The First International Bank of Israel (Hebrew: ×"×'× ×§ ×"×'×™× ×œ×ומי‎‎, HaBank HaBeinleumi) is the fifth largest bank in Israel. Its commercial base consists primarily of large corporate clients as well as ordinary citizens.
History
The bank was founded in 1972 through the merger of several smaller banks.
Edmond Safra (through distant cousin Jacques Nasser) acquired control of FIBI in the 1980s: after Edmond Safra's death, the Safra Group sold off its business interests in Israel. As of 2010, FIBI's largest current shareholder is the FIBI Holding Company Ltd, whose largest shareholder is the Bino-Liberman Group; in addition, the Israel Discount Bank holds a significant block of shares.
The bank opened branches in London in 1981, and in Zurich in 1984. In 2006 it acquired a 68% interest in Bank Otsar Ha-Hayal for NIS 702 million. It is notable for being the only major bank in Israel which did not participate in the bank stock scandal in Israel in the 1980s and as such was the only prominent bank in the country not nationalized as result of the crisis.
For a long time, FIBI was unique among Israeli banks in offering complete paperwork in English even to ordinary customers: as a result, it was patronized by many English-speaking immigrants.
At the end of 2012 First International's core capital ratio was the highest among Israel's major banks â€" 9.65%.
Subsidiaries
- Bank Massad (51%) â€" jointly owned with Israel's teachers Trade Union
- Bank Otsar Ha-Hayal
- U-Bank Israel â€" specializes in private banking
- Poaley Agudat Israel Bank (PAGI) â€" serving mainly the Jewish Orthodox community
See also
- Economy of Israel
References
External links
- Official website
