Mizrahi Tefahot Bank
Full Text
בנק מזרחי טפחות בע"מ
Head office: Jabotinski St. 7, Ramat Gan 5252007, Israel. Tel.: +972-3-7559720
An Israeli commercial bank that provides various banking and mortgage services to private and business sectors. The bank provides services to the construction and real estate sector.
Mizrahi Tefahot Bank provides financial foundation and services for settlement activities and settlement expansion, and benefits from financial activity in illegal Israeli settlements in the occupied Palestinian territory.
Financing Construction and Infrastructure Projects in Illegal Settlements
Mizrahi Tefahot Bank provides financial infrastructure to various construction companies for the purpose of construction of real estate projects in settlements in the occupied West Bank and East Jerusalem and holds as collateral the company's rights to the land and the project.
In May 2023, Mizrahi Tefahot Bank provided Israeli company Kotler Adika with a mortgage for three plots in the settlement neighborhood of Ramat Shlomo in occupied East Jerusalem. The bank holds as collateral the company’s rights in the land, and all its rights arising from the insurance of the mortgaged assets.
In February and June 2022, Mizrahi Tefahot Bank granted Israeli company Dona Engineering a loan for a construction project of 210 housing units on 9,802 m2 in the settlement neighborhood of Pisgat Ze’ev in occupied East Jerusalem, constructed according to Plan no. 101-0330498 for creation of a residence and commerce complex in Pisgat Ze’ev on a total of 14,552 m2 of land. The bank holds as collateral all the company’s rights in the project and assets, including the company's rights to receive funds from buyers/tenants of apartments or plots of land in the project.
In 2021, Mizrahi Tefahot Bank granted Kotler Adika a mortgage on three plots in the settlement neighborhood of Ramot in occupied East Jerusalem.
In 2020, Mizrahi Tefahot Bank granted Kotler Adika a loan for its construction project in the settlement neighborhood of Ramot in occupied East Jerusalem. The bank holds as collateral the company’s contractual and actual rights in the land and project, including the right to receive funds from homebuyers and the right to receive VAT refunds and any other funds from Israeli tax authorities in relation to this project.
In 2020 and 2021, Mizrahi Tefahot Bank granted Israeli company Avnei Derech a loan for its project in Alfei Menashe settlement, constructed according to plan no. 14\115 on lands belonging to the Palestinian village of Azzun. The project includes the construction of 160 housing units in the settlement. The bank holds as collateral the company’s contractual and actual rights in the land and project, including the right to receive funds from homebuyers and the right to receive VAT refunds and any other funds from Israeli tax authorities in relation to this project.
In 2019, Mizrahi Tefahot Bank granted Kotler Adika a loan for its construction project in the settlement of Ma'ale Adumim in the occupied West Bank, according to plan No. 30\7\1\420, on the lands of Abu-Dis and al-Khan al-Ahmar. The bank holds as collateral the company’s contractual and actual rights in the land and project, including the right to receive funds from homebuyers and the right to receive VAT refunds and any other funds from Israeli tax authorities in relation to this project.
In 2019, the bank granted Kotler Adika a loan according to tender 167\2018 for construction work in the settlement neighborhood of Ramat Shlomo in East Jerusalem, based on plan no. 11085- The Expansion of Ramat Shlomo by Additional 1600 Housing Units. The company won a contract to construct 96 housing units on 6677 meters of land. The bank holds as collateral the company’s contractual and actual rights in the land and project, including the right to receive funds from homebuyers and the right to receive VAT refunds and any other funds from Israeli tax authorities in relation to this project.
In 2020, Mizrahi Tefahot Bank granted the Israeli company Effi Capital a loan for the construction of 166 housing units in the settlement of Emanuel in the occupied West Bank. The bank holds as collateral the company’s contractual and actual rights in the land and project, including the right to receive funds from homebuyers and the right to receive VAT refunds and any other funds from Israeli tax authorities in relation to this project. The bank also holds as collateral the company's full assets during the period within which the agreement was reached.
