Bank Mizrahi-Tefahot (Hebrew ：בנק מזרחי טפחות） Is The Third Largest Bank In Israel. It Has About 140 Branches. The Bank Is The Largest Of The Mortgage Lenders In Israel.
The CEO Of Bank Mizrahi-Tefahot Since September 2020 Is Moshe Larry, Who Succeeds Eldad Persher, Who Has Been The CEO Of The Bank Since 2014. During Larry's Time, Bank Mizrahi Bought All The Shares Of United Bank Of Israel, Which Became Their Subsidiary.
History
British Trusteeship Era
The Mizrahi Bank Was Founded In 1923 By The World Mizrahi Movement To Provide Financial Assistance And Serve As A Financial Instrument To Businesses Belonging To Individuals And Institutions Organized By Mizrahi.
In Addition, The Bank Was Given The Mission Of Being A National Public Bank For The Entire Jewish Community Of Yishuv.
State Of Israel
In 2004, In Light Of The Transformations And Changes Taking Place In The Banking System, Including The Completion Of The Merger Of Several Mortgage Banks With Their Commercial Banks, The Idea Of An Internal Merger Within The Bank Mizrachi Group Became A Reality. In June Of The Same Year, The Board Of Directors Of Bank Mizrachi Decided To Take Action To Merge Bank Tefahot With Bank Mizrachi And Merge It Into Bank Mizrachi.
In 2005, United Bank Mizrahi And Tefahot Mortgage Bank Merged, And The Bank Has Since Been Known As "Mizrahi-Tefahot Bank Ltd." Or "Mizrahi-Tefahot".
Mizrahi Bank Was Founded By The Mizrachi Movement In 1923 [7] And Later Merged With Hapoel HaMizrachi [8] Bank To Form Bank Mizrahi HaMeuhad (United Mizrachi Bank).
In November 2017, Mizrahi Tehafot Bank Agreed To Acquire United Bank Of Israel For $400 Million, Thus Solidifying Its Position As The Third Largest Bank In Israel.
On 12 February 2020, Mizrahi-Tefahot Bank Was Listed In A Database Compiled By The United Nations Of 112 Companies Suspected Of Helping To Facilitate Israeli Settlement Activities In The West Bank And Golan Heights, [9] Which Are Considered Illegal Under International Law.
On 5 July 2021, Norway's Largest Pension Fund, KLP, Said It Would Divest From 15 Other Business Entities Covered In The Report, As The United Nations Accused It Of Banking And Financial Operations That It Claimed "helped Develop, Expand Or Maintain Settlements And Their Activities" In The Occupied Territories.
Subsidiary
- 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 Structural Insurance) To Customers Who Apply For A Mortgage Through The Bank
Mizrahi Tefahot Is The Third Largest Bank In Israel By Asset Value, Offering A Full Range Of International, Commercial, Domestic And Personal Banking Services. Its Total Assets Were $100.86 Billion As Of September 30, 2020 And For The Nine Months Ended September 30, 2020, Mizrahi Tefahot Reported Pre-tax Operating Profit Of $519.32 Million, Net Profit Of $320.84 Million And Return On Equity Of 9%. Mizrahi Tefahot Has Been Awarded An A2/stable International Rating On Foreign Bank Deposits By Moody's. S & P Global Ratings Maalot Ltd Has Awarded Mizrahi Tefahot IlAAA/stable Issuer Rating. Contingent Subordinated Notes With Contractual Loss-absorbing Provisions (CoCo), Which Qualify As Class II Equity Under The Provisions Of Basel III, Are Rated IlAA -. Subordinated Capital Notes, Which Qualify As Class II Equity In The Upper Tier, Have Been Upgraded To IlAA - Under The Transitional Provisions Of Basel III. Midroog Ltd (created In Partnership With Moody's) Has Awarded Mizrahi Tefahot A Aaa.il/Stable-year Long-term Deposit And Senior Debt Rating. Subordinated Capital Notes (Class II Capital) Are Rated Aa2.il (hyb). Contingent Subordinated Notes With Contractual Loss Absorption Clauses (CoCo), Which Qualify As Class II Shares Under Basel III, Are Rated IlAa3.il (hyb).
Website
Https://www.mizrahi-tefahot.co.il/
Industry
Banking
Size
1,001-5,000 People
Type
Listed Company
