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Mizrahi Tefahot Bank Ltd., together with its subsidiaries, provides a range of international, commercial, domestic, and personal banking services to individuals and businesses in Israel, Switzerland, and internationally. It operates through six segments: Household, Small Business, Private Banking, Commercial Banking, Business Banking, and Financial Management. The company offers checking, savings, and deposits accounts; and loans, such as instant, home renovation, auto, all-purpose, student, and business; mortgages; and credit cards. It also provides foreign trade services, including import, export, and documentary credit; bank guarantees; transactions in foreign currency, which include trading in derivative instruments, factoring services, and investments in deposits and securities; financing of real estate and construction projects; mergers and acquisitions services; and private and online banking services. In addition, the company offers capital market services, including consultancy for capital market activities, distribution of mutual funds, management of securities portfolios for clients, pension advisory service, trust services, provision of registration services; operates provident funds, mutual funds, and insurance incidental to mortgages; and participates in syndication transactions, as well as engages in credit operations. As of December 31, 2021, it operated through a network of 225 branches and business centers, including 52 Bank Yahav branches and 29 Union Bank branches in Israel; and two bank affiliates. The company was formerly known as United Mizrahi Bank Limited and changed its name to Mizrahi Tefahot Bank Ltd. in November 2005. The company was incorporated in 1923 and is headquartered in Ramat Gan, Israel.
Bank Mizrahi-Tefahot was formed by a merger of Bank Mizrahi HaMeuhad and Bank Tefahot in 2004.Bank Mizrahi was established in 1923 by the Mizrachi movement and later merged with Bank Hapoel HaMizrachi to form Bank Mizrahi HaMeuhad .
In November 2017, Mizrahi Tehafot Bank agreed to buy Union Bank of Israel for US$400 million, thereby consolidating its position as the third largest Israeli bank.On 12 February 2020, Bank Mizrahi-Tefahot was listed on database of 112 companies compiled by the United Nations implicated in helping to further Israeli settlement activity in the West Bank and Golan Heights, an activity considered illegal under international law.On 5 July 2021, Norway's largest pension fund KLP said it would divest from Bank Mizrahi-Tefahot, alongside 15 other business entities implicated in the report, over the UN's fingering of what it asserted were "banking and financial operations helping to develop, expand or maintain settlements and their activities" in the occupied territories.
Mizrahi Tefahot Bank's mission is to provide its customers with innovative, competitive, and profitable services and products as a reliable, responsible and impartial financial partner, as part of its commitment to promoting and strengthening the Israeli economy.
Mizrahi Tefahot Bank's vision is to remain a leader in the Israeli banking sector, providing a wide range of services and advanced technological capabilities to its customers while maintaining a high level of service and customer satisfaction.
