Bank Mizrahi-Tefahot ( he, בנק מזרחי טפחות) is the third-largest
bank
A bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital markets.
Because ...
in
Israel
Israel (; he, יִשְׂרָאֵל, ; ar, إِسْرَائِيل, ), officially the State of Israel ( he, מְדִינַת יִשְׂרָאֵל, label=none, translit=Medīnat Yīsrāʾēl; ), is a country in Western Asia. It is situated ...
. It has around 140 branches. The bank is the largest among Israel's mortgage lenders.
History
Bank Mizrahi-Tefahot was formed by a merger of Bank Mizrahi HaMeuhad and Bank Tefahot in 2004.
Bank Mizrahi was established in 1923 by the
Mizrachi movement and later merged with Bank
Hapoel HaMizrachi
Hapoel HaMizrachi ( he, הַפּוֹעֵל הַמִּזְרָחִי, lit. '' Mizrachi Workers'') was a political party and settlement movement in Israel. It was one of the predecessors of the National Religious Party and the Jewish Home.
History ...
to form Bank Mizrahi HaMeuhad (United Mizrachi Bank).
In November 2017, Mizrahi Tehafot Bank agreed to buy
Union Bank of Israel
The Union Bank of Israel, Ltd. ( he, בנק אגוד לישראל); ), more widely known by its Hebrew name, Bank Igud, is the sixth largest Israel
Israel (; he, יִשְׂרָאֵל, ; ar, إِسْرَائِيل, ), officially the Stat ...
for US$400 million, thereby consolidating its position as the third largest Israeli bank.
On 12 February 2020, Bank Mizrahi-Tefahot was listed on
database
In computing, a database is an organized collection of data stored and accessed electronically. Small databases can be stored on a file system, while large databases are hosted on computer clusters or cloud storage. The design of databases sp ...
of 112 companies compiled by the
United Nations
The United Nations (UN) is an intergovernmental organization whose stated purposes are to maintain international peace and international security, security, develop friendly relations among nations, achieve international cooperation, and be ...
implicated in helping to further
Israeli settlement
Israeli settlements, or Israeli colonies, are civilian communities inhabited by Israeli citizens, overwhelmingly of Jewish ethnicity, built on lands occupied by Israel in the 1967 Six-Day War. The international community considers Israeli se ...
activity in the
West Bank
The West Bank ( ar, الضفة الغربية, translit=aḍ-Ḍiffah al-Ġarbiyyah; he, הגדה המערבית, translit=HaGadah HaMaʽaravit, also referred to by some Israelis as ) is a landlocked territory near the coast of the Mediter ...
and
Golan Heights
The Golan Heights ( ar, هَضْبَةُ الْجَوْلَانِ, Haḍbatu l-Jawlān or ; he, רמת הגולן, ), or simply the Golan, is a region in the Levant spanning about . The region defined as the Golan Heights differs between di ...
,
an activity considered
illegal under international law.
On 5 July 2021,
Norway
Norway, officially the Kingdom of Norway, is a Nordic country in Northern Europe, the mainland territory of which comprises the western and northernmost portion of the Scandinavian Peninsula. The remote Arctic island of Jan Mayen and t ...
's largest pension fund
KLP KLP may refer to:
*Kommunal Landspensjonskasse, Norwegian mutual insurance company
* KLP Eiendom, Norwegian real estate management company
*KLP (musician), Australian singer-songwriter, record producer, DJ and radio personality
* Kamasa language, IS ...
said it would divest from Bank Mizrahi-Tefahot, alongside 15 other business entities implicated in the report, 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.
See also
*
Banking in Israel
Banking in Israel has its roots in the Zionist movement at the beginning of the 20th century prior to the establishment of the State of Israel in 1948.
History
The World Zionist Organization established the Anglo-Palestine Bank in 1903 (which la ...
*
List of companies operating in West Bank settlements
This is a list of companies operating in West Bank settlements, compiled by the UN Human Rights Council and published by the UN Office for the Coordination of Humanitarian Affairs (OCHA). Israeli settlements in the occupied territory of the West B ...
References
External links
Bank website
{{Authority control
Banks of Israel
Banks established in 1923
1923 establishments in Mandatory Palestine
Companies listed on the Tel Aviv Stock Exchange