In 2019, Mizrahi Tefahot Bank granted the company Turen Habayit Shelcha a loan for its construction project in the settlement of Ariel, according to plan no. 8\130 on the lands of Salfit and Marda. The company won a tender to construct 49 housing units in the settlements. The bank holds as collateral the company’s contractual and actual rights in the land and project, including the right to receive funds from homebuyers and the right to receive VAT refunds and any other funds from Israeli tax authorities in relation to this project.
In 2017, Who Profits documented additional involvement of the bank in settlement construction in the settlements of Ariel, Beitar Ilit, Ma'aleh Adumim and Modi'in Ilit in the occupied West Bank; and the settlement neighborhoods of Har Homa, Neve Ya'akov, Pisgat Ze'ev and Ramat Shlomo in occupied East Jerusalem. For more see Who Profits report Financing Land Grab: The Direct Involvement of Israeli Banks in the Israeli Settlement Enterprise.
Mitzpe Kramim
In 2018, Mizrahi Bank provided mortgage loans for real estate on land privately owned by Palestinians in the illegal Israeli outpost Mitzpe Kramim in the Jordan Valley in the occupied West Bank.
Banking Services to Settlement Local and Regional Councils
Mizrahi Bank provides loans, credit and banking services to settlements regional and local councils in the occupied West Bank and the Syrian Golan. These loans can be used to develop infrastructure, build public facilities and provide municipal services to the residents of the settlement.
Mizrahi Bank has provided loans and various banking services for the settlements of Alfei Menashe, Beit Aryeh-Ofarim, Emanuel, Har Hebron, Mateh Binyamin, Oranit, Elkana, Kedumim, Efrata, Karnei Shomron, Gush Etzion, Modi’in Ilit and Sha’ar Shomron in the occupied West Bank, and to the Golan Regional Council in the occupied Syrian Golan.
Karnei Shomron
As of July 2024, Mizrahi Tefahot Bank has 22 active pledge agreements with the Karnei Shomron Local Council.
In May 2024, Mizrahi Tefahot Bank signed a pledge agreement with the Karnei Shomron Local Council for a period of 99 years (ends 2123) against all the council's revenues, including property tax and financial levies, with the exception of funds originating from the state budget, limited to a total of NIS 3,962,000 million.
As of September 2023, the Karnei Shomron Local Council held NIS 5 million in a short-term deposit at Mizrahi Bank.
In May 2023, Mizrahi Tefahot Bank signed a pledge agreement with the Karnei Shomron Local Council for a period of 99 years (ends 2122) against all the council's revenues, including property tax and financial levies, with the exception of funds originating from the state budget, limited to a total of NIS 4 million.
On 2 January 2023, the Karnei Shomron Local Council’s assembly meeting approved a credit loan of NIS 4 million from Mizrahi Tefahot Bank for 2023, and increased a current account credit from NIS 500,000 to NIS 1 million. The council also approved a current account loan for the Community Center from Mizrahi Tefahot Bank of NIS 500,000 for 2023. In 2022, The council had a current account loan for the Community Center from Mizrahi Tefahot Bank of NIS 400,000.
Elkana
As of July 2024, Mizrahi Tefahot Bank has 14 active pledge agreements with the Elkana Local Council.
On 14 January 2024, the Elkana Local Council’s assembly meeting approved a credit loan of NIS NIS 1,150,000 for 2024 from Mizrahi-Tefahot Bank. In February 2024, Mizrahi Tefahot Bank signed a pledge agreement with the Elkana Local Council for a period of 99 years (ends 2123) against all the council's revenues, including property tax and financial levies, with the exception of funds originating from the state budget, limited to a total of NIS 1,150,000.
In June 2023, Mizrahi Tefahot Bank signed a pledge agreement with the Elkana Local Council for a period of 99 years (ends 2122) against all the council's revenues, including property tax and financial levies, with the exception of funds originating from the state budget, limited to a total of NIS 750,000.
