Union Bank of Israel: Difference between revisions

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	{{Infobox company		{{Infobox company
	\| name = Union Bank of Israel, Ltd.		\| name = Union Bank of Israel, Ltd.
	\| logo =		\| logo = Bank Igud logo.svg
	\| image =		\| image = בנק איגוד.jpg
	\| image_caption =		\| image_caption =
	\| type = Public		\| type = Public
	\| traded_as =		\| traded_as =
			\| fate =
	\| ~~fate~~ =		\| predecessor =
	\| ~~predecessor~~ =		\| successor =
		⚫	\| foundation = {{start date and age\|1951}}
	\| successor =
		⚫	\| founder =
⚫	\| foundation = {{start date and age\|1951}}
		⚫	\| defunct = <!-- {{End date\|YYYY\|MM\|DD}} -->
⚫	\| founder =
		⚫	\| location_city = ]
⚫	\| defunct = <!-- {{End date\|YYYY\|MM\|DD}} -->
⚫	\| location_city = ]
	\| location_country = ]		\| location_country = ]
	\| location =		\| location =
	\| locations =		\| locations =
	\| area_served =		\| area_served =
	\| key_people =		\| key_people =
	\| industry = ]		\| industry = ]
	\| products =		\| products =
	\| services =		\| services =
	\| revenue =		\| revenue =
	\| operating_income =		\| operating_income =
	\| net_income = {{Increase}} ]225 million <small>(2015)</small>		\| net_income = {{Increase}} ]225 million <small>(2015)</small>
	\| aum = <!-- Only used with financial services companies -->		\| aum = <!-- Only used with financial services companies -->
	\| assets =		\| assets =
	\| equity = ]40.8 billion (2014)		\| equity = ]40.8 billion (2014)
	\| owner =		\| owner =
	\| num_employees = 5,173		\| num_employees = 5,173
	\| parent =		\| parent =
	\| divisions =		\| divisions =
	\| subsid =		\| subsid =
	\| homepage =		\| homepage =
	\| footnotes = <ref>{{Cite web\|url=http://maya.tase.co.il/\|title=דף הבית - מאיה – מערכת אינטרנט להודעות \| הבורסה לניירות ערך\|website=מאיה}}</ref><ref name=katsovich>{{cite news\|last=Katsovitch\|first=Guy\|title=First International Bank profit jumps 20% in 2012\|url=http://www.globes.co.il/serveen/globes/docview.asp?did=1000831368&fid=1725\|access-date=26 March 2013\|newspaper=]\|date=20 March 2013}}</ref>		\| footnotes = <ref>{{Cite web\|url=http://maya.tase.co.il/\|title=דף הבית - מאיה – מערכת אינטרנט להודעות \| הבורסה לניירות ערך\|website=מאיה}}</ref><ref name=katsovich>{{cite news\|last=Katsovitch\|first=Guy\|title=First International Bank profit jumps 20% in 2012\|url=http://www.globes.co.il/serveen/globes/docview.asp?did=1000831368&fid=1725\|access-date=26 March 2013\|newspaper=]\|date=20 March 2013}}</ref>
	\| intl =		\| intl =
		⚫	}}The '''Union Bank of Israel, Ltd.''' ({{langx\|he\|בנק אגוד לישראל}}); {{TASE\|UNON}}), more widely known by its ] name, '''Bank Igud''', is the sixth largest ]i bank, with thirty branches spread around the country.
	}}
⚫	The '''Union Bank of Israel, Ltd.''' ({{~~lang-~~he\|בנק אגוד לישראל}}), ({{TASE\|UNON}}), more widely known by its ] name, '''Bank Igud''', ~~pronounced ''Eegood'', (בנק אגוד)~~ is the sixth largest ]i bank with thirty branches spread around the country. ~~The bank complies with the ramifications of ]. {{Citation needed\|reason=no reference found to any compliance with loans and interest in Judaism on the Union bank website \|date=August 2014}}~~

			In September 2020, ] 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.<ref>{{Cite news \|last=שטיין \|first=רון \|date=2020-09-23 \|title=המיזוג בין בנק מזרחי טפחות לבנק אגוד יוצא לדרך \|url=https://www.globes.co.il/news/article.aspx?did=1001343627 \|access-date=2024-02-25 \|work=Globes}}</ref>

