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.

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
Eli Yonas (CEO)Yaakov Peri (Chairman)
ServicesFinancial services
Revenue ₪4.78 billion (2012) ₪4.61 billion (2011)
₪1.07 billion (2012) ₪1.05 billion (2011)
Number of employees
3,827 (2007)
Websitewww.mizrahi-tefahot.co.il

History

Bank Mizrahi-Tefahot was formed by a merger of Bank Mizrahi HaMeuhad and Bank Tefahot in 2004.[1]

Bank Mizrahi was established in 1923[2] by the Mizrachi movement and later merged with Bank Hapoel HaMizrachi[3] 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.[4]

On 5 July 2021, Norway's largest pension fund KLP said it would divest from Bank Mizrahi-Tefahot together with 15 other business entities implicated in a 2020 UN report for their links to Israeli settlements in the West Bank.[5][6]

See also

References
  1. Bank Mizrahi Set to Merge With Tefahot
  2. Mizrahi Tefahot Bank
  3. Barkai, Haim; Liviatan, Nissan (2007). The Bank of Israel Volume 2: Selected Topics in Israel's Monetary Policy. Oxford University Press. p. 174.
  4. Israel's Mizrahi-Tefahot to buy Union Bank for $400 mln
  5. "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.
  6. 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.
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