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Corporateresponsibility20112012
1 LIST OF CONTENTS PART A: ABOUT ................................................................................................................................................................................4 Message from the Chairman of the Board of Directors and the President& CEO ................................. 5 About the Report ..................................................................................................................................................................... 7 Business Profile ........................................................................................................................................................................ 8 Corporate Responsibility Management ................................................................................................................... 17 Targets for the Chapter on Corporate Responsibility Management......................................................... 22 PART B: CORPORATE GOVERNANCE ...................................................................................................................................25 Leumi Board of Directors ..................................................................................................................................................26 Risk Management ..................................................................................................................................................................39 Compliance and Enforcement ........................................................................................................................................42 -
Domestically Owned Versus Foreign-Owned Banks in Israel
Domestic bank intermediation: domestically owned versus foreign-owned banks in Israel David Marzuk1 1. The Israeli banking system – an overview A. The structure of the banking system and its scope of activity Israel has a highly developed banking system. At the end of June 2009, there were 23 banking corporations registered in Israel, including 14 commercial banks, two mortgage banks, two joint-service companies and five foreign banks. Despite the spate of financial deregulation in recent years, the Israeli banking sector still plays a key role in the country’s financial system and overall economy. It is also highly concentrated – the five main banking groups (Bank Hapoalim, Bank Leumi, First International Bank, Israel Discount Bank and Mizrahi-Tefahot Bank) together accounted for 94.3% of total assets as of June 2009. The two largest groups (Bank Leumi and Bank Hapoalim) accounted for almost 56.8% of total assets. The sector as a whole and the large banking groups in particular are organised around the concept of “universal” banking, in which commercial banks offer a full range of retail and corporate banking services. Those services include: mortgages, leasing and other forms of finance; brokerage in the local and foreign capital markets; underwriting and investment banking; and numerous specialised services. Furthermore, until the mid-1990s, the banking groups were deeply involved in non-financial activities. However, a law passed in 1996 forced the banks to divest their controlling stakes in non-financial companies and conglomerates (including insurance companies). This development was part of a privatisation process which was almost completed in 2005 (with the important exception of Bank Leumi). -
Glass-Steagall: the American Nightmare That Became the Israeli Dream
Fordham Journal of Corporate & Financial Law Volume 9, Number 2 2004 Article 7 Glass-Steagall: The American Nightmare that Became the Israeli Dream Ehud Ofer∗ ∗ Copyright c 2004 by the authors. Fordham Journal of Corporate & Financial Law is produced by The Berkeley Electronic Press (bepress). http://ir.lawnet.fordham.edu/jcfl GLASS-STEAGALL: THE AMERICAN NIGHTMARE THAT BECAME THE ISRAELI DREAM Ehud Ofer* INTRODUCTION This Note will examine the securities activities of banks in Israel. The relatively new legislation dealing with this aspect-Regulation of Investment Advice and Investment Portfolio Management Law (the "Law")-was enacted in 1995 as a lesson learned from the Share