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 12 February 2020, Bank Mizrahi-Tefahot was listed on database of 112 companies compiled by the United Nations implicated in helping to further Israeli settlement activity in the West Bank and Golan Heights, [5] an activity considered illegal under international law.[6]

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,[7] 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.[8]

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. "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.
  6. "S/RES/2334(2016)". United Nations Security Council. 23 December 2016. Retrieved 5 July 2021.
  7. 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.
  8. "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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