Israel is a South Western Asian country that has an expanding economy and innovative startup companies. This has resulted in a well-organized banking system that plays an important role in the financial sector. In this article, we will discuss the list of the best banks in Israel, their histories, services, and presence in the market. It is important for people to know the advantages and disadvantages of these banks to be able to choose the right financial institution for their needs.
Table of Contents
1. Bank Hapoalim
The history of Bank Hapoalim can be traced back to 1921 and it is the biggest bank in Israel. It provides banking and other financial services to individuals, companies, and institutions. It has branches in most major towns and cities in the country and has its branches abroad through its subsidiaries and representative offices. Its main strength is the concentration on the use of technology. Bank Hapoalim has invested a lot of money in the development of digital banking to enable customers to manage their accounts and make transactions easily from the comfort of their homes.
2. Bank Leumi
Leumi Bank was founded in 1902 and is one of the big banks in Israel. It offers banking services such as retail, commercial and private banking and has its branches and ATMs in most parts of Israel. Leumi Bank has grown to become an international bank with strong presence in the international financial centers, to meet the needs of Israeli companies that have interests abroad.
3. Israel Discount Bank
The third bank in Israel is the Israel Discount Bank also known as Discount Bank and was founded in 1935. It offers a number of products and services in the areas of retail banking, commercial banking and asset management. The bank focuses a lot on customer service, through personal banking and digital banking.
4. Mizrahi Tefahot Bank
Mizrahi Tefahot Bank was established in 1923 and provides banking and related services such as retail banking, commercial banking and mortgage loans. Of particular importance is the mortgage lending activity where the bank provides a number of products and low interest rates to attract homebuyers in Israel.
5. First International Bank of Israel (FIBI)
FIBI was established in 1972 and is known for its customer relationships. The bank has relationship managers who assist the customers with financial planning and advice and has online banking to help the customer with their accounts.
6. Bank Otsar Ha-Hayal
This bank was founded in 1944 to meet the banking needs of the Israeli Defense Forces and its personnel. It provides specialized products such as mortgage loans and insurance products to the IDF personnel and has branches at the military bases.
7. Union Bank of Israel
Union Bank was founded in 1951 and it provides retail, commercial and private banking services. As for the CSR, the bank is actively involved in supporting the education, healthcare, and environmental projects and initiatives.
8. Bank Massad
Bank Massad was established in 1952 to meet the banking needs of the Arab Israeli population and offers services such as mortgage loans. The bank has been able to develop a good customer base because it understands the needs of this community.
9. Bank Igud
This bank was established in 1952 and the bank concentrates on the development of technology to offer your customers sophisticated digital banking products and services for funds transfer and account management.
10. Bank Mizrachi-Tefahot
This bank was established in 1923 and this bank is engaged in the business of providing mortgage loans and has a customer focused approach with favorable interest rates for home buyers.
The largest 10 banks in Israel are an integral part of the country’s financial system and address different financial demands. It is useful to know what makes each of them special and what products and services they offer so that people and business can make the right financial decisions.
