EXHIBIT 1

                   INDUSTRIAL DEVELOPMENT BANK OF ISRAEL LTD.

                                                               November 17, 2008

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

            IMMEDIATE REPORT OF AN EVENT OR MATTER DEVIATING FROM THE
                      COMPANY'S REGULAR COURSE OF BUSINESS

       Subject of the Event: Filing of Motion to Approve Arrangement Plan

Notice of the filing of a motion to the Court pursuant to the Companies
Regulations (Motion for Settlement or Arrangement), 2002 ("the Arrangement
Regulations").

Pursuant to Regulation 33 of the Arrangement Regulations and further to the
approval of a settlement and arrangement plan between the Bank and its
shareholders according to Section 350 of the Companies Law, 1999 ("the
Arrangement Plan") at the class meetings of the Bank's shareholders, notice is
hereby given that on November 12, 2008, the Bank filed with the Tel Aviv-Yafo
District Court (Bankruptcy File 2069/08 Motion File 20493/08) a notice regarding
the approval of the Arrangement Plan as aforesaid and a motion for the Court's
approval of the Arrangement Plan.

A hearing on the motion to approve the Arrangement Plan, as requested by the
Bank, will take place on November 24, 2008 at 9:00 AM, before the Honorable
Judge Denya Keret.

Pursuant to Regulation 34 of the Arrangement Regulations, a person wishing to
object to the motion must file his objection to Court by November 19, 2008. A
copy of the motion and all the documents attached thereto will be provided free
of charge to any party sending a written demand.

The Bank's attorneys are from the office of Herzog, Fox and Neeman,
Attorneys-at-Law, from 4 Weizman Street, Tel Aviv, Tel. 03-6922020, Fax
03-6966464/

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

November 16, 2008 at 10:00 P.M.