Sources inform “Globes” that Bank of America (NYSE:BAC) has closed its Tel Aviv representative office in the Azrieli Towers, ceasing its business in Israel.
Bank of America has retained Jerusalem attorney Adv. Russell D. Mayer as its Israel representative, mainly to keep its Bank of Israel permit, in order to use the bank's name if and when it resumes business in Israel.
Adv. Chen Livnat, a partner in the Mayer firm, confirmed the report, saying that the representative office's recent business did not justify keeping a banker in Israel. She said the Israeli office was closed as part of the bank's worldwide restructuring of its branches and representative offices.
Bank of America opened its Israeli representative office in Herzliya in 2001, under the management of Kapil Chadda. The office later moved to a larger office in the Millennium Tower in Tel Aviv.
Over a year ago, Bank of America cut its staff in Israel and moved to a smaller office in Azrieli Towers. That office has now been closed and Chadda and the banking team have left Israel.
Most of Bank of America's business in Israel was in investment banking and the high-tech sector. The bank was a partner in a number of high-tech issues, as an underwriter or consultant. Bank of America is one of the largest banks in the world, handling both commercial and investment banking.
Published by Globes [online] - www.globes.co.il - on September 24, 2003