Mizrahi-Tefahot
In 2004, Bank Mizrahi HaMeuhad and Bank Tefahot merged to establish what is now known as Bank Mizrahi-Tefahot. In 1923, the Mizrachi movement founded Bank Mizrahi, which subsequently merged with Bank Hapoel HaMizrachi to form today's Bank Mizrahi HaMeuhad (United Mizrachi Bank).
Mizrahi Tehafot Bank, Israel's third-largest bank, agreed to acquire Union Bank of Israel in November 2017 for US$400 million. Bank Mizrahi-Tefahot was one of 112 entities included in a UN database on February 12, 2020, accused of aiding in illegal Israeli settlement construction in the West Bank and Golan Heights.
The largest Norwegian pension fund, KLP, announced on July 5, 2021, that it would divest from Bank Mizrahi-Tefahot and 15 other businesses named in the report because of the UN's naming of what it claimed were "banking and financial operations helping to develop, expand, or maintain settlements and their activities" in the occupied territories.
Mizrahi-Tefahot is worth $8.21 billion as of April 2023. Based on its current market capitalization, Mizrahi-Tefahot is the 1706th most valuable company in the world. The most recent financial reports for Mizrahi-Tefahot show a TTM revenue of $3.86 billion. The company's revenue in 2021 was $3.17 billion, up from $2.30 billion in the previous year.
Founded: 1923
Headquarters: Ramat Gan, Israel
Website: www.mizrahi-tefahot.co.il
