| Type | Public company (B.M, Israel) (TASE: POLI |
|---|---|
| Industry | Banking Financial services |
| Founded | Israel , 1921 |
| Headquarters | Tel Aviv, Israel |
| Key people | Shari Arison, Owner Danny Dankner, Chairman Zion Kenan , President & CEO |
| 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. The Laborers Bank) is Israel’s 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 on the Tel Aviv Stock Exchange
In 2008, Bank Hapoalim recorded a net loss of NIS 895 million. During the financial crisis, the bank 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 was profitable, reporting net profits of NIS 424 million.[3]
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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).[3]
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.[4][5]
In October 2009 several senior employees were controversially indicted in Tel Aviv District Court on suspicions of money laundering and fraud. They reportedly helped the Israeli-Russian businessman Arcadi Gaydamak and the Italian-Israeli businessman Nahum Galmor to deceive the shareholders of the Dutch chemicals company Thermphos.[6]
The bank operates several international subsidiaries, including:
In the City of London, Poalim Asset Management (UK) Limited, and in Manchester.
In the USA (New York City & Miami), Canada.
BHI Private Banking, Switzerland Bank Hapoalim (Switzerland) Ltd., Zurich, Geneva, Luxembourg, South America, and the Cayman Islands.
Bank Hapoalim has an Australian office in Sydney. This has been used to help people transfer funds when they immigrate to Israel.
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