In the past two years, Israeli banks have reduced their exposures to problem countries in Europe.
In response to enquiries from "Globes", Bank Hapoalim (TASE: POLI), Bank Leumi (TASE: LUMI), Israel Discount Bank (TASE: DSCT), Mizrahi Tefahot Bank (TASE:MZTF), and First International Bank of Israel (TASE: FTIN) all said today that they were not exposed to Cyprus, and that they would not be making any provisions in response to the worsening economic situation there. "We had a credit line in Cyprus in the past, but we closed it," said Discount Bank CEO Reuven Spiegel.
In the past two years, Israeli banks have reduced their exposures to problem countries in Europe, and what exposure they do have today is mainly to low-risk bonds.
Published by Globes [online], Israel business news - www.globes-online.com - on March 20, 2013
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