Bank Hapoalim today launched strategic cooperation between subsidiary Poalim Capital Markets and US investment bank William Blair and Company. A delegation of nine William Blair investment banks is visiting Israel, headed by chairman Edgar D. (Ned) Jannotta.
Jannotta told “Globes” that William Blair was considering investments in Israeli funds and companies, and saw great potential in the Israeli economy. He added that William Blair expected to float 3-5 Israeli companies per year, and agreements had already been signed with this number of companies for issues, which would be carried out within a few months.
The delegation will meet with fifteen venture capital funds and 30 companies in the next few days. William Blair plans to make deals with these funds and companies over the coming year.
Poalim Capital Markets president and CEO Nir Brunstein said that following the agreement with William Blair, Poalim Capital Markets was now involved in planned issued by leading Israeli companies on Nasdaq. He added that Poalim Capital Markets and William Blair had already invested jointly in an Israeli company. “This is a deep involvement and a genuine partnership, the results of which we are beginning to see at this early stage of joint activity,” he said.
US investment bank JP Morgan, Chase, and Co. (NYSE: JPM) this week selected Roy Navon as its representative in Tel Aviv. Up until now, the bank had offices on Rothschild Blvd. in Tel Aviv, but had no regular representative there. Murad Megalli, who is responsible at JP Morgan, Chase, and Co. for Turkey, central Asia, and Israel, managed the bank’s Israeli activity from overseas. The bank said that the appointment was aimed at expanding its business in Israel.
US law firm Nixon Peabody LLP has also set up an Israel desk, which will provide services to Israeli companies operating in the US, and to US companies operating in Israel.
Nixon Peabody partner and business group leader Richard F. Langan Jr. said the firm’s decision to establish an Israel desk at the current time stemmed from its recognition of the opportunities in the Israeli market. He said Israel had a leading technological environment, with a growing venture capital market in all high-tech sectors. He also cited the large number of Israeli companies either listed in the US, or seeking to enter the US market in the near future.
Mitchell C. Shelowitz, until recently general counsel and corporate secretary at Israeli company Ceragon Networks, will head the Israel desk as Nixon Peabody Israeli business team leader. Shelowitz has also been legal counsel at Gilat Satellite Networks, and is the founder and immediate past president of the Association of Corporate Counsel Israel.
Published by Globes [online] - www.globes.co.il - on Wednesday, September 08, 2004