The Union Bank of Israel, Ltd. ( Hebrew : בנק אגוד לישראל ); TASE : UNON ), more widely known by its Hebrew name, Bank Igud , is the sixth largest Israeli bank, with thirty branches spread around the country.
9-459: In September 2020, Bank Mizrahi-Tefahot acquired all the shares of Bank Igud, therefore legally as of October 1, 2020, Igud Bank ceased to exist as a publicly traded company and became a subsidiary of Bank Mizrahi-Tefahot. Mizrahi appointed 4 directors to the bank's board, and also appointed Moshe Levi as chairman of the board in place of Zeev Aviel. By November 15, 2022, all Igud Bank customers were transferred to Mizrahi-Tefahot. On 31 December, 2022,
18-530: The Economic Company. In March 1958, a merger with Feuchtwanger Bank was proposed, but negotiations failed, and the merger did not proceed. In 1961, Bank Leumi purchased the remaining shares, gaining full ownership of Bank Igud. In 2014, Bank Igud held a market share of about 3% of the banking system in Israel, focusing on commercial activity for high-income earners. A unique sector the bank operated in
27-575: The bank was entrusted with the mission of serving as a national public bank for the entire Jewish community in the Yishuv . In 2004, in view of the transformations and changes that took place in the banking system, including the completion of the merger of several mortgage banks with their commercial banks, the idea of a merger within the Bank Mizrachi group became practical, and in June of that year,
36-554: The bank's CEO since 2014. During Larry's time, Bank Mizrahi purchased all the shares of Union Bank of Israel , which became their subsidiary. The Mizrahi Bank was founded by the World Mizrahi Movement in 1923, with the aim of providing financial assistance and serving as a financial instrument for the enterprises of individuals and institutions belonging to the Mizrahi Organization. In addition,
45-587: The bank's credit portfolio in the diamond sector was sold to the company "Peninsula". List of banks in Israel Bank Mizrahi-Tefahot Bank Mizrahi-Tefahot ( Hebrew : בנק מזרחי טפחות ) is the third-largest bank in Israel . It has around 140 branches. The bank is the largest among Israel's mortgage lenders. The CEO of Bank Mizrahi-Tefahot since September 2020 is Moshe Larry, who replaced Eldad Persher,
54-630: The board of directors of Bank Mizrachi decided to take action to merge Bank Tefahot with and into Bank Mizrachi. In 2005, United Bank Mizrahi and Tefahot Mortgage Bank merged, and since then the bank has been called "Mizrahi-Tefahot Bank Ltd." or "Mizrahi-Tefahot". Bank Mizrahi was established in 1923 by the Mizrachi movement and later merged with Bank Hapoel HaMizrachi to form Bank Mizrahi HaMeuhad (United Mizrachi Bank). In November 2017, Mizrahi Tehafot Bank agreed to buy Union Bank of Israel for US$ 400 million, thereby consolidating its position as
63-660: The merger process was completed entirely, and "Igud" ceased to exist as an entity. Bank Igud was founded in 1951 by the Economic Company for Israel from New York and the Palestine Association from London. This continued the banking operations of the Palestine Association, which had been active in the Land of Israel since 1922. In April 1954, Bank Leumi acquired most of the shares of the Palestine Association, resulting in Bank Igud becoming jointly owned by Bank Leumi and
72-591: The third largest Israeli bank. On 12 February 2020, Bank Mizrahi-Tefahot was listed on a database of 112 companies compiled by the United Nations implicated in helping to further Israeli settlement activity in the West Bank and Golan Heights , an activity considered illegal under international law . On 5 July 2021, Norway 's largest pension fund KLP said it would divest from Bank Mizrahi-Tefahot, alongside 15 other business entities implicated in
81-545: Was the diamond sector. When the Diamond Exchange was established, diamond trading also took place in the building where the bank's offices were located in Tel Aviv, thus establishing a connection between this sector and the bank. The bank's market share in the diamond sector stood at about 22%, significantly higher than its relative share in the general banking market. As part of the merger process with Mizrahi Bank,
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