Regulation Affair of October 1983 (the "Share Regulation Affair" or the "Crisis of 1983"). In many ways in economic history, 1983 was for Israel what 1929 was for the United States. This Note will compare Israel's episode with the U.S. episode and will use the comparison to review the adequacy of the Israeli legislative response to the Crisis of 1983. The Law was enacted, primarily, based on American experience and legislation. This Note will compare the legislation enacted in both countries. To better understand the differences, this Note will introduce the unique financial market in Israel. Furthermore, this Note will present the recent legislative development in the United States (i.e., Gramm-Leach-Bliley Act) which repealed parts of the Depression-era Glass-Steagall Act. The Note will examine the necessity of Israeli "adjustments" to the Law due to this new development. * Ehud Ofer is a graduate of the LL.M. program in Banking, Corporate and Finance Law at Fordham University School of Law. -
Figure 1.3 A
Bank Leumi Group Figure 1.3 A. Banking and finance in Israel Bank Leumi Le-Israel Ltd. (1) The structure of Israel's banking system and a Arab Israel Bank Ltd. (1) C. Capital market and financial companies investments in main investee companies , Leumi Mortgage Bank Ltd. (merged with Leumi Card Ltd.(5) Bank Hapoalim Group Bank Leumi Le-Israel Ltd. as of December Leumi Securities and Investments Ltd. (9) December 2012 Leumi Capital Market Services Ltd. (9) 31, 2012) (2) A. Banking and finance in Israel (1) Leumi Leasing and Investments Ltd. (3) The Bank Leumi Le-Israel Trust Co Ltd. (9) Bank Hapoalim Ltd. Leumi Finance Company Ltd. (4) Leumi Partners Ltd. (7)(9) Total assets: NIS 1,301 billion B. Banking and finance abroad (6) Leumi Industrial Development Bank Ltd. (7) D. Non-banking corporations Herfindahl index: H = 0.217 Bank Hapoalim (Switzerland) Ltd. Leumi Real Holdings Ltd. (7) The Israel Corporation Ltd. Bank Hapoalim (Luxembourg) Ltd. Leumi Financial Holdings Ltd. (7) CR 2 = 58% Bank Hapoalim (Cayman Islands) Ltd. B. Banking and finance abroad (6) Bank Hapoalim (Latin America) S.A. Bank Leumi (USA) Bank Pozitif Kredi Ve Kalkinma Bankasi A.S. (with Bank Leumi (UK) plc a holding in JSC Bank Pozitif) Leumi Private Bank S.A. C. Capital market and financial companies (9) Bank Leumi Luxembourg Isracard (5) Bank Leumi Romania Poalim Express Ltd. (5) Leumi International Investments NV Bank Leumi Group, Bank Hapoalim Group, Poalim Capital Markets Ltd. (8) Leumi Re Limited (9) 29% 29% Poalim Sahar Ltd. (9) The Bank Hapoalim Trust Co Ltd. -
Acknowledgments Principal Supporters Yossie Hollander Yossie Hollander Is a Successful Serial Entrepreneur and Philanthropist
Acknowledgments Principal Supporters Yossie Hollander Yossie Hollander is a successful serial entrepreneur and philanthropist. He instigated the renewed energy initiative of the Weizmann Institute and is involved with energy research, policy and investment around the world. Mr. Hollander currently serves as a member of the management committee of the Weizmann Institute. He is the chairman of the Israeli Institute for Economic Planning. S. Daniel Abraham Center for Middle East Peace The S. Daniel Abraham Center for Middle East Peace works with leaders and policymakers in the United States and the Middle East to help reach a just and comprehensive peace that will bring an end to the Arab-Israeli conflict. As President Obama, Secretary of State Clinton, and Senator Mitchell work to further negotiations and help resolve the Arab-Israeli conflict, the Center is focusing our efforts to facilitate conversations that bridge differences between the parties. The Center was established in 1989 by Slim Fast Foods Chairman S. Daniel Abraham and Utah Congressman Wayne Owens. In January 2010 the Honorable Robert Wexler became the President of the Center after having served as a member of Congress for seven terms. Vladimir Gusinski Vladimir Gusinski established in 1993, one of the first Russian-American joint ventures called “Most“ to support major American companies entering the former Soviet markets. In 1993 Mr. Gusinski founded the Media Most Group, the first independent and the largest privately owned media group in Russia. Under the management of Mr. Gusinski “NTV” became the second largest channel in Russia. Mr. Gusinski is the controlling partner in various international TV channels in Russian language, including RTVI channel and others. -
