SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13A-16 OR 15D-16 OF THE SECURTIES EXCHANGE ACT OF 1934
FILING NO. 6 FOR THE MONTH OF MARCH 2008
INDUSTRIAL DEVELOPMENT BANK OF ISRAEL LIMITED
(Translation of Registrant's name in English)
82 MENAHEM BEGIN ROAD, TEL AVIV, ISRAEL
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F:
Form 20-F [X] Form 40-F [_]
Indicate by check mark if the registrant is submitting the Form 6-K in
paper as permitted by Regulation S-T Rule 101(b)(1): ____
Indicate by check mark if the registrant is submitting the Form 6-K in
paper as permitted by Regulation S-T Rule 101(b)(7): ____
Indicate by check mark whether the registrant by furnishing the information
contained in this Form, the registrant is also thereby furnishing the
information to the Commission pursuant to Rule 12g3-2(b) under the Securities
Exchange Act of 1934.
Yes [_] No [X]
If "Yes" is marked, indicate below the file number assigned to the
registrant in connection with Rule 12g3-2(b): 82-________
INDUSTRIAL DEVELOPMENT BANK OF ISRAEL LIMITED
The State of Israel and the three banking groups: Leumi, Hapoalim and Discount,
hold the rights to appoint Directors in the Industrial Development Bank of
Israel Limited ("Registrant" or "Bank"). The State used to appoint 7 directors
and the three banking groups used to appoint 7 directors.
As part of the willingness of the above banking groups -in light of the cutbacks
in the Bank during the past years- to set the number of Directors appointed by
them to only 4, (Leumi 2, Hapoalim 1 and Discount 1), on the condition that the
State would not appoint more than 4 Directors, the Bank received notice on March
18, 2008 from Discount Bank and Discount Investments of the cessation of the
service of Mr. B. Dagan who was appointed by them.
On March 18, 2008, the Bank issued an Immediate Report on this matter, a
translation of which is included as Exhibit 1 to this Form 6-K.
FORWARD-LOOKING STATEMENTS
This report on Form 6-K, including the Immediate Report issued by the Registrant
(a translation of which is included in this report on Form 6-K as Exhibit 1),
contains both historical and forward-looking statements within the meaning of
Section 27A of the U.S. Securities Act of 1933, as amended (the "Securities
Act") and Section 21E of the Securities Exchange Act of 1934, as amended (the
"Exchange Act"). These forward-looking statements are not historical facts, but
only predictions, and generally can be identified by the use of statements that
include phrases such as "believe," "expect," "anticipate," "intend," "plan,"
"foresee" or other words or phrases of similar import. Similarly, statements
that describe our objectives, plans or goals also are forward-looking
statements. These forward-looking statements are based on our current
expectations and are subject to risks and uncertainties that could cause actual
results to differ materially from those currently anticipated. The
forward-looking statements included in this report on Form 6-K and the Immediate
Report are made only as of the date hereof and we undertake no obligation to
publicly update these forward-looking statements to reflect new information,
future events or otherwise.
Our actual results, performance and achievements could differ materially from
any future results, performance or achievements expressly predicted or implied
by these forward looking statements. The important factors which may cause
actual results to differ from the forward-looking statements contained herein
and in the Immediate Report include, but are not limited to, the following:
general economic and business conditions; the continued availability of our line
of credit from the Bank of Israel; the government's and/or the Bank of Israel's
resolutions regarding our future operations and the government's resolutions
regarding the future disposal of our assets and liabilities; the impact of our
run-off plan on our operations; our ability to collect on existing loans;
operating costs for our remaining business activities; and the ability to retain
employees during the run-off period. Although we believe that the assumptions
underlying the forward-looking statements contained herein and in the Immediate
Report are reasonable, any of the assumptions could be inaccurate, and
therefore, there can be no assurance that the forward-looking statements will
prove to be accurate. In light of the significant uncertainties inherent in the
forward-looking statements included herein and in the 2006 annual financial
report, the inclusion of such information should not be regarded as a
representation by us or any other person that our objectives and expectations
will be achieved.
Potential investors and other readers are urged to consider these factors
carefully in evaluating the forward-looking statements and are cautioned not to
place undue reliance on these forward-looking statements. In light of these
risks, uncertainties and assumptions, the forward-looking events might or might
not occur. We cannot assure you that projected results or events will be
achieved.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
INDUSTRIAL DEVELOPMENT BANK
OF ISRAEL LIMITED
Date: March 19, 2008 By: /s/ Michael Warzager
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Michael Warzager
General Counsel
By: /s/ Natan Atlas
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Natan Atlas
General Secretary