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| Type | Public company (B.M, Israel) (LSE: BKHD) |
|---|---|
| Founded | Israel , 1921 |
| Headquarters |  Tel Aviv, Israel |
| Key people | Shari Arison, Owner Danny Dankner, Chairman Zion Kenan , President & CEO |
| Industry | Banking Financial services |
| Products | Current Accounts ,Savings, Credit Cards, Mortgages, Trust Services, Foreign Securities, Foreign Currency |
| Employees | 13,581 worldwide |
| Website | www.bankhapoalim.com |
Bank Hapoalim (Hebrew: בנק הפועלים lit. Bank of the Workers) is Israel’s second largest bank [1]. As of 31 December 2008 it had total consolidated assets of NIS 306.85 billion [2]. The Bank has a significant presence in global financial markets. In Israel, the Group has over 260 full-service branches, eight regional business centers, and industry desks for major corporate customers.
The bank's stocks are traded in the Tel Aviv Stock Exchange and the London Stock Exchange (LSE: BKHD)
In 2008, Bank Hapoalim had recorded a net loss of NIS 895 million. During the financial crisis, the bank had sold its New York-based mortgage backed security operations significantly below its former book value which was the main reason for the negative performance that year. In the first half of 2009, the bank had been profitable with net profits of NIS 424.[3]
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History
The bank was established in 1921 by the Histadrut the Israeli trade union congress (lit. "General Federation of Laborers in the Land of Israel") and the World Zionist Organization.
The bank was owned by the Histadrut until 1983, when it was nationalized following the Bank Stock Crisis. The bank was held by the Israeli government until 1996 when it was sold to a group of investors led by Ted Arison. During the period of government ownership the bank grew considerably to become the largest bank in Israel (a title previously held by Bank Leumi).
As of the end of 2008 the bank has 13,581 employees worldwide . It is controlled by Arison Holdings, which is owned by Shari Arison. Arison Holdings owns a total of 25.7 per cent of the bank. Other main investors include Delek Group (5.66 per cent) and IBD Holdings (5.03 per cent).[4]
On June 2, 2008 the Israeli Public Utility Authority approved a feed-in tariff for solar plants, and Bank Hapoalim began to offer 10 year loans for the installation of solar panels.[5][6]
Several senior employees reportedly helped the Israeli-Russian business man Arcadi Gaydamak undertake money laundering and fraud. As of October 2009, both Gaydamak and several senior Bank Hapoalim employees face a trial for these allegations.[7]
Global presence
The bank operates several international subsidiaries, including:
UK
In the City of London, Poalim Asset Management (UK) Limited, and in Manchester.
North America
In the USA (New York City & Miami), Canada.
Europe
BHI Private Banking, Switzerland Bank Hapoalim (Switzerland) Ltd., Zurich, Geneva, Luxembourg, South America, and the Cayman Islands.
References
- ^ According to Business Week
- ^ D&B - Dun's 100 Israel's Largest Enterprises 2009, http://duns100.dundb.co.il/ts.cgi?tsscript=comp_eng&duns=600003370, retrieved 2009-10-07
- ^ Bank Hapoalim Q2 2009 Quarterly Report
- ^ Bank Hapoalim Q2 2009 Quarterly Report
- ^ Approved — Feed-in tariff in Israel.
- ^ Hapoalim offers loans for domestic solar panels, July 3, 2008.
- ^ The Moscow Times, 2nd October 2009
External links
- International website
- Israel website (Hebrew)
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