By Amit Sharvit Ha'aretz Correspondent
http://www3.haaretz.co.il/eng/scripts/article.asp?mador=2&datee=07/17/01&id= 124447
The Israel Discount Bank workers' committee is to press for the bank to be privatized. Committee chairman Ricki Bachar said the bank management and the treasury are aware a number of parties are interested in buying the bank under certain conditions.
Four parties have expressed such an interest - three American and one Israeli. Recent reports suggested the American Nissimi family has expressed an interest to Finance Minister Silvan Shalom.
Bachar says Discount employees, unlike most large workers' organizations, favor the privatization of the bank. They believe the bank's poor results in recent years are because officials run the bank without having to answer to a controlling shareholder. Discount employees are convinced shareholders would improve the bank's performance.
"An institution like a bank cannot be non-private. Discount Bank has poor results - losses year after year, because no one has to account to anyone for anything," Bachar said.
He said some of those interested in buying the bank have already signed agreements with the workers' committee in case they win a controlling interest. The parties have agreed, for example, not to dismiss employees for ten years.
Discount Bank ended the first quarter of 2001 with a loss of NIS 123 million, compared to a net profit of NIS 87 million in the same quarter last year.
http://www3.haaretz.co.il/eng/scripts/article.asp?mador=2&datee=07/17/01&id= 124447
ooooooooo Kevin Dean Buffalo, NY ***Visit http://www.yaysoft.com for the latest in computers, politics and strange off-the-wall news and discussions!*** ICQ # 8616001 ooooo
_________________________________________________________ Do You Yahoo!? Get your free @yahoo.com address at http://mail.yahoo.com