Bank Hapoalim


Bank Hapoalim is one of Israel's largest banks.

History

The bank was established in 1921 by the Histadrut, the Israeli trade union congress and the Zionist Organisation.
The bank was owned by the Histadrut until 1983, when it was nationalized following the Bank Stock Crisis. The bank was held by the Israeli government until 1996 when it was sold to a group of investors led by Ted Arison.
The bank has a significant presence in global financial markets. In Israel, it has over 600 ATMs, 250 bank branches, 7 regional business centers, 22 business branches and industry desks for major corporate customers. The bank's stock is traded on the Tel Aviv Stock Exchange.
At the end of 2015, the bank had 11,930 employees worldwide. It is controlled by Arison Holdings, owned by Shari Arison. Arison Holdings owns a total of 20 per cent of the bank.
In January 2014, Danske Bank and the Dutch pension fund PGGM blacklisted Bank Hapoalim for its involvement in the financing of settlements in the Palestinian territories.

Global presence

The bank operates several international subsidiaries: In the City of London and Poalim Asset Management Limited; in the United States and in Canada; BHI Private Banking, Switzerland Bank Hapoalim Ltd., Zurich, Geneva, Luxembourg, South America, and the Cayman Islands.

2018-2022 Plan

Bank Hapoalim reached an agreement that cancels the labor dispute called by the Histadrut labour federation in December. The Jan 2020 deal, according to the regulatory filing by the bank in Tel Aviv, suggests to raise worker wages by an average of 3.7% from 2018 to 2022, bank employees will also get a one-time grant of 210 million shekels, whereas the bank also place to reduce its workforce by over 900 jobs through an early retirement plan.

Controversies

The Bank was found to be complicit in tax evasion, corruption relating to FIFA and bidding for the World Cup. There was a fine of $874.3 million to settle tax evasion claims and $30 million for the FIFA scandal.

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