The recent opening of a Bank of America office in Tel Aviv
highlights Israeli success in high tech. "Among the world's
three to four leading centers, there are two or three regions
in the U.S., and also some areas in Asia and Israel, but it's
a very short list," said Barry Newman, head of the bank's
Securities technology group in an interview with
Globes magazine. "The closer the ties between Israel
and Silicon Valley, the more natural it is for us to enter
the Israeli market."
When asked why Bank of America is venturing into Israeli
technology now, Newman credited the professional activity of
Israeli firms in the aggressive American market. "The scope
of opportunities has changed, and also our capability of
working with Israeli companies, since Israel's business and
technological community became more experienced in activity
vis-a-vis NASDAQ and Wall Street," he explained.
Newman also dismissed concern that a decline in the shares of
several Israeli firms represented a trend. "I don't believe
that's a correct way to describe the situation," he said.
"Valuations and growth rates are still unprecedented. The
market today is at the same level as it was last November,
following an unprecedented advance last year. Does a decline
in the shares of a number of Israeli high tech companies,
which only issued in 1999, constitute a reason? That's a
silly question. We don't look just three months ahead, but a
decade."
Newman also said he was particularly impressed with Israeli
work in wireless communications, Internet software, and
Internet security.
