Bank Hapoalim BM (OTC: BKHYY) control 61% of the nation’s banking market.
Despite its dominance at home, Bank Leumi had been severely impacted by the economic trauma of the COVID-19 pandemic. The lender’s 2020 profit of $642 million represented a 40% year-over-year plummet, while its loan loss expenses quadrupled to $780 million.
Israeli’s traditional brick-and-mortar banking is also facing a new challenge from fintechs.
In March, First Digital Bank, an online exclusive lender, became Israel’s first de novo bank since 1978.
Apple Inc (NASDAQ: AAPL) is introducing its Apple Pay digital wallet to the Israeli market this month and, in doing so, taking control of the iPhone market.
Benzinga - Wed, 05 May 2021 10:40:56 -0400
Bank Leumi Le-Israel BM is an Israeli banking and financial services company. The products and services offered by the company include consumer loans, mortgages, commercial banking services, and capital market services, among others. The company organizes itself across eight regulatory operating segments based on the classification of customers: households, private banking, micro businesses, small businesses, mid-sized businesses, corporate, financial management, and Institutional. The company generates a majority of its revenue through provision of banking and services to private customers and small businesses, and a vast majority of its revenue is earned in Israel.
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A Bank Hapoalim cash machine. (Yonatan Sindel/Flash90)
Global investment manager BlackRock Inc holds a 3% stake valued a some NIS 1 billion ($308 million) in Bank Hapoalim Ltd., the Israeli lender said in a filing to the Tel Aviv Stock Exchange on Sunday.
BlackRock informed the bank of its holdings as of end March 2021, in a notification dated April 29. The US investment manager said that it and its affiliates currently hold a 3.01% stake, or the equivalent of 40,306,222 shares in the bank.
According to Israeli regulation, investors that hold a stake larger than 2.5% in a bank that has no controlling shareholder need to declare their holdings. A stake over 2.5% makes the investor a “significant stakeholder.”
As COVID wanes, restaurants are full of customers but low on staff timesofisrael.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from timesofisrael.com Daily Mail and Mail on Sunday newspapers.