First Int'l makes NIS 37 million Q1 provision for Zeevi debt - TheStreet

First International Bank made a NIS 37 million provision for Zeevi group debts, TheMarker has learned.

The bank had already made a NIS 30 million provision for doubtful debt for the group in 2001, and, according to Banking Supervisor instructions, the bank could be forced to set aside another NIS 27 million in Q2.

Analysts estimate that the provision is on credit provided for Zeevi's acquisition of a 20% stake in stae-run phone company Bezeq (TASE: BEZQ ).

The bank's spokesman said in response to the reports "the bank cannot and is not authorized to provide information on its clients".

First International Bank CEO David Granot said today in a conference call that about 80% of the NIS 294 million provisions the bank made for doubtful debt in Q1, or about NIS 235 million, were for the communications sector.