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NEWS
Jacob Frenkel appointed Merrill Lynch International
President
by Yated Ne'eman Staff
At the end of last week former Governor of the Bank of
Israel Dr. Jacob Frenkel, 58, was appointed president of
Merrill Lynch International and one of four members of the
chairman's office in that company, which manages the world's
largest financial concern with over $1.7 trillion under
management.
Frenkel joined Merrill Lynch a year ago after leaving as
governor of the Bank of Israel as head of international
economic consulting and global financial institutions.
Frenkel apparently brought Merrill Lynch impressive deals in
many countries and provided macro-economic consulting
services to governments and central banks. His career in the
company has been described as meteoric.
Half of Merrill Lynch's operations are outside the US, in
forty-four countries, one of which is Israel. Frenkel will
henceforth be in charge of this entire international
operation, at the highest level. On the appointment, he will
be the most senior Israeli in the financial world. Before
becoming governor of the Bank of Israel, Frenkel was a
senior economist with the World Bank. He is an observant
Jew.
According to Globes, Merrill Lynch stated that "the
company has a strong strategic commitment to Israel. Our
investments there show that we have great long-term plans
for the country. The Israeli economy continues to have
potential from Merrill Lynch's viewpoint and we are
definitely optimistic."
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