On 1 January 2023, the Elkana Local Council’s assembly meeting approved a credit loan of NIS 1,500,000 for 2023 from Mizrahi-Tefahot Bank.
On 3 February 2022, the Elkana Local Council’s assembly meeting approved the transfer of its long-term loans from Union Bank to Mizrahi-Tefahot Bank, following their merger.
Kedumim
As of July 2024, Mizrahi Tefahot Bank has 7 active pledge agreements with the Kedumim Local Council.
In January 2024, Mizrahi Tefahot Bank signed a pledge agreement with the Kedumim Local Council for a period of 99 years (ends 2123) against all the council's revenues, including property tax and financial levies, with the exception of funds originating from the state budget, limited to a total of NIS 2,750,000.
In May 2023, Mizrahi Tefahot Bank signed a pledge agreement with the Kedumim Local Council for a period of 99 years (ends 2122) against all the council's revenues, including property tax and financial levies, with the exception of funds originating from the state budget, limited to a total of NIS 2,750,000.
Alfei Menashe
As of July 2024, Mizrahi Tefahot Bank has 13 active pledge agreements with the Alfei Menashe Local Council.
In January 2023, Mizrahi Tefahot Bank signed a pledge agreement with the Alfei Menashe Local Council for a period of 99 years (ends 2122) against all the council's revenues, including property tax and financial levies, with the exception of funds originating from the state budget, limited to a total of NIS 1,400,000.
In 2021, the Alfei Menashe local council held a NIS 1.5 million collateral in Mizrahi Tefahot Bank for the council's debit account (account for short term loans).
In December 2020, Mizrahi Tefahot Bank signed a pledge agreement with the Alfei Menashe Local Council for a period of 99 years (ends 2119) against all the council's revenues, including property tax and financial levies, with the exception of funds originating from the state budget, limited to a total of NIS 3,567,000.
In 2020, the Alfei Menashe Local Council held a NIS 5,504,000 loan from Mizrahi Tefahot Bank.
Gush Etzion
As of July 2024, Mizrahi Tefahot Bank has 7 active pledge agreements with the Gush Etzion Regional Council. The Gush Etzion Regional Council provides services to 22 settlements in the occupied West Bank.
In February 2023, Mizrahi Tefahot Bank signed a pledge agreement with the Gush Etzion Regional Council for a period of 99 years (ends 2122) against all the council's revenues, including property tax and financial levies, with the exception of funds originating from the state budget, limited to a total of NIS 19 million.
In December 2019, Mizrahi Tefahot Bank signed a pledge agreement with the Gush Etzion Regional Council for a period of 99 years (ends 2118) against all the council's revenues, including property tax and financial levies, with the exception of funds originating from the state budget, limited to a total of NIS 5,700,000.
Emanuel
As of July 2024, Mizrahi Tefahot Bank has 5 active pledge agreements with the Emanuel Local Council.
On 21 November 2023, the Emanuel Local Council’s assembly meeting approved a credit loan of NIS 450,000 for 2024 from Mizrahi-Tefahot Bank against the council’s revenue encumbrance.
In March 2024, Mizrahi Tefahot Bank signed a pledge agreement with the Emanuel Local Council for a period of 99 years (ends 2123) against all the council's revenues, including property tax and financial levies limited to a total of NIS 450,000.
In May 2023, Mizrahi Tefahot Bank signed a pledge agreement with the Emanuel Local Council for a period of 99 years (ends 2122) against all the council's revenues, including property tax and financial levies, with the exception of funds originating from the state budget, limited to a total of NIS 450,000.
Har Hevron
As of July 2024, Mizrahi Tefahot Bank has 5 active pledge agreements with the Har Hevron Regional Council. The Har Hevron Regional Council provides services to 20 settlements in the South Hebron Hills area in the occupied West Bank.
