Bank Hapoalim
One of the two largest commercial banks in Israel, founded in 1921 by the Histadrut. Anchors the Israeli banking oligopoly with Bank Leumi. Settled an ~$874M US offshore-tax enforcement action in 2020.
Bank Hapoalim is one of the two largest commercial banks in Israel, founded in 1921 by the Histadrut labor federation as the bank of the Israeli workers' movement. Privatized in stages from 1996 onward, it became one of the most widely traded equities on the Tel Aviv Stock Exchange.
Hapoalim and Bank Leumi together anchor the Israeli banking oligopoly. Hapoalim has historically led in domestic commercial lending and credit-card issuance (Isracard, controlled then divested under regulatory pressure). The bank settled the longest-running US enforcement action against an Israeli financial institution in 2020, paying roughly $874 million to the Department of Justice over offshore-tax matters with US clients.
Hapoalim runs significant private banking and trust capabilities. It is one of the primary buyers of dollar-denominated TASE corporate bonds and a major counterparty for institutional pension and provident-fund capital.
Related Olam Coverage
- Bank Hapoalim: The Largest Israeli Bank and the End of Arison Family Control
- Poalim Junior: Inside Bank Hapoalim's New Banking Product for Kids
- The Israeli Banking Layer: Bank Leumi, Mizrahi-Tefahot, Discount Private Banking
- The Banking Stack: Pictet, Lombard Odier, J. Safra, Rothschild, Bank Leumi, Mizrahi
See also: Bank Leumi · Mizrahi Tefahot Bank · Israel Discount Bank · TASE · Histadrut · Concentration Group / Oligopoly