Press Release

Approval of the Application by Danran Holdings Ltd, Shamdar Holdings Ltd, Elran (D.D.) Investments Ltd, and Elran (D.D.) Holdings Ltd

Friday, June 13, 2003
NEW YORK--The Federal Reserve Bank of New York Friday approved the application by Danran Holdings Ltd., Shamdar Holdings Ltd., Elran (D.D.) Investments Ltd., and Elran (D.D.) Holdings Ltd., all of Tel Aviv, Israel, in connection with their indirect ownership of Bank Hapoalim B.M., to become bank holding companies by acquiring indirect control of Signature Bank, New York, New York, and to engage in certain nonbanking activities.