In 2024, Mizrahi Tefahot Bank granted the Har Hevron Regional Council a NIS 2 million loan to cover a deficit.
In 2023, Mizrahi Tefahot Bank and Leumi Bank granted loans in the amount of NIS 16 million loan to the Har Hevron Regional Council.
In February 2023, Mizrahi Tefahot Bank signed a pledge agreement with the Har Hevron Regional Council for a period of 99 years (ends 2122) against all the council's revenues, including property tax and financial levies, with the exception of funds originating from the state budget, limited to a total of NIS 2,250,000.
On 28 November 2023, the Har Hevron Regional Council’s assembly meeting approved a credit loan of NIS 3,250,000 from Mizrahi Tefahot Bank for 2024.
On 21 February 2023, the Har Hevron Regional Council’s assembly meeting approved an updated credit loan of NIS 3,250,000 from Mizrahi Tefahot Bank according to the banks' requirements, including the encumbrance and pledge of the council's revenues. The loan will be taken from the bank’s branch in the settlement of Alon Shvut.
As of January 2023, the Har Hevron Regional Council maintained a bank account for a school in its jurisdiction.
On 6 December 2022, the Har Hevron Regional Council’s assembly meeting approved the application of a NIS 3,000,000 credit loans from Mizrahi Tefahot Bank for 2023.
In August 2022, Mizrahi Tefahot Bank signed a pledge agreement with the Har Hevron Regional Council for a period of 99 years (ends 2121) against all the council's revenues, including property tax and financial levies, with the exception of funds originating from the state budget, limited to a total of NIS 2 million.
On 17 May 2022, the Har Hevron Regional Council’s assembly meeting approved taking a NIS 2 million loan for 15 years from Mizrahi Tefahot Bank with the council’s revenue encumbrance and all the bank's related requirements.
Beit Aryeh
As of July 2024, Mizrahi Tefahot Bank has 2 active pledge agreements with the Beit Aryeh Local Council.
On 14 August 2022, the Beit Aryeh-Ofarim council’s assembly meeting approved the opening of an account in Mizrahi-Tefahot Bank.
In December 2019, Mizrahi Tefahot Bank signed a pledge agreement with the Beit Aryeh Local Council for a period of 99 years (ends 2118) against all the council's revenues, including property tax and financial levies.
Mateh Binyamin
As of July 2024, Mizrahi Tefahot Bank has 3 active pledge agreements with the Mateh Binyamin Regional Council. The Mateh Binyamin Regional Council provides services to 52 settlements in the occupied West Bank.
In September 2005, December 2005 and April 2006, Mizrahi Tefahot Bank signed 3 pledge agreements for a period of 99 years (ending 2104 and 2105) for the benefit of the Mateh Binyamin Regional Council against properties in the settlement of Psagot. The bank holds as collateral contractual and other rights in the properties and any related future income. The settlement of Psagot is under the council’s jurisdiction.
Oranit
On 31 March 2024, the Oranit Local Council’s treasurer stated that the main activity of the council's funds is conducted in Bank Mizrahi and Leumi Bank.
In September 2022, Mizrahi Tefahot Bank signed a pledge agreement with the Oranit Local Council for a period of 99 years (ends 2121) against all the council's revenues, including property tax and financial levies, with the exception of funds originating from the state budget, limited to a total of NIS 1,100,000, and all the council's rights from the mortgaged properties’ insurance.
Sha’ar Shomron
On 24 January 2023, the Sha’ar Shomron Local Council approved opening accounts in Mizrahi Bank for two schools in the council’s jurisdiction.
On 18 July 2022, the Sha’ar Shomron Local Council opened a bank account in Mizrahi Bank.
Modi’in Ilit
On 28 July 2022, the Modi’in Ilit Municipality assembly meeting decided to open accounts at Mizrahi Tefahot Bank.
Efrata
In 2021, the Efrat local council invested NIS 15 million divided between three investment firms and three banks, one of which is Mizrahi Tefahot Bank.