Bank Hapoalim Annual Report 2012 Worldreginfo - F5fe760c-Cdf6-43Cc-95F4-Ba6e66f9c662 the Bank Hapoalim Group Major Subsidiaries & Affiliates
2012 Bank Hapoalim Annual Report 2012 WorldReginfo - f5fe760c-cdf6-43cc-95f4-ba6e66f9c662 The Bank Hapoalim Group Major Subsidiaries & Affiliates Commercial Banks Asset Management Bank Hapoalim B.M. Poalim Sahar Ltd. Bank Hapoalim (Switzerland) Ltd. PAM - Poalim Asset Management (UK) Ltd. Bank Hapoalim (Luxembourg) S.A. Poalim Asset Management (Ireland) Ltd. Hapoalim (Latin America) S.A. Bank Hapoalim (Cayman) Ltd. Financial Companies Bank Pozitif Kredi Ve Kalkinma Bankasi a.s. Isracard Ltd. JSC Bank Pozitiv Kazakhstan(1) Poalim Express Ltd. Investment House (1) 100% owned by Bank Pozitif Poalim Capital Markets - Investment House Ltd. Trust Companies Poalim Trust Services Ltd. Underwriting Companies Poalim I.B.I. Managing and Underwriting Ltd. Portfolio Management Peilim – Portfolio Management Company Ltd. Hapoalim Securities USA, Inc. Consolidated Financial Highlights 2012 2011 2012 2011 NIS millions USD millions* Total Assets 376,399 356,662 100,830 95,543 Net Profit 2,543 2,746 681 736 Credit to the Public 249,182 246,495 66,751 66,031 Deposits from the Public 271,411 256,417 72,706 68,689 Shareholders' Equity 26,755 23,819 7,167 6,381 * US dollar figures have been converted at the representative exchange rate prevailing on December 31, 2012, NIS 3.733 = USD 1.00 2 Bank Hapoalim B.M. and its Consolidated Subsidiaries WorldReginfo - f5fe760c-cdf6-43cc-95f4-ba6e66f9c662 Group Profile Israel’s leading financial institution Since its founding in 1921, Bank Hapoalim has played Internationally, Bank Hapoalim operates through a a pivotal role in the rapid growth of Israel’s economy. network of subsidiaries, branches and representative Today Hapoalim continues to be the leading financial offices in the United States, Europe, South America institution in Israel. -
Bank Leumi Le-Israel B.M
BANK LEUMI LE-ISRAEL B.M. AND ITS INVESTEE COMPANIES Condensed Financial Statements as at 30 September 2015 (unaudited) Bank Leumi le-Israel B.M. Head Office: Leumi House, 34 Yehuda Halevi Street, Tel Aviv 65546, Israel Tel: (972) 3-5148111, Fax: (972) 3-5149732 This is a translation from the Hebrew and has been prepared for convenience only. In the event of any discrepancy, the Hebrew will prevail. 18 November 2015 WorldReginfo - 16bcf71d-1133-4a0e-a5a6-d423156030cd WorldReginfo - 16bcf71d-1133-4a0e-a5a6-d423156030cd Bank Leumi le-Israel B.M. and its Investee Companies Condensed Financial Statements as at 30 September 2015 (unaudited) Index Page 1. Directors’ Report A. General Developments in the Group’s Business - Description of Leumi Group's Business Activities and their General Development 3 - Control of the Bank 7 - Capital Resources, Capital Adequacy and Transactions in the Shares of the Bank 9 B. Other Information - Principal Developments in the Economy 14 - General Environment and Effect of External Factors on Activity 18 - Accounting Policy on Critical Matters 37 C. Description of the Group's Business by Segments and Areas of Activity - Development of Income, Expenses and Tax Provision 40 - Structure and Development of Assets and Liabilities 54 - Operating Segments in the Group 54 - Activities of Major Investee Companies 103 - Activities of Companies Included on Equity Basis 105 - Risk Exposure and Risk Management 106 - Linkage Status and Liquidity Position 123 - Legal Proceedings 126 D. Additional Matters - Leumi for the Community 129 - Internal Auditor 130 - Controls and Procedures 131 - Organizational Structure and Appointments 132 - Board of Directors 134 2. -
Bank Leumi Le-Israel B.M
