Bank Mizrahi-Tefahot
Native name
בנק מזרחי טפחות‎
FormerlyBank Mizrahi
TypePublic
TASE: MZTF
IndustryBanking
Founded1923 (1923)
FounderMizrachi movement
Headquarters
Ramat Gan
,
Israel
Area served
Israel
Key people
As of 2022: Moshe Lary (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.

History

Bank Mizrahi-Tefahot was formed by a merger of Bank Mizrahi HaMeuhad and Bank Tefahot in 2004.[3]

Bank Mizrahi was established in 1923[4] by the Mizrachi movement and later merged with Bank Hapoel HaMizrachi[5] 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.[6]

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, [7] an activity considered illegal under international law.[8]

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,[9] 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.[10]

See also

References

  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. ↑ Bank Mizrahi Set to Merge With Tefahot
  4. ↑ "Mizrahi Tefahot Bank | Company Overview & News". Forbes. Archived from the original on 2021-09-14.
  5. ↑ Barkai, Haim; Liviatan, Nissan (2007). The Bank of Israel Volume 2: Selected Topics in Israel's Monetary Policy. Oxford University Press. p. 174.
  6. ↑ Israel's Mizrahi-Tefahot to buy Union Bank for $400 mln
  7. ↑ "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.
  8. ↑ "S/RES/2334(2016)". United Nations Security Council. 23 December 2016. Retrieved 5 July 2021.
  9. ↑ 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.
  10. ↑ "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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