Union Bank of Israel
 | |
 | |
| Company type | Public |
|---|---|
| Industry | Banking |
| Founded | 1951 |
| Headquarters | , |
 ₪225 million (2015) | |
| Total equity | ₪40.8 billion (2014) |
Number of employees | 5,173 |
| Website | www.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]
Banking Services
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.[4]
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".[5]
References
- ^ "דף הבית - מאיה – מערכת אינטרנט להודעות | הבורסה לניירות ערך". מאיה.
- ^ Katsovitch, Guy (20 March 2013). "First International Bank profit jumps 20% in 2012". Globes. Retrieved 26 March 2013.
- ^ שטיין, רון (2020-09-23). "המיזוג בין בנק מזרחי טפחות לבנק אגוד יוצא לדרך". Globes. Retrieved 2024-02-25.
- ^ "אליהו מחפש קונה לבנק אגוד - אך לא בטוח שימצא". TheMarker. Retrieved 2024-02-25.
- ^ "מתקרב המיזוג בין אגוד למזרחי-טפחות: פנינסולה רוכשת את תיק היהלומים". TheMarker. Retrieved 2024-02-25.
External links
- Official website (in Hebrew)
- Official website (in English)
Banks portal
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