In June 2017, Mizrahi Tefahot Bank signed a pledge agreement with the Efrata Local Council for a period of 99 years (ends 2116) against all the council's revenues, including property tax and financial levies, with the exception of funds originating from the state budget, limited to a total of NIS 7,500,000.
Jordan Valley Regional Council
The Jordan Valley (also named Arvot HaYarden) Regional Council provides services to 21 settlements in the occupied West Bank.
In June 2019, Mizrahi Tefahot Bank signed a pledge agreement with the Jordan Valley Regional Council for a period of 99 years (ends 2118) against all the council's revenues, including property tax and financial levies, with the exception of funds originating from the state budget, limited to a total of NIS 5 million.
In 2021, the Jordan Valley Regional Council operated bank accounts in Mizrahi Tefahot Bank.
Golan Regional Council
The Golan Regional Council includes 33 settlements in the occupied Syrian Golan.
In November 2006, Mizrahi Tefahot Bank signed a pledge agreement with the Golan Regional Council for a period of 99 years (ends 2105) against all the council's revenues, including property tax and financial levies, with the exception of funds originating from the state budget, limited to a total of NIS 300,000.
In 2017, Who Profits documented the previous involvement of the bank in providing services to settlement local and regional councils. For more see Who Profits report Financing Land Grab: The Direct Involvement of Israeli Banks in the Israeli Settlement Enterprise.
Branches in Settlements
Mizrahi Tefahot Bank operates branches and automated banking services machines in settlements in the occupied West Bank and East Jerusalem.
These include the settlements of Efrat, Ma’ale Adumim, Modiin ilit and Karnei Shomron in the occupied West Bank, and the settlement neighborhoods of Pisgat Ze’ev, Ramot, Ramat Eshkol and the Old City in occupied East Jerusalem.
The bank also operates a branch in the Design City shopping complex in the Mishor Adumim Industrial Zone in the settlement of Ma’ale Adumim in the occupied West Bank. For more on the Design City project see Who Profits report The Design City Shopping Complex Built on Occupied Palestinian Land.
The Bank’s fully owned subsidiary, Yahav Bank, operated branches in the settlement of Ma’ale Adumim in the occupied West Bank and in the settlement neighborhood of Pisgat Ze’ev in occupied East Jerusalem.
An Israeli commercial bank that provides various banking and mortgage services to private and business sectors. The bank provides services to the construction and real estate sector.
Mizrahi Tefahot Bank provides financial foundation and services for settlement activities and settlement expansion, and benefits from financial activity in illegal Israeli settlements in the occupied Palestinian territory.
Financing Construction and Infrastructure Projects in Illegal Settlements
Mizrahi Tefahot Bank provides financial infrastructure to various construction companies for the purpose of construction of real estate projects in settlements in the occupied West Bank and East Jerusalem and holds as collateral the company's rights to the land and the project.
In May 2023, Mizrahi Tefahot Bank provided Israeli company Kotler Adika with a mortgage for three plots in the settlement neighborhood of Ramat Shlomo in occupied East Jerusalem. The bank holds as collateral the company’s rights in the land, and all its rights arising from the insurance of the mortgaged assets.
In February and June 2022, Mizrahi Tefahot Bank granted Israeli company Dona Engineering a loan for a construction project of 210 housing units on 9,802 m2 in the settlement neighborhood of Pisgat Ze’ev in occupied East Jerusalem, constructed according to Plan no. 101-0330498 for creation of a residence and commerce complex in Pisgat Ze’ev on a total of 14,552 m2 of land. The bank holds as collateral all the company’s rights in the project and assets, including the company's rights to receive funds from buyers/tenants of apartments or plots of land in the project.
In 2021, Mizrahi Tefahot Bank granted Kotler Adika a mortgage on three plots in the settlement neighborhood of Ramot in occupied East Jerusalem.
