About Mizrahi-Tefahot Bank
Mizrahi-Tefahot offers Various Banking Services
- Special accounts for young persons, soldiers, students, employees, the self-employed and retirees
- Private banking
- Investments in deposits, savings accounts, provident and mutual funds
- Loans readily available for different purposes
- Advanced products and services in foreign currency sectors
- A diverse range of advanced capital market activities
- Commercial banking
- Individually tailored mortgage programs
- Expertise in real estate
Diverse Activity in Israel and Abroad
Two prosperous economic groups in the Israeli economy control Mizrahi Tefahot equally: the Ofer Brothers Group and the M. Wertheim Group. Mizrahi Tefahot Group operates through 180 branches in Israel (including 33 branches of Bank Yahav, mainly specializing in services to government and public employees), which offer a wide range of banking and financial services and mortgages of different types, to both individuals and institutions.
Mizrahi Tefahot operates extensive international activities through its subsidiary companies, branches and representatives throughout the world, in the US and UK and other places overseas. The bank's overseas branches and offices offer a wide range of quality products and services, both to local residents and to Israelis who wish to invest their financial assets overseas.
The Bank has been given the AA+ rating in respect of its spread of liabilities. This was given by Maalot - The Israel Securities Rating Company Ltd., the strategic partner of Standard & Poor's.
In addition, Mizrahi-Tefahot is supervised by The Bank of Israel, and is insured with a Bankers Blanket / Bond banking insurance.
At the beginning of 2005 the United Mizrahi Bank Ltd. and the Tefahot Israel Mortgage Bank Ltd. merged to become one bank, and eventually changed its name to Mizrahi Tefahot Bank Ltd. ("Mizrahi Tefahot"). The merger, the largest that had ever taken place in the Israeli banking system, created for the first time, an advantageous link between current and mortgage accounts. The amalgamation of a leading, professional, commercial high-street bank together with the largest Israeli mortgage bank provides you with a unique range of valuable offers in both of these areas, and exclusive attractive benefits.
In 2008 Mizrahi-Tefahot completed the purchase of Hapoalim Bank's share in Yahav Bank (50%). The bank joined the other two shareholders of Yahav Bank: the State Workers Organization (the Histadrut) and the State of Israel itself. Along with them, Mizrahi-tefahot is striving to advance and develop Yahav Bank as a serious player in the Israeli Banking System, that offers its clients a wide variety of services and products.
In the first quarter of 2009 the merger of Adanim Bank - a fully owned subsidiary company- into Mizrahi-Tefahot was completed.
At the end of September 2020, the Bank closed the transaction for the acquisition of all the shares of Union Bank. From that date, Union Bank ceased to be a public company and became a wholly owned subsidiary of Mizrahi - Tefahot. The process of merging Union Bank into the Bank is expected to continue until the end of 2022.
We provide high-quality personalized service including:
- A wide range of accounts for: employees, the self-employed, business owners, students, soldiers and young persons.
- Tefahot - number 1 for mortgages: Since its foundation until the present day, the bank has helped in housing and provided mortgages for over 900,000 families.
- Pension Counseling: Following the Bachar Committee's reform, the Bank sold its holdings in the provident funds that it owned, and became the first bank in Israel to hold a pension counseling license for salaried employees and self-employed. The Bank's consulting model is based on formulas that win the Nobel Prize.
- Expertise in tailoring the loan to your individual needs and providing consultation before making the decision to take a mortgage. Personal service is available at any time convenient to you, by appointment. This shortens the mortgage process and makes it possible to receive the loan approval within 24 hours.
- Shekel deposit accounts: Mizrahi-Tefahot offers short-term shekel deposit accounts for periods from one month to a year. The interest rate Mizrahi-Tefahot offers is particularly high, and varies in accordance with the changes of the prime rate.
- Savings plans: In addition to the short-term deposits, Mizrahi Tefahot offers its clients long-term savings-plans, which enable them to save for various purposes and for the long-term.
- Business loans and bank guarantees according to the Law of Sale: In addition to its activities in granting housing loans, the bank is also active in financing building projects, for housing and other purposes. This is done by providing credit to building contractors and giving guarantees in compliance with the Law of Sale for Apartments (Assurance of Investments of Persons Acquiring Apartments), 5735-1974.
Mizrahi-Tefahot Online Banking
Mizrahi-Tefahot's online banking service puts us at your fingertips 24 hours a day, 365 days a year from anywhere in the world.
- Mizrahi-Tefahot Online Service: access to information and banking transactions at no charge
- Mizrahi-Tefahot Telephone Service: access to information concerning your account at no charge, from the computerized telephone center - 24 hours a day
- Mizrahi-Tefahot Cellular Service: access to information concerning your account, via text messages
- Mizrahi-Tefahot PC Service: a direct connection between your computer and the bank's system
The History of Mizrahi-Tefahot
1923 (5683): The Mizrahi Bank founded by the World Mizrachi Movement.
1925 (5685): The bank opens its doors to the public.
1969: The directors of the Mizrahi Bank and the Hapoel Hamizrahi Bank decide to merge and found the United Mizrahi Bank Ltd. The new bank has 42 branches throughout the country and assets of over 400 million ILs (Israeli Lira).
1983: The ownership of the bank is transferred to the State of Israel.
1995: Privatization process of the bank starts, when the Ofer-Wertheim Group acquires 26% of the bank shares.
1997: The Ofer-Wertheim Group increases its holdings in the bank to 51% of the shares.
1998: The State sells the remainder its holdings in the bank to the employees (9%) and to the general public. Today, the shares are held by the Ofer-Wertheim Group and the general public.
2005: The Mizrahi Bank and the Tefahot Mortgage Bank merge.
2008: The deal for purchasing 50% of the issued capital of Bank Yahav for State Employees inc. was completed.
2009: The merger with Adanim Mortgage Bank was completed.
Subsidiary Companies of Mizrahi-Tefahot
Within the Mizrahi-Tefahot Group are a number of subsidiary companies, which provide all the necessary financial services:
Etgar - investment portfolio management
Bank Trust Company provident fund management
Now is the time to visit one of the Mizrahi-Tefahot branches and benefit from a valuable link and comprehensive professional financial management of your assets. Our representatives are waiting to hear from you.
The banking corporations are subject to the Bank of Israel through the Supervisor of Banks, whose functions are: supervision of the banking corporations 'stability from the aspect of protecting depositors' money, maintaining the proper management of the banking corporations, and maintaining fairness in the business relations between the banks and their customers.