BANK LEUMI LE-ISRAEL B.M. AND ITS INVESTEE COMPANIES Condensed Financial Statements as at 30 September 2015 (unaudited) Bank Leumi le-Israel B.M. Head Office: Leumi House, 34 Yehuda Halevi Street, Tel Aviv 65546, Israel Tel: (972) 3-5148111, Fax: (972) 3-5149732 This is a translation from the Hebrew and has been prepared for convenience only. In the event of any discrepancy, the Hebrew will prevail. 18 November 2015 Bank Leumi le-Israel B.M. and its Investee Companies Condensed Financial Statements as at 30 September 2015 (unaudited) Index Page 1. Directors’ Report A. General Developments in the Group’s Business - Description of Leumi Group's Business Activities and their General Development 3 - Control of the Bank 7 - Capital Resources, Capital Adequacy and Transactions in the Shares of the Bank 9 B. Other Information - Principal Developments in the Economy 14 - General Environment and Effect of External Factors on Activity 18 - Accounting Policy on Critical Matters 37 C. Description of the Group's Business by Segments and Areas of Activity - Development of Income, Expenses and Tax Provision 40 - Structure and Development of Assets and Liabilities 54 - Operating Segments in the Group 54 - Activities of Major Investee Companies 103 - Activities of Companies Included on Equity Basis 105 - Risk Exposure and Risk Management 106 - Linkage Status and Liquidity Position 123 - Legal Proceedings 126 D. Additional Matters - Leumi for the Community 129 - Internal Auditor 130 - Controls and Procedures 131 - Organizational Structure and Appointments 132 - Board of Directors 134 2. Management Review - Rates of Income and Expenses 135 - Exposure to Interest Rate Fluctuations 142 - Total Credit Risk to the Public by Economic Sector 147 - Exposure to Foreign Countries 153 3. -
Bank of Israel Annual Report of the Banks' Clearing House Committee
Bank of Israel Annual Report of the Banks' Clearing House Committee 2015 Annual Report of the Banks' Clearing House Committee, 2015 © Bank of Israel Passages may be cited provided source is specified. Typesetting and design by the Bank of Israel http://www.bankisrael.org.il 2 Annual Report of the Banks' Clearing House Committee, 2015 CONTENTS Preface ................................................................................................. 5 1. Main Developments in 2015 ..................................................................................... 7 A. The Banks' Clearing House Committee ................................................................. 7 B. The Lawyers Committee ...................................................................................... 17 C. The Subcommittee for Clearing Diamond Denominated Accounts ..................... 18 D. The Entity for the Resolution of Disputes between the Banks—Clarifiers Panel 18 2. The Banks’ Clearing House .................................................................................... 19 A. Banks' Clearing House Committee ...................................................................... 19 B. Paper-based (Checks) Clearing House ................................................................. 19 E. C. Masav (Automated Clearing House) ............................................................... 21 3. Statistical Data and Analysis of Trends .................................................................. 24 A. The Paper-based Clearing House ........................................................................ -
ISRAEL Executive Summary
Underwritten by CASH AND TREASURY MANAGEMENT COUNTRY REPORT ISRAEL Executive Summary Banking The Israeli central bank is the Bank of Israel. Bank supervision is performed by the Bank of Israel’s Banking Supervision Department. Israel applies central bank reporting requirements. All transactions between residents and non- residents are reported to the Bank of Israel. Resident entities are permitted to hold fully convertible domestic and foreign currency bank accounts domestically and outside Israel. Non-resident entities are permitted to hold fully convertible domestic and foreign currency bank accounts within Israel. The banking system is dominated by Bank Hapoalim and Bank Leumi le-Israel. There are also another 15 commercial banks in operation, one non-bank financial institution plus four branches of foreign banks. Payments Israel has three principal payment systems: the RTGS system (Zahav), the Banks’ Automated Clearing House (Masav) and the Banks’ Paper-based Clearing House (BCH). The increased use of electronic and internet banking has led to growth in the use of electronic transfers and direct debits. Card payments are increasing rapidly, especially in the retail sector. Checks remain commonly used. Liquidity Management Israel-based companies have access to a variety of short-term funding options. There is also a range of short-term investment instruments available. Both cash concentration and notional pooling are used by companies in Israel to manage company and group liquidity. Trade Finance Israel has established free trade arrangements with the European Union (EU), the European Free Trade Association (EFTA), Mercosur (a common market comprising Argentina, Brazil, Paraguay and Uruguay), the USA, Panama, Colombia, Canada, Mexico, Egypt, Russia, Jordan, Vietnam, Sri Lanka and Turkey. -
