Bank Hapoalim

Bank Hapoalim (Hebrew: בנק הפועלים‎ lit. The Workers' Bank) is one of Israel's largest banks.

Bank Hapoalim B.M.
TypePublic
TASE: POLI
IndustryBanking, Financial services
Founded1921 (1921)
Headquarters
Tel Aviv
,
Israel
Key people
Dov Kotler, CEO
Oded Eran, Chairman of the Board
ProductsCredit cards, consumer banking, corporate banking, finance and insurance, investment banking, mortgage loans, private banking, private equity, savings, securities, asset management
RevenueUS$4.36 billion (2016)
US$684.6 Million (2016)
Total assetsUS$116.43 billion (2016)
OwnerShari Arison (20.2%)
Number of employees
11,930 (2015)
Websitebankhapoalim.com

History

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 Zionist Organisation.

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.

The bank has a significant presence in global financial markets. In Israel, it has over 600 ATMs (automated teller machines), 250 bank branches, 7 regional business centers, 22 business branches and industry desks for major corporate customers. The bank's stock is traded on the Tel Aviv Stock Exchange.

At the end of 2015, the bank had 11,930 employees worldwide. It is controlled by Arison Holdings, owned by Shari Arison. Arison Holdings owns a total of 20 per cent of the bank.

In January 2014, Danske Bank and the Dutch pension fund PGGM blacklisted Bank Hapoalim for its involvement in the financing of settlements in the Palestinian territories.[1]

Global presence

The bank operates several international subsidiaries: In the City of London and Poalim Asset Management (UK) Limited; in the United States (New York City, California, & Miami) and in Canada; BHI Private Banking, Switzerland Bank Hapoalim (Switzerland) Ltd., Zurich, Geneva, Luxembourg, South America, and the Cayman Islands.

2018-2022 Plan

Bank Hapoalim reached an agreement that cancels the labor dispute called by the Histadrut labour federation in December. The Jan 2020 deal, according to the regulatory filing by the bank in Tel Aviv, suggests to raise worker wages by an average of 3.7% from 2018 to 2022, bank employees will also get a one-time grant of 210 million shekels ($60.6 million), whereas the bank also place to reduce its workforce by over 900 jobs through an early retirement plan.[2]

Controversies

The Bank was found to be complicit in tax evasion, corruption relating to FIFA and bidding for the World Cup. There was a fine of $874.3 million to settle tax evasion claims and $30 million for the FIFA scandal.[3]


Bank logos
  • The bank's logo during the 1990s
  • The bank's logo from 1998 - September 2001
  • The bank's logo from September 2001 - January 2018
  • The bank's logo since January 2018

See also

References
  1. Denmark's Largest Bank Blacklists Israel's Hapoalim Over Settlement Construction
  2. Israel's Bank Hapoalim reaches new wage deal, to cut 900 jobs by 2022
  3. "Israel's Bank Hapoalim Pays $900 Mn Over Tax Evasion, FIFA Cases". Barrons. Retrieved 3 May 2020.
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