Mercantile Discount Bank
Mercantile Discount Bank (Hebrew: בנק מרכנתיל דיסקונט בע"מ) is a major commercial bank in Israel, and is a subsidiary of Israel Discount Bank. It is the sixth largest bank in Israel.
 | |
| Type | Public |
|---|---|
| TASE: DSCT | |
| Industry | Banking Financial services |
| Founded | 1971 |
| Headquarters | , |
| Products | consumer banking, corporate banking, finance and insurance, investment banking, mortgage loans, private banking, private equity, savings, Securities, asset management, wealth management, Credit cards |
| Parent | Israel Discount Bank |
| Website | www |
Controversy
In 2021, MDB and its parent company IDB reached a settlement of ₪343 million (A$137 million) with the Australian Tax Office (ATO), after allegedly conspiring with the Sydney-based Binetter family to engage in tax fraud.[1]
Criticism
Involvement in Israeli settlements
On 12 February 2020, the United Nations published a database of companies doing business related in the West Bank, including East Jerusalem, as well as in the occupied Golan Heights.[2] Mercantile Discount Bank was listed on the database on account of its activities in Israeli settlements in these occupied territories,[3] which are considered illegal under international law.[4]
References
- Chenoweth, Neil (1 February 2021). "ATO wins $137m from Binetters' Israeli banks after 16-year pursuit". Australian Financial Review. Retrieved 29 July 2021.
- "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.
- "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.
- "S/RES/2334(2016)". United Nations Security Council. 23 December 2016. Retrieved 5 July 2021.
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