			== History ==
			Bank Igud was founded in 1951 by the Economic Company for Israel from New York and the Palestine Association from London.<ref>{{Cite web \|title=Bank Igud begins operations \|url=https://www.nli.org.il/he/newspapers/haretz/1951/08/29/01/article/29?&dliv=none&e=-------he-20--1--img-txIN%7CtxTI--------------1&utm_source=he.wikipedia.org&utm_medium=referral&utm_campaign=%22%D7%91%D7%A0%D7%A7+%D7%90%D7%92%D7%95%D7%93+%D7%9C%D7%99%D7%A9%D7%A8%D7%90%D7%9C%22&utm_content=itonut \|access-date=2024-09-05 \|website=www.nli.org.il \|language=he}}</ref> This continued the banking operations of the Palestine Association, which had been active in the Land of Israel since 1922. In April 1954, Bank Leumi acquired most of the shares of the Palestine Association, resulting in Bank Igud becoming jointly owned by Bank Leumi and the Economic Company.<ref>{{Cite web \|title=⁨הבנק הלאומי רכש רוב מניותיה של האגודה הא"י ⁩ — ⁨⁨הבקר⁩ 1 אפריל 1954⁩ — הספרייה הלאומית של ישראל │ עיתונים \|url=https://www.nli.org.il/he/newspapers/hbkr/1954/04/01/01/article/17?&dliv=none&e=-------he-20--1--img-txIN%7CtxTI--------------1&utm_source=he.wikipedia.org&utm_medium=referral&utm_campaign=%22%D7%91%D7%A0%D7%A7+%D7%90%D7%92%D7%95%D7%93+%D7%9C%D7%99%D7%A9%D7%A8%D7%90%D7%9C%22&utm_content=itonut \|access-date=2024-09-05 \|website=www.nli.org.il \|language=he}}</ref> In March 1958, a merger with Feuchtwanger Bank was proposed,<ref>{{Cite web \|title=⁨בכל כל ה ⁩ — ⁨⁨דבר⁩ 7 מרץ 1958⁩ — הספרייה הלאומית של ישראל │ עיתונים \|url=https://www.nli.org.il/he/newspapers/dav/1958/03/07/01/article/140?&dliv=none&e=-------he-20--1--img-txIN%7CtxTI--------------1&utm_source=he.wikipedia.org&utm_medium=referral&utm_campaign=%22%D7%91%D7%A0%D7%A7+%D7%90%D7%92%D7%95%D7%93+%D7%9C%D7%99%D7%A9%D7%A8%D7%90%D7%9C%22&utm_content=itonut \|access-date=2024-09-05 \|website=www.nli.org.il \|language=he}}</ref> but negotiations failed, and the merger did not proceed. In 1961, Bank Leumi purchased the remaining shares, gaining full ownership of Bank Igud.<ref>{{Cite web \|title=⁨בנק לאומי רכש מחצית השניה ממניות בנק איגוד ⁩ — ⁨⁨הבקר⁩ 15 מרץ 1961⁩ — הספרייה הלאומית של ישראל │ עיתונים \|url=https://www.nli.org.il/he/newspapers/hbkr/1961/03/15/01/article/55?&dliv=none&e=-------he-20--1--img-txIN%7CtxTI--------------1&utm_source=he.wikipedia.org&utm_medium=referral&utm_campaign=%22%D7%91%D7%A0%D7%A7+%D7%90%D7%92%D7%95%D7%93+%D7%9C%D7%99%D7%A9%D7%A8%D7%90%D7%9C%22&utm_content=itonut \|access-date=2024-09-05 \|website=www.nli.org.il \|language=he}}</ref>

			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.<ref>{{Cite news \|title=אליהו מחפש קונה לבנק אגוד - אך לא בטוח שימצא \|url=https://www.themarker.com/markets/2014-07-23/ty-article/0000017f-e21e-d568-ad7f-f37f44250000 \|access-date=2024-02-25 \|work=TheMarker}}</ref>

			A unique sector the bank operated in was the diamond sector. When the ] 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".<ref>{{Cite news \|title=מתקרב המיזוג בין אגוד למזרחי-טפחות: פנינסולה רוכשת את תיק היהלומים \|url=https://www.themarker.com/markets/2020-07-14/ty-article/0000017f-f150-d8a1-a5ff-f1dac7810000 \|access-date=2024-02-25 \|work=TheMarker}}</ref>
			==See also==
			]
	==References==		==References==
	{{Reflist}}		{{Reflist}}

