforts to expand their overseas operations, especially in the US. The downgrade of their credit rating could force them to pay higher interest to their depositors.
Discount New York stated in response, “The bank is strong, established and has substantial deposits. We do not expect any effect on the cost of attracting deposits and the banks continues to enjoy its good reputation acquired over decades.”
Published by Globes [online] - www.globes.co.il - on September 25, 2002