Migdal Insurance and Financial Holdings Ltd. ( he, מגדל) () is an Israeli insurance company.
History
Migdal was founded in
Jerusalem
Jerusalem (; he, יְרוּשָׁלַיִם ; ar, القُدس ) (combining the Biblical and common usage Arabic names); grc, Ἱερουσαλήμ/Ἰεροσόλυμα, Hierousalḗm/Hierosóluma; hy, Երուսաղեմ, Erusałēm. i ...
in 1934. The original group of investors included local
Palestinian Jew
Palestinian Jews or Jewish Palestinians were the Jewish inhabitants of the Palestine region (known in Hebrew as ''Eretz Yisrael'', ) prior to the establishment of the State of Israel in 1948.
The common term used to refer to the Jewish commun ...
s, families from
Egypt
Egypt ( ar, مصر , ), officially the Arab Republic of Egypt, is a transcontinental country spanning the northeast corner of Africa and southwest corner of Asia via a land bridge formed by the Sinai Peninsula. It is bordered by the Mediter ...
and
Italy
Italy ( it, Italia ), officially the Italian Republic, ) or the Republic of Italy, is a country in Southern Europe. It is located in the middle of the Mediterranean Sea, and its territory largely coincides with the homonymous geographical re ...
and the Italian insurance company
Assicurazioni Generali
Assicurazioni Generali S.p.A. ( , ; meaning 'general insurances') or simply Generali Group is an Italian insurance company based in Trieste. As of 2019, it is the largest of its kind in Italy and among the top ten largest insurance companies in ...
which held a 50% stake and provided the original financial and professional backing.
Generali eventually held 70% of Migdal's shares, and
Bank Leumi
Bank Leumi ( he, בנק לאומי, lit. ''National Bank''; ar, بنك لئومي) is an Israeli bank. It was founded on February 27, 1902, in Jaffa as the ''Anglo Palestine Company'' as subsidiary of the Jewish Colonial Trust (Jüdische Kolonia ...
owns almost 10%.
In September 1996, Migdal made its
initial public offering
An initial public offering (IPO) or stock launch is a public offering in which shares of a company are sold to institutional investors and usually also to retail (individual) investors. An IPO is typically underwritten by one or more investment ...
on the
Tel Aviv Stock Exchange
The Tel Aviv Stock Exchange (TASE; ; colloquially known as The Bursa, ) is Israel's only public stock exchange and a public company that has been traded on the Tel-Aviv Stock Exchange since August 1, 2019. Legally, the exchange is regulated by ...
, selling 20% shares stake.
In March 2012
Assicurazioni Generali
Assicurazioni Generali S.p.A. ( , ; meaning 'general insurances') or simply Generali Group is an Italian insurance company based in Trieste. As of 2019, it is the largest of its kind in Italy and among the top ten largest insurance companies in ...
sold Migdal to
Shlomo Eliahu
Shlomo Eliahu ( he, שלמה אליהו, born 18 January 1936) is an Israeli businessman, billionaire, and former politician who served as a member of the Knesset between 1978 and 1981.
Biography
Born in Baghdad in 1936, Eliahu made aliyah to Isr ...
.
Shlomo Eliahu buys Migdal from Generali
7 March 2012, Globes
See also
*Economy of Israel
The economy of Israel is a developed free-market economy. The prosperity of Israel's advanced economy allows the country to have a sophisticated welfare state, a powerful modern military said to possess a nuclear-weapons capability, modern inf ...
References
External links
website
{{TA 100 companies
Companies listed on the Tel Aviv Stock Exchange
Insurance companies of Israel
Financial services companies established in 1934
1934 establishments in Mandatory Palestine