	==External links==		==External links==
		⚫	{{Portal\|Banks}}
	* {{in lang\|he}}		* {{in lang\|he}}
	* {{in lang\|en}}		* {{in lang\|en}}

	{{TA 100 companies}}		{{TA 100 companies}}
	{{Israeli banks}}		{{Israeli banks}}
			{{Authority control}}
⚫	{{Portal\|Banks}}

	]		]
	]		]
	]		]


	{{Asia-bank-stub}}
	{{Israel-company-stub}}

Latest revision as of 03:13, 25 October 2024

Union Bank of Israel, Ltd.


Company type	Public
Industry	Banking
Founded	1951; 74 years ago (1951)
Headquarters	Tel Aviv, Israel
Net income	₪225 million (2015)
Total equity	₪40.8 billion (2014)
Number of employees	5,173
Website	www.unionbank.co.il
Footnotes / references

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.

History

Bank Igud was founded in 1951 by the Economic Company for Israel from New York and the Palestine Association from London. This continued the banking operations of the Palestine Association, which had been active in the Land of Israel since 1922. In April 1954, Bank Leumi acquired most of the shares of the Palestine Association, resulting in Bank Igud becoming jointly owned by Bank Leumi and the Economic Company. In March 1958, a merger with Feuchtwanger Bank was proposed, but negotiations failed, and the merger did not proceed. In 1961, Bank Leumi purchased the remaining shares, gaining full ownership of Bank Igud.

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.

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".

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.
"Bank Igud begins operations". www.nli.org.il (in Hebrew). Retrieved 2024-09-05.
"⁨הבנק הלאומי רכש רוב מניותיה של האגודה הא"י ⁩ — ⁨⁨הבקר⁩ 1 אפריל 1954⁩ — הספרייה הלאומית של ישראל │ עיתונים". www.nli.org.il (in Hebrew). Retrieved 2024-09-05.
"⁨בכל כל ה ⁩ — ⁨⁨דבר⁩ 7 מרץ 1958⁩ — הספרייה הלאומית של ישראל │ עיתונים". www.nli.org.il (in Hebrew). Retrieved 2024-09-05.
"⁨בנק לאומי רכש מחצית השניה ממניות בנק איגוד ⁩ — ⁨⁨הבקר⁩ 15 מרץ 1961⁩ — הספרייה הלאומית של ישראל │ עיתונים". www.nli.org.il (in Hebrew). Retrieved 2024-09-05.
"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)

v t e TA 125 companies of the Tel Aviv Stock Exchange
Africa Israel Investments Alvarion Alrov Group Babylon Bank Hapoalim Bank Leumi Bank Mizrahi-Tefahot Brack Capital Properties BAZAN Group Bezeq - The Israel Telecommunication Corp Israel Canada LTD. Cellcom Ceragon Networks Delek Group Delta Galil Industries Gilat Satellite Networks Discount Investment Corporation El Al Elco Electra Consumer Products Evogene Elbit Systems EZchip Semiconductor Elron Electronic Industries First International Bank of Israel Frutarom Fox Group Gazit-Globe Given Imaging Harel Insurance and Financial Services Shikun & Binui Israel Chemicals Israel Corporation Israel Discount Bank Isramco Ituran Kenon Holdings Kamada LivePerson Magic Software Enterprises Mazor Robotics Mellanox Technologies Migdal Insurance and Financial Holdings Mivtach Shamir NICE Ltd. Oramed Ormat Technologies Osem Rami Levy Hashikma Marketing Partner Communications Company Paz Oil Company Perion Network Perrigo Company Plasson Strauss Group Shufersal SodaStream Union Bank of Israel Teva Pharmaceuticals Tower Semiconductor

TA 125 companies of the Tel Aviv Stock Exchange

v t e Banks in Israel
Central bank	Bank of Israel
Major banks	Bank Hapoalim Bank Leumi (Arab Israel Bank) Israel Discount Bank (Mercantile Discount Bank)
Other banks	Bank of Jerusalem Bank Mizrahi-Tefahot First International Bank of Israel (Bank Massad Bank Otsar Ha-Hayal) Union Bank of Israel
See also: Banking in Israel

Categories:

Latest revision as of 03:13, 25 October 2024

History

See also

References

External links