The FIBI Group 2016 Corporate Social Responsibility Report 2 2016 Corporate Social Responsibility Report Table of Content
The FIBI Group 2016 Corporate Social Responsibility Report 2 2016 Corporate Social Responsibility Report Table of Content INTRODUCTION A Word from the Chairman and Chief Executive Officer 4 Profile and Activity of the FIBI Group 6 About the Report 12 Dialogue with Stakeholders 18 Our Customers Serving diverse customers 23 Promoting diverse sectors and communities in Israeli society 28 Optimal service in all activity channels 41 Customer satisfaction 51 Upholding banking secrecy 60 Advancing customers’ financial understanding and incorporating long-term considerations in capital market activity 63 Fairness in banking products and services 75 Managing environmental and social risks in our business activity 79 Our Employees Managing the Group's human capital 83 Equal opportunity and workplace diversity 87 Professional training and personal development 94 Dialogue with the Group's employees 102 Supportive work environment 111 Our Management Corporate Governance 122 Compliance with the law 131 Creating value for stakeholders 135 Responsible supply chain 138 Business continuity 144 Upholding Integrity 145 Instilling ethics 149 Community outreach and investment 153 Managing environmental aspects of the Group’s activity 164 GRI Content Index 176 Quality Assurance Statement 182 2016 Corporate Social Responsibility Report 3 Dummy Text 4 2016 Corporate Social Responsibility Report A Word from the Chairman and Chief Executive Officer We are proud to present the fourth Corporate Social Responsibility Report of the First International Bank of Israel (FIBI) Group. The Report reviews the Group’s areas of activity in 2016 and presents its main actions in the areas of corporate social responsibility, reflecting the manner in which it promotes the creation of economic value alongside social and environmental values. -
BANK LEUMI of ISRAEL LTD. Annual Report for 2018 Regulations Chapter
BANK LEUMI OF ISRAEL LTD. Annual Report for 2018 Regulations Chapter This is a translation from the Hebrew. It has been made for convenience purposes alone. In case of any discrepancy, the Hebrew version shall prevail. Regulation No. Page 9, 9(c) Financial Statements and Independent Auditors’ Opinion 1 1, 7 and 25A The Corporation’s Details, including Registered Address 1 10C Use of the Consideration of Securities 2 11 List of Investments in Subsidiaries and Associates as of the Balance Sheet Date 3 12 Changes in Investments in Subsidiaries and Associates in the Report Period 6 13 Income of Subsidiaries and Associates and the Corporation’s Income therefrom as 7 of the Balance Sheet Date 14 List of Groups of Balances of Loans Granted as of the Balance Sheet Date, if the Granting of Loans was One of the Corporation’s Main Lines Of Business 8 20 Listed for Trade on the Stock Exchange or Cessation of Trade 8 21 Remuneration of Interested Parties and Senior Officers 8 21A Control in the Corporation 8 22 Transactions with Controlling Shareholders 9 24 Holdings of Interested Parties and Senior Officers 9 24A Registered Capital, Issued Capital and Convertible Securities 9 24B The Corporation’s Shareholder Register 9 26 The Corporation's Members of the Board 10 26A The Corporation’s Senior Officers 25 26B The Corporation’s Authorized Signatories 34 27 The Corporation’s Independent Auditors 34 28 Changes in the Memorandum or Articles of Association 34 29 Recommendations and Resolutions of the Board of Directors and General 34 Meeting 29A The Company’s Resolutions 35 2018 Annual Report Company: BANK LEUMI OF ISRAEL LTD.