While Israel might not be a big country in terms of its size and population, (8.6 million people according to the UN) Tel Aviv, the country’s largest city is still a major financial centre. Its reputation as a startup hub, developing innovation is recognised globally. In terms of the financial ecosystem in Tel Aviv and wider Israel, the country has a strong sector which includes various banks.
The FinTech Times has compiled a list of the top ten largest banks in Israel and ranked them (based on asset). Combined, the top ten in this list would be valued at over $500 billion. This is impressive as this figure is very similar to a much larger country such as Turkey, which is around ten times as big in terms of population.
#10 – Bank Massad – It was founded in 1929 as the Massad Mutual Loans and Savings Company by Israel’s teachers Trade Union, Histadrut HaMorim. At present, the bank is a subsidiary of First International Bank and jointly owned with Histadrut HaMorim.
#9 – Bank of Jerusalem – The Bank of Jerusalum operates 16 branches throughout the country and has four main sectors of activities: Homeowners sector which includes three sub-sectors: housing loans, banking and financing and capital market activity.
#8 – Bank Yahav – Established in 1954, Bank Yahav specialises in financial services to the retail sector, households and employees in all industries. The bank is held by Mizrahi-Tefahot and by Culture & Economic Projects for State’s Employees, which is owned, by the State Employees Union and the State of Israel.
#7 – Union Bank of Israel – The bank attracts deposits and offers commercial banking services. Union Bank of Israel offers private banking services, mortgage loans, lease financing – amongst other services.
#6 – Bank Mercantile Discount Ltd– The bank was founded in 1918. Bank Mercantile Discount is a subsidiary of Israel Discount Bank.
#5 – First International Bank of Israel (FIBI) – FIBI was founded in 1972 through the merger of various banks. FIBI provides general and other premium banking services to businesses and households.
#4 – Israel Discount Bank– Israel Discount Bank, Ltd. is retail, commercial, private bank and financial services company headquartered in Tel Aviv with 112 branches throughout the country.
#3 – Mizrahi-Tefahot Bank– Mizrahi Tefahot Bank engages in the provision of banking and financial services, offering products and services including private banking, checking accounts – to name a few. The bank has around 140 locations across the country.
#2 – Bank Hapoalim – Bank Hapoalim is a leading financial group. The bank has over 260 full-service branches, eight regional business centres, and industry desks for major corporate customers. The full-service branches focus on households, professionals, small businesses, mortgage banking and pension advisory services.
#1 – Bank Leumi – Established in 1902, Leumi is Israel’s oldest banking corporation and one of the leading and largest corporations in the Middle East. The Leumi Group operates 268 branches throughout the country, as well as branches and offices located in key financial centres across the globe. Leumi provides a wide spectrum of high-quality banking services to all types of customers, starting with households, through small and middle-market businesses, and up to large corporations.
This article was produced by the editorial team at The Fintech Times, consisting of Richie Santosdiaz, Polly Jean Harrison and Mark Walker. It may be reproduced in full with credit attributed to The Fintech Times.