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Top-5 Banks in Israel

The Bank of Israel is responsible for the regulation of banks in the country. The role of the Bank of Israel is defined by the law to maintain financial stability and create and implement economic policy. The banking sector is projected to remain stable in Israel. Most of the banks in Israel were initially established before the country of Israel came into being in 1948.

1. Bank Hapoalim

Bank Hapoalim was founded in 1921 by Histadrut. It is the largest bank within Israel and it is also an important player in international financial markets and it operates in the UK, Europe, and North America. Bank Hapoalim runs over 250 branches along with 22 business branches. Additionally, Bank Hapoalim operates seven regional business centers. Bank Hapoalim has over 12000 employees and according to a 2016 estimate, its total assets were over $116 billion. Its net income was over $684 million and total revenue was $4.36 billion.

2. Bank Leumi

Bank Leumi was founded in 1902 to boost financial activities to support construction, agriculture, infrastructure, and industry in the proposed state of Israel. The bank Leumi is based in Tel Aviv. It provides financial services in Israel and abroad, including China, the UK, and the US. It operates over 230 branches with more than 12000 employees. According to the 2016 estimate, the total assets of Bank Leumi are $114 billion with a net income of over $727 million and total revenue of $3.9 billion.

3. Discount Bank

Israel Discount Bank was first established in 1935. It was previously called Eretz Yisrael Discount Bank and Palestine Discount Bank. It is based in Tel Aviv and it has over 260 branches all across the country with more than 5000 employees. It has many subsidiaries including Israel Credit Cards Limited, Discount Capital, Tafnit Discount Asset Management, and IDB Bank. Discount bank offers traditional as well as internet and mobile banking. According to the 2018 estimate, the total assets of Discount Bank are $239.1 billion with $9.02 billion in revenue. In 2018, Discount bank had total equity of over $17 billion.

4. Mizrahi-Tefahot Bank

Bank Mizrahi-Tefahot was formed by the merger of Bank Mizrahi HaMeuhad and Bank Tefahot in 2004 and it is based in Ramat Gan. Previously, Bank Mizrahi was founded in 1923. In 2017, Mizrahi Tehafot bought Union Bank of Israel. Mizrahi-Tefahot is Israel’s fourth-largest bank.  On the basis of total mortgage lending, Mizrahi-Tefahot bank is one of the largest banks in the country. It has over 140 branches and more than 3800 employees. According to the 2020 estimate, its total assets were over $84 billion. Its net profit was over $206 million and a 9% return of equity.

5. First International Bank

First International Bank of Israel was created by the merger of various small banks in 1972. It offers financial services to individuals as well as businesses. It is based in Tel Aviv and it has over 4000 employees. First International Bank avoided nationalization in the 1980s because it did not take part in the bank stock scandal. It was opened in London in 1981 and in Zurich in 1984. In 2020, its revenue is estimated to be over $2.2 billion with a net income of $797 million.

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