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The Union Bank of Israel, Ltd., more widely known by its Hebrew name, Bank Igud, pronounced Eegude, (בנק אגוד) is the sixth largest commercial bank in the Israeli banking industry and provides comprehensive banking services to both private and business clients. The bank was established in 1951 and operates through 34 branches and private banking centers - Igud Premium in Ramat-Gan and Haifa. The bank numbers over 1,000 employees. Mr. Haim Freilichman has been serving as CEO since early 2006, while Mr. Ze'ev Abeles serves as Chairman of the Board of Directors.
The controlling interest in the bank has been held since 1993 by three groups: Shlomo Eliyahu Holdings Ltd., Yeshayahu Landau Holdings (1993) Ltd., and David Lubinski Assets (Holdings) 1993 Ltd., which currently hold the controlling interest in the bank.
Marketing Strategy
In the past several years, the primary focus of Union Bank's business plans has been to increase the bank's market share among private clients - including the mortgage sector.
Union Bank opened 12 new branches since 2004 , specializing in retail clients, while focusing on areas suffering from a shortage of banking services. These branches offer extended opening hours, including Fridays, as opposed to the compteting banks that been reducing their operating hours and shutting down branches on Fridays.
Moreover, branches were opened in areas with a primarily Ultra Orthodox population. Two new branches were opened in 2007 at central anchors of the ultra orthodox population, with the intention of deepening the penetration and operations in this population sector: Rimonim branch in Bnei-Brak and Geula branch in Jerusalem.
In mid-2006, the bank opened a luxurious private banking center in Ramat-Gan, that provides a very high level of services to customers with net financial worth in excess of NIS 1 million. In May 2008, a second private banking center was opened in Haifa. The very best consultants were recruited to staff these centers, providing high-quality, professional, discreet and personal services. At the heart of customer service stands the philosophy of providing a comprehensive solution to the client's needs, including the tailoring of advanced financial products - structured deposits, investments in venture capital funds, complex ForEx transactions and comprehensive pension consulting. Igud Premium relies on the proven expertise and the vast experience of Union Bank in both international and local capital markets.
Subsidiaries
UNION INVESTMENTS AND ENTERPRISE (A.S.Y.) LTD.
Union Investments and Enterprise (ASY) constitutes Union Bank's real investment arm. The company has been active since 1999 and currently has investments in 15 companies and funds, including Meliseron of the Ofer Brothers Group, Madanes Insurance Agency Group, Midroog Rating Company, Catalyst Venture Capital Fund and Vitalife Human Sciences Fund. Moreover, the company also provides consulting services to Union Bank in the acquisition of complementary operations to the bank and also led the sale of the Bank's provident funds and mutual funds in 2006.
UNION CAPITAL MARKETS AND INVESTMENTS LTD.
Union Capital Markets serves as Union Bank's investment banking arm. The company deals in the management and underwriting of public offerings in the Israeli capital market. The Company also conducts private placements.
IMPACT INVESTMENT PORTFOLIO MANAGEMENT LTD.
Impact Investment Portfolio Management Ltd., established in 1996, is a member of the Union Bank group. Impact is a leading company in the Israeli capital market and operates in various areas, including: Investment portfolio management, securities brokerage services and mutual fund asset management. The company manages capital-market investments in Israel and worldwide on behalf of both private and institutional customers, private and publicly-traded companies and also manages mutual fund assets. The consulting and investment portfolio management operations are conducted by a highly-experienced management team, with the assistance of an internal and external investment committee and with the support of the Union Bank Research Department. The operations are conducted in line with an investment portfolio management license granted by the Securities Authority, subject to the Investment Consulting and Portfolio Management Occupation Law. Impact offers a unique combination of high professional capabilities, based on powerful tools at its disposal and a personal, customer-centric approach. The vast experience that was accumulated by the Company over the years is expressed in the business results, that enable Impact to position itself as one of the leading companies in the Israeli capital market.
UNION BANK TRUST COMPANY LTD.
Union Bank Trust Company Ltd. is an entirely owned subsidiary of Union Bank of Israel Ltd. that provides trust services to mutual funds, shareholders of stock issued and traded on the stock exchange, private placements, and private trust services, such as holding in trust financial assets on behalf of its clients including foreign residents and tax exempt parties, while the client's personal details are kept confidential.
IGUD LEASING LTD.
The Company specialized in financial solution for purchasing of vehicles and equipment.
External links
 Companies listed on the Tel Aviv Stock Exchange (TASE), Israel | |
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| Central bank | |
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| See also: Banking in Israel | |
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