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Bank Mizrahi-Tefahot

From Wikipedia, the free encyclopedia
Bank Mizrahi-Tefahot
Native name
בנק מזרחי טפחות‎
FormerlyBank Mizrahi
Company typePublic
TASE: MZTF
IndustryBanking
Founded1923; 101 years ago (1923)
FounderMizrachi movement
Headquarters
Ramat Gan
,
Israel
Area served
Israel
Key people
As of 2022: Moshe Lary [he] (President & CEO) Moshe Vidman (Chairman)[1]
ServicesFinancial services
RevenueIncrease ₪13.67 billion (2022)
Increase ₪4.47 billion (2022)
Total assetsIncrease ₪428.292 billion (2022)
Number of employees
3,827 (2007)
Websitewww.mizrahi-tefahot.co.il
Footnotes / references
[2]

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, 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.[3]

History

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British Mandate era

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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.[4]

In addition, the bank was entrusted with the mission of serving as a national public bank for the entire Jewish community in the Yishuv.[4]

State of Israel

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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, the board of directors of Bank Mizrachi decided to take action to merge Bank Tefahot with and into Bank Mizrachi.[5]

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".[6]

Bank Mizrahi was established in 1923[7] by the Mizrachi movement and later merged with Bank Hapoel HaMizrachi[8] 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 the third largest Israeli bank.[3]

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,[9] an activity considered illegal under international law.[10]

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 the report,[11] over the UN's fingering of what it asserted were "banking and financial operations helping to develop, expand or maintain settlements and their activities" in the occupied territories.[12]

Subsidiaries

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  • Etgar - Investment Portfolio Management has been managing investment portfolios since 1987.
  • Mizrahi-Tefahot Trust Company - A trust company wholly owned and controlled by the bank, allowing for the integration of trust services with the bank's overall banking services.
  • Tafachot Insurance Agency - provides mortgage insurance (life and structure insurance) to customers who take out mortgages through the bank.

See also

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References

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  1. ^ [https://www.mizrahi-tefahot.co.il/en/about-mizrahi-tefahot/officers-and-directors-en/ Officers and Directors Meet the current directors and senior management team of Mizrahi-Tefahot Bank Ltd ]
  2. ^ "Annual Report 2022" (PDF). Mizrahi Tefahot. 2022-12-31.
  3. ^ a b Israel's Mizrahi-Tefahot to buy Union Bank for $400 mln
  4. ^ a b Elena (2022-06-01). "Банк Мизрахи-Тфахот — Mizrahi Tefahot – Блог Israel Assist". concierge-israel.com (in Russian). Retrieved 2024-03-06.
  5. ^ Sheffer, Shlomi (January 25, 2004). "Bank Mizrahi Set to Merge With Tefahot". Haaretz. Retrieved 2024-01-29.
  6. ^ Elena (2022-06-01). "Банк Мизрахи-Тфахот — Mizrahi Tefahot – Блог Israel Assist". concierge-israel.com (in Russian). Retrieved 2024-03-06.
  7. ^ "Mizrahi Tefahot Bank | Company Overview & News". Forbes. Archived from the original on 2021-09-14.
  8. ^ Barkai, Haim; Liviatan, Nissan (2007). The Bank of Israel Volume 2: Selected Topics in Israel's Monetary Policy. Oxford University Press. p. 174.
  9. ^ "UN rights office issues report on business activities related to settlements in the Occupied Palestinian Territory". Office of the United Nations High Commissioner for Human Rights. 12 February 2020. Retrieved 5 July 2021.
  10. ^ "S/RES/2334(2016)". United Nations Security Council. 23 December 2016. Retrieved 5 July 2021.
  11. ^ Fouche, Gwladys; Jessop, Simon (5 July 2021). "Nordic fund KLP excludes 16 companies over links to Israeli settlements in West Bank". Reuters. Retrieved 2021-09-13.
  12. ^ "Database of all business enterprises involved in certain activities relating to Israeli settlements in East Jerusalem and the West Bank (A/HRC/43/71)". UN OCHA. 12 Feb 2020. Retrieved 2021-09-12.
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