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Israel Discount Bank

 
Hoover's Profile: Israel Discount Bank Limited
Contact Information
Israel Discount Bank Limited
23 Yehuda Halevi St.
Tel-Aviv 65136, Israel
Tel. +972-3-514-5555
Fax +972-3-514-5246

Type: Government-owned
On the web: http://www.discountbank.co.il

Israel Discount Bank, the third-largest bank in Israel, has about 210 locations across the country, plus some 20 financial centers in North and South America and Europe. The bank offers standard consumer services like deposits, loans, and credit cards, in addition to private banking, international trade, and commercial banking activities. Its Israel Discount Capital Markets & Investments subsidiary offers investment banking and venture capital services. The bank also owns a majority of mutual fund manager Ilanot Discount. Israel Discount Bank of New York, which has about 10 US branches, is owned through holding company Discount Bancorp.

Officers:
Chairman: Shlomo Zohar
President and CEO: Giora Offer
EVP and Head, Financial Division and Risk Management: Dorit Ben Simon

Competitors:
Bank Hapoalim
Bank Leumi le-Israel
Citigroup

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Wikipedia: Israel Discount Bank
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IDB Bank on Fifth Avenue in New York City

Israel Discount Bank Ltd. (Hebrew: בנק דיסקונט לישראל בע"מ‎), (TASEDSCT) I.D.B., is one of Israel's three largest banks, with 260 branches, and assets of 171 billion NIS (US$38 billion).

The Eretz Yisrael Discount Bank was founded on April 5, 1935 by Leon Recanati, a new immigrant from Greece who had been the head of the Jewish community of Thessaloniki, with two other partners, Yosef Elbaz and Moshe Carasso, in a store at 39 Yehuda Halevi St. in Tel Aviv. The bank was unique in that it was open to private customers unlike the other few dozen banks operating in Israel at that time who mostly catered only to business people and entities.

In 1952, the name of the bank was changed to Israel Discount Bank.

Major Holdings of the bank include Bank Mercantile Discount, shares in First International Bank of Israel, the Israel Discount Mortgage Bank, and Visa-CAL.

The bank's president is Giora Ofer. Shlomo Zohar is the chairman of the board of directors.

Milestones

  • In 1935, bank founded in Tel Aviv.
  • In 1949, the first public branch was opened in Haifa.
  • In 1962, I.D.B. opened its first overseas branch on 5th Avenue in New York City.
  • In 1963, IPO on Tel Aviv Stock Exchange.
  • In 1965, the 100th branch was opened.
  • In 1972, I.D.B. was the first Israeli bank to install external ATM machines.
  • In 1983, subsequent to the stock scandal, ownership was transferred to the Government of Israel.
  • In 2006, control of the bank was tendered to private hands, though the government still owns 31% of shares. The bank's new headquarters is at the Discount Tower on Yehuda Halevi street, Tel Aviv .

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