EXHIBIT 1

                                  [TRANSLATION]

                                                                  April 29, 2008

SECURITIES AUTHORITY                TEL AVIV STOCK EXCHANGE

www.isa.gov.il                      www.tase.co.il

                                IMMEDIATE REPORT

At its meeting on April 28, 2008, the Board of Directors of the Bank resolved to
extend the term of service of Dr. R. Cohen as a Director and as the Chairman of
the Board of the Bank, of the General Manager of the Bank, Mr. U. Galili, the
Deputy General Manager of the Bank, Mr. A. Savir and the Internal Auditor of the
Bank, Mr. Y. David, for the period beginning on July 31, 2008 and ending on
December 31, 2009 or the date on which the bank shall be privatized or shall
enter liquidation proceedings, whichever is first. The above extension of
service is subject to the terms of Section 11a. of the Banking Ordinance, 1941
pursuant to which no person shall serve as an officer of a banking entity unless
the Supervisor of Banks receives notice 60 days prior to the beginning of the
term of service and the Supervisor did not give notice within the above period
of his objection to the appointment, or gave notice of his consent to the
appointment.

The date and time when the Company was first made aware of the event or matter:

April 28, 2008 at 3:00 P.M.