Native name | בנק ירושלים |
---|---|
Company type | Public company (TASE: JBNK) |
Industry | Banking Financial services |
Founded | 1963 |
Founder | Charles Clore, Isaac Wolfson |
Headquarters | |
Number of locations | 24 (2015) |
Services | Credit cards, consumer banking, corporate banking, finance and insurance, investment banking, mortgage loans, private banking, private equity, savings, Securities, asset management, wealth management |
Revenue | ₪548 Million (2015) |
₪48.6 Million (2015) | |
Total assets | ₪14.2 billion (2015) |
Total equity | ₪784 million (2015) |
Number of employees | 600 (2015) |
Capital ratio | 9.7% |
Website | www |
Bank of Jerusalem, Ltd. (Hebrew: בנק ירושלים) is Israel's seventh largest bank, with total assets of 9,301 million shekels.[1]
History
Establishment of the Bank
The idea of establishing a bank in Jerusalem that would focus on financing economic activity in Jerusalem first arose in the late 1950s, initiated by a number of Jerusalem businessmen. Concurrently, the Jerusalem Workers' Loan and Savings Fund also sought to become a bank. Initially, the Bank of Israel opposed the establishment of new banks at that time, but in 1963, it agreed to the establishment of a mortgage bank in Jerusalem.
The bank was founded in 1963 as a mortgage bank to support housing development in Jerusalem by Mordechai Meir, Charles Clore, Isaac Wolfson and the Municipality of Jerusalem. In December 1963, the bank was granted a license under the name "Bank Yerushalayim for Development and Mortgages Ltd." The Mayor of Jerusalem, Mordechai Ish-Shalom, was appointed as the bank's president.
"Bank Jerusalem" was the second bank to operate under that name. In 1928, members of the old Haredi community, including Moshe Porush, established "Bank Jerusalem Ltd." This bank was sold and merged with the Poalei Agudat Israel Bank in 1938.
In 1992, the bank had an initial public offering on the Tel Aviv Stock Exchange. In August 1998, Bank of Jerusalem received a commercial banking license from the Bank of Israel, replacing the financial-institution license that it had held until then. By obtaining this license, Bank of Jerusalem completed its transformation into a commercial bank that specializes in real estate, the capital market, and international banking.[1]
Since 2010 the bank has been focusing on developing its retail banking activities, offering current accounts and savings accounts to consumers.
Bank of Jerusalem is headquartered in Jerusalem and has 24 branches around the country.
The bank is controlled by Export Investment Corp., Ltd., a public company controlled by the Shoval family.
Criticism
Involvement in Israeli settlements
On 12 February 2020, the United Nations published a database of companies doing business related in the West Bank, including East Jerusalem, as well as in the occupied Golan Heights.[2] Bank of Jerusalem was listed on the database on account of its activities in Israeli settlements in these occupied territories,[3] which are considered illegal under international law.[4]
See also
References
- ^ a b "Dun's 100 Israel's Largest Enterprises - Commercial Banks - by Total Assets", Dun & Bradstreet Israel, Jan 2010, archived from the original on 2011-09-27, retrieved 2010-05-27
- ^ "Database of all business enterprises involved in certain activities relating to Israeli settlements in East Jerusalem and the West Bank (A/HRC/43/71)". UN OCHA. 12 Feb 2020. Retrieved 2021-09-12.
- ^ "UN rights office issues report on business activities related to settlements in the Occupied Palestinian Territory". Office of the United Nations High Commissioner for Human Rights. 12 February 2020. Retrieved 5 July 2021.
- ^ "S/RES/2334(2016)". United Nations Security Council. 23 December 2016. Retrieved 5 July 2021.
External links
- Bank of Jerusalem Archived 2021-04-21 at the Wayback Machine