Bank Hapoalim
Encyclopedia
Bank Hapoalim is Israel’s largest bank. As of 31 December 2008 it had total consolidated assets of NIS 306.85 billion. 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.
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).
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.
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
.
Bank Hapoalim (Switzerland) Ltd., Zurich
, Geneva
, Luxembourg
, South America
, and the Cayman Islands
.
Tel Aviv Stock Exchange
The Tel Aviv Stock Exchange in Tel Aviv is Israel's only stock exchange.The TASE is the only public market for trading securities in Israel. It plays a major role in the Israeli economy....
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.
History
The bank was established in 1921 by the HistadrutHistadrut
HaHistadrut HaKlalit shel HaOvdim B'Eretz Yisrael , known as the Histadrut, is Israel's organization of trade unions. Established in December 1920 during the British Mandate for Palestine, it became one of the most powerful institutions of the State of Israel.-History:The Histadrut was founded in...
the Israeli trade union congress (lit. "General Federation of Laborers in the Land of Israel") and the World Zionist Organization
World Zionist Organization
The World Zionist Organization , or WZO, was founded as the Zionist Organization , or ZO, in 1897 at the First Zionist Congress, held from August 29 to August 31 in Basel, Switzerland...
.
The bank was owned by the Histadrut
Histadrut
HaHistadrut HaKlalit shel HaOvdim B'Eretz Yisrael , known as the Histadrut, is Israel's organization of trade unions. Established in December 1920 during the British Mandate for Palestine, it became one of the most powerful institutions of the State of Israel.-History:The Histadrut was founded in...
until 1983, when it was nationalized following the Bank Stock Crisis
Bank stock crisis (Israel 1983)
The Bank stock crisis was a financial crisis that occurred in Israel in 1983, during which the stocks of the four largest banks in Israel collapsed, and were nationalized by the state.-Background:...
. The bank was held by the Israeli government until 1996 when it was sold to a group of investors led by Ted Arison
Ted Arison
Ted Arison was an Israeli-American businessman who co-founded Norwegian Cruise Lines in 1966 with Knut Kloster and founded Carnival Cruise Lines in 1972....
. During the period of government ownership the bank grew considerably to become the largest bank in Israel (a title previously held by Bank Leumi
Bank Leumi
Bank Leumi is an Israeli bank. It was founded in London as the Anglo Palestine Company on February 27, 1902, by members of the Zionist movement to promote the industry, construction, agriculture, and infrastructure of Palestine.-History:...
).
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
Shari Arison
Shari Arison is an Israeli-American businesswoman and Israel's wealthiest woman. She is the owner of several businesses, the largest among them Bank Hapoalim....
. Arison Holdings owns a total of 25.7 per cent of the bank. Other main investors include Delek Group
Delek Group
Delek Group is of one Israel's largest companies, owned by Isaac Sharon , a self-made multi-millionaire. Delek Group is involved in the energy and infrastructure, with investments in upstream and downstream energy, water desalination and power plants. Delek Group' subsidiaries are also involved in...
(5.66 per cent) and IBD Holdings (5.03 per cent).
On June 2, 2008 the Israeli Public Utility Authority approved a feed-in tariff for solar plants
Solar power in Israel
Solar power in Israel and the Israeli solar energy industry has a history that dates to the founding of the country. In the 1950s, Levi Yissar developed a solar water heater to help assuage an energy shortage in the new country. By 1967 around one in twenty households heated its water with the...
, and Bank Hapoalim began to offer 10 year loans for the installation of solar panels.
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
Arcadi Gaydamak
Arcadi Aleksandrovich Gaydamak, is a Russian-Israeli businessman, who was awarded the Order of the Legion of Honour. On April 29, 2011 the Court of Appeal in Paris acquitted him of charges of arms dealing...
and the Italian-Israeli businessman Nahum Galmor
Nahum Galmor
Nahum Galmor is an Italian-Israeli businessman residing in Switzerland.He has been the owner and chairman of the board of the Dutch company Thermphos since 2003. Thermphos is one of the world’s largest manufacturer of phosphorus products.-Career:Nahum Galmor studied economics in the USA and holds...
to deceive the shareholders of the Dutch chemicals company Thermphos
Thermphos International
The Themphos International B.V. is a venture of the chemical industry, which produces phosphorus and inorganic phosphorus compounds. In 2005 it earned about 550 Million Euros and employs about 1200 people. It is Europe's only producer of elemental phosphorus. The company is also involved in...
.
Europe
BHI Private Banking, SwitzerlandSwitzerland
Switzerland name of one of the Swiss cantons. ; ; ; or ), in its full name the Swiss Confederation , is a federal republic consisting of 26 cantons, with Bern as the seat of the federal authorities. The country is situated in Western Europe,Or Central Europe depending on the definition....
Bank Hapoalim (Switzerland) Ltd., Zurich
Zürich
Zurich is the largest city in Switzerland and the capital of the canton of Zurich. It is located in central Switzerland at the northwestern tip of Lake Zurich...
, Geneva
Geneva
Geneva In the national languages of Switzerland the city is known as Genf , Ginevra and Genevra is the second-most-populous city in Switzerland and is the most populous city of Romandie, the French-speaking part of Switzerland...
, Luxembourg
Luxembourg
Luxembourg , officially the Grand Duchy of Luxembourg , is a landlocked country in western Europe, bordered by Belgium, France, and Germany. It has two principal regions: the Oesling in the North as part of the Ardennes massif, and the Gutland in the south...
, South America
South America
South America is a continent situated in the Western Hemisphere, mostly in the Southern Hemisphere, with a relatively small portion in the Northern Hemisphere. The continent is also considered a subcontinent of the Americas. It is bordered on the west by the Pacific Ocean and on the north and east...
, and the Cayman Islands
Cayman Islands
The Cayman Islands is a British Overseas Territory and overseas territory of the European Union located in the western Caribbean Sea. The territory comprises the three islands of Grand Cayman, Cayman Brac, and Little Cayman, located south of Cuba and northwest of Jamaica...
.