Union Bank of Israel

Union Bank of Israel, Ltd.
Company typePublic
IndustryBanking
Founded1951; 74 years ago (1951)
Headquarters
Tel Aviv
,
Israel
Increase ₪225 million (2015)
Total equity₪40.8 billion (2014)
Number of employees
5,173
Websitewww.unionbank.co.il
Footnotes / references
[1][2]

The Union Bank of Israel, Ltd. (Hebrew: בנק אגוד לישראל); TASE: UNON), more widely known by its Hebrew name, Bank Igud, is the sixth largest Israeli bank, with thirty branches spread around the country.

In September 2020, Bank Mizrahi-Tefahot acquired all the shares of Bank Igud, therefore legally as of October 1, 2020, Igud Bank ceased to exist as a publicly traded company and became a subsidiary of Bank Mizrahi-Tefahot. Mizrahi appointed 4 directors to the bank's board, and also appointed Moshe Levi as chairman of the board in place of Zeev Aviel. By November 15, 2022, all Igud Bank customers were transferred to Mizrahi-Tefahot. On 31 December, 2022, the merger process was completed entirely, and "Igud" ceased to exist as an entity.[3]

History

Bank Igud was founded in 1951 by the Economic Company for Israel from New York and the Palestine Association from London.[4] This continued the banking operations of the Palestine Association, which had been active in the Land of Israel since 1922. In April 1954, Bank Leumi acquired most of the shares of the Palestine Association, resulting in Bank Igud becoming jointly owned by Bank Leumi and the Economic Company.[5] In March 1958, a merger with Feuchtwanger Bank was proposed,[6] but negotiations failed, and the merger did not proceed. In 1961, Bank Leumi purchased the remaining shares, gaining full ownership of Bank Igud.[7]

In 2014, Bank Igud held a market share of about 3% of the banking system in Israel, focusing on commercial activity for high-income earners.[8]

A unique sector the bank operated in was the diamond sector. When the Diamond Exchange was established, diamond trading also took place in the building where the bank's offices were located in Tel Aviv, thus establishing a connection between this sector and the bank. The bank's market share in the diamond sector stood at about 22%, significantly higher than its relative share in the general banking market. As part of the merger process with Mizrahi Bank, the bank's credit portfolio in the diamond sector was sold to the company "Peninsula".[9]

See also

List of banks in Israel

References

  1. ^ "דף הבית - מאיה – מערכת אינטרנט להודעות | הבורסה לניירות ערך". מאיה.
  2. ^ Katsovitch, Guy (20 March 2013). "First International Bank profit jumps 20% in 2012". Globes. Retrieved 26 March 2013.
  3. ^ שטיין, רון (2020-09-23). "המיזוג בין בנק מזרחי טפחות לבנק אגוד יוצא לדרך". Globes. Retrieved 2024-02-25.
  4. ^ "Bank Igud begins operations". www.nli.org.il (in Hebrew). Retrieved 2024-09-05.
  5. ^ "⁨הבנק הלאומי רכש רוב מניותיה של האגודה הא"י ⁩ — ⁨⁨הבקר⁩ 1 אפריל 1954⁩ — הספרייה הלאומית של ישראל │ עיתונים". www.nli.org.il (in Hebrew). Retrieved 2024-09-05.
  6. ^ "⁨בכל כל ה ⁩ — ⁨⁨דבר⁩ 7 מרץ 1958⁩ — הספרייה הלאומית של ישראל │ עיתונים". www.nli.org.il (in Hebrew). Retrieved 2024-09-05.
  7. ^ "⁨בנק לאומי רכש מחצית השניה ממניות בנק איגוד ⁩ — ⁨⁨הבקר⁩ 15 מרץ 1961⁩ — הספרייה הלאומית של ישראל │ עיתונים". www.nli.org.il (in Hebrew). Retrieved 2024-09-05.
  8. ^ "אליהו מחפש קונה לבנק אגוד - אך לא בטוח שימצא". TheMarker. Retrieved 2024-02-25.
  9. ^ "מתקרב המיזוג בין אגוד למזרחי-טפחות: פנינסולה רוכשת את תיק היהלומים". TheMarker. Retrieved 2024-02-25.