Word: banke
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Dates: during 1960-1969
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...confided this assessment of his recent mission to the Arab countries to a visiting French diplomat in Moscow. Despite the Russian hand on the key, there were daily skirmishes last week between Egyptian and Israeli forces stationed along the Suez Canal. Egyptian artillery shelled Israeli positions on the east bank. The Israelis replied with withering rocket and cannon fire, finally sent in jets to strafe Egyptian artillery positions. They also sank two Soviet-made torpedo boats off the Gaza coast. As the week ended, the two sides were lobbing shells and bombs at each other across the canal...
...graduate of the University of Minnesota and Harvard Business School ('47), keeps in touch with his 21,000 employees in 80 main plants by hopping around by Lear jet and Cessna. He spends Saturday mornings with his top command at the main office in Boise's Bank of Idaho building. Heavily recruited from the Harvard and Stanford business schools, it is a compact, youthful group. "We purposely stay thin," says Charles F. McDevitt, 35, who is one of the company's six vice presidents. "You just have to run a little faster...
...Western European companies in search of new markets spread their operations across every continent, their craving for capital has drawn the free world's great banks after them. Not content with setting up ordinary foreign branches (U.S. banks alone now operate 244) and buying into existing banks in other countries, Western bankers have lately swung toward the creation of entirely new multinational banks. In one of the most ambitious ventures of its kind yet, five banks from four nations this week will open a jointly owned bank in London's prestigious Threadneedle Street...
Called the International Commercial Bank, the new institution was formed by London's Westminster Bank, Manhattan's Irving Trust Co., Chicago's First National Bank, the Hong Kong and Shanghai Banking Corp., and Düsseldorf's Commerzbank. As an offspring of the rich (the five banks control resources totaling $18.8 billion), I.C.B. will start life with $8,800,000 capital plus another $16.4 million in loans from its parents. For deposits, it counts on tapping the volatile pool of Eurodollars -U.S. funds held in European hands -which has swelled from nothing to close...
Filling a Financial Gap. The five founder banks already operate a vast network of 2,365 branches in 34 countries, and I.C.B. sees these as its prime source of loan customers. "We expect to be able to finance projects anywhere in the world," says Donald Robson, joint general manager of Westminster Bank, who this week is due to be named general manager of the new operation. Commercial banks operating abroad deal largely with short-term loans of a year or less; securities underwritten by merchant banks provide long-term credit. By specializing in loans of one to six years...