Mizrahi
Tefahot Bank Ltd., (“Mizrahi Tefahot”) is incorporated and existing under the
laws of the State of Israel and was established as a public company limited by
shares on June 6, 1923. In 1963, Mizrahi Tefahot's shares were first listed for
trading on the Tel-Aviv Stock Exchange.
Mizrahi
Tefahot is Israel's third largest bank based on value of assets and offers a
complete range of international, commercial, domestic and personal banking
services. Its total assets as of September 30, 2019 amounted to USD 76.68 billion, and for the nine months ended September
30, 2019, Mizrahi Tefahot reported USD 644.74 million of operating profit before taxes, USD 402.64
million of net profit, and a return on equity of 12.4%.
Mizrahi
Tefahot's controlling shareholders, the Ofer and Wertheim group, currently hold
about 43.91% of its shares, with the remaining outstanding shares owned by the
public who hold shares on the Tel-Aviv Stock Exchange. Mizrahi Tefahot Group
operates through 197 branches in Israel (including 50 branches of its
subsidiary, Bank Yahav, which primarily specializes in services to government
and public employees), and its affiliates in Israel and abroad, with branches
or representation internationally in five countries in Europe and the Americas.
Mizrahi Tefahot has been assigned an international rating by Moody’s of
A2/Stable with respect to foreign bank deposits.
S&P Global Ratings Maalot Ltd has assigned Mizrahi Tefahot an
issuer rating of ilAAA/Stable. The subordinated notes issued via the Tefahot
Issuance are rated ilAA+. Contingent subordinated notes with contractual
loss-absorption provisions (CoCo), which notes qualify as Tier II equity in
conformity with the provisions of Basel III, are rated ilAA-. The rating of the
subordinated capital notes that qualify as Upper Tier II equity in conformity
with the transitional provisions of Basel III, was raised to ilAA-.
Midroog Ltd (created in partnership with Moody's) has assigned Mizrahi
Tefahot a long-term deposit and senior debt rating of Aaa.il/Stable.
Subordinated notes (Lower Tier II capital) are rated Aa1.il. Subordinated
capital notes (Upper Tier II capital) are rated Aa2.il (hyb). Contingent
subordinated notes with contractual loss-absorption provisions (CoCo), which notes
qualify as Tier II equity in conformity with the provisions of Basel III, are
rated ilAa3.il (hyb).