EXHIBIT 2

                                  [TRANSLATION]

                                                               February 27, 2008

SECURITIES AUTHORITY                TEL AVIV STOCK EXCHANGE
www.isa.gov.il                      www.tase.co.il

             IMMEDIATE REPORT ON THE FILING OF A MOTION TO COURT TO
                            ELIMINATE DISCRIMINATION

     Rule 31g of the Securities Rules (Immediate and Periodic Reports), 1970

1.   On February 5, 2008, a motion was filed with the Tel Aviv District Court to
     grant the relief of of elimination of discrimination, pursuant to Paragraph
     191 of the Companies Law, 1999.

2.   Details of the Applicant: Otsma Leumi Provident Funds and others

3.   The Basis for the Motion and the Relief Sought:

     On February 5, 2008, the financial entities who are engaged in legal
     proceedings with the Bank concerning the renewal of the distribution of the
     dividend, filed a motion with the Tel Aviv District Court, in which they
     seek to join the State of Israel as an additional respondent to the
     originating motion, regarding the renewal of the dividend distribution,
     filed by them in the year 2004 against the Bank only, and also to amend the
     originating motion. The motion to join the State as an additional
     respondent is based upon, among other things, the State's vote against the
     proposals to amend the Bank's by-laws which were brought for the approval
     of the General Meeting of the Bank which met on January 7, 2008, and were
     rejected by the General Meeting, and which were intended to eliminate the
     impediment which in the opinion of the Bank exists in its by-laws regarding
     the renewal of the distribution of the dividend at this time. In the motion
     to amend the originating motion, the court is petitioned to approve, among
     other things, the addition of claims regarding the discrimination against
     shareholders of preference shares of class C and/or CC and/or CC1
     (hereinafter jointly - "C Shares"), which are shares held by these
     financial entities. In the claims which are motioned to be added it is
     stated, among other things, that the Bank is acting regarding the payment
     of the interest to the holders of the C shares in a manner which
     discriminates and in effect deprives the rights of the shareholders, as
     defined in Paragraph 191 of the Companies Law - 1999, and that the State is
     using its decisive voting power in the Bank's General Meeting contrary to
     its obligation to act fairly. On February 24, 2008 the Bank informed the
     Court that it does not object to the joining of the State as a respondent
     in the originating motion and to the amendment of the originating motion as
     petitioned by the above financial entities. The Court has yet to render its
     decision on the motion.

4.   The Position of the Company relating to the Motion: The Company has yet to
     make known its position.

5.   The Date and Time at which the Company First Became Aware of the Matter:
     February 7, 2008 at 12:00 P.M.