Some 300 safety deposit boxes at Bank Discount's Yehuda Halevy Street, Tel Aviv, branch were robbed over the weekend.
The break-in was only discovered at ten oat ten o'clock Sunday morning, after the branch had opened for business, when clerks noticed signs of the break-in.
The police are investigating the break-in together with the bank's management.
Preliminary findings indicate that the thieves came in through one of the bank's entrances. They then broke down the armored security wall leading to the safety deposit room.
The bank had two security guards on duty at the time, deputy commissioner Uri Bar-Lev told reporters.
"The alarm was going off for hours, but nobody came to check," a shoemaker operating next door to the bank said.
The police and the bank's management are contacting the branch customers to assess the dimensions of the theft.
After the news broke, irate customers began to congregate around the bank, although nobody is being allowed in at this stage. The bank points out that only a few of the safety-deposit boxes, not all, were invaded.
Discount has set up a hotline at 972-3-5158900, or *060 from cellphones operating inside Israel.