In 2020, Mizrahi Tefahot Bank granted Kotler Adika a loan for its construction project in the settlement neighborhood of Ramot in occupied East Jerusalem. The bank holds as collateral the company’s contractual and actual rights in the land and project, including the right to receive funds from homebuyers and the right to receive VAT refunds and any other funds from Israeli tax authorities in relation to this project.
In 2020 and 2021, Mizrahi Tefahot Bank granted Israeli company Avnei Derech a loan for its project in Alfei Menashe settlement, constructed according to plan no. 14\115 on lands belonging to the Palestinian village of Azzun. The project includes the construction of 160 housing units in the settlement. The bank holds as collateral the company’s contractual and actual rights in the land and project, including the right to receive funds from homebuyers and the right to receive VAT refunds and any other funds from Israeli tax authorities in relation to this project.
In 2019, Mizrahi Tefahot Bank granted Kotler Adika a loan for its construction project in the settlement of Ma'ale Adumim in the occupied West Bank, according to plan No. 30\7\1\420, on the lands of Abu-Dis and al-Khan al-Ahmar. The bank holds as collateral the company’s contractual and actual rights in the land and project, including the right to receive funds from homebuyers and the right to receive VAT refunds and any other funds from Israeli tax authorities in relation to this project.
In 2019, the bank granted Kotler Adika a loan according to tender 167\2018 for construction work in the settlement neighborhood of Ramat Shlomo in East Jerusalem, based on plan no. 11085- The Expansion of Ramat Shlomo by Additional 1600 Housing Units. The company won a contract to construct 96 housing units on 6677 meters of land. The bank holds as collateral the company’s contractual and actual rights in the land and project, including the right to receive funds from homebuyers and the right to receive VAT refunds and any other funds from Israeli tax authorities in relation to this project.
In 2020, Mizrahi Tefahot Bank granted the Israeli company Effi Capital a loan for the construction of 166 housing units in the settlement of Emanuel in the occupied West Bank. The bank holds as collateral the company’s contractual and actual rights in the land and project, including the right to receive funds from homebuyers and the right to receive VAT refunds and any other funds from Israeli tax authorities in relation to this project. The bank also holds as collateral the company's full assets during the period within which the agreement was reached.
In 2019, Mizrahi Tefahot Bank granted the company Turen Habayit Shelcha a loan for its construction project in the settlement of Ariel, according to plan no. 8\130 on the lands of Salfit and Marda. The company won a tender to construct 49 housing units in the settlements. The bank holds as collateral the company’s contractual and actual rights in the land and project, including the right to receive funds from homebuyers and the right to receive VAT refunds and any other funds from Israeli tax authorities in relation to this project.
In 2017, Who Profits documented additional involvement of the bank in settlement construction in the settlements of Ariel, Beitar Ilit, Ma'aleh Adumim and Modi'in Ilit in the occupied West Bank; and the settlement neighborhoods of Har Homa, Neve Ya'akov, Pisgat Ze'ev and Ramat Shlomo in occupied East Jerusalem. For more see Who Profits report Financing Land Grab: The Direct Involvement of Israeli Banks in the Israeli Settlement Enterprise.
Mitzpe Kramim
In 2018, Mizrahi Bank provided mortgage loans for real estate on land privately owned by Palestinians in the illegal Israeli outpost Mitzpe Kramim in the Jordan Valley in the occupied West Bank.
Banking Services to Settlement Local and Regional Councils
Mizrahi Bank provides loans, credit and banking services to settlements regional and local councils in the occupied West Bank and the Syrian Golan. These loans can be used to develop infrastructure, build public facilities and provide municipal services to the residents of the settlement.
Mizrahi Bank has provided loans and various banking services for the settlements of Alfei Menashe, Beit Aryeh-Ofarim, Emanuel, Har Hebron, Mateh Binyamin, Oranit, Elkana, Kedumim, Efrata, Karnei Shomron, Gush Etzion, Modi’in Ilit and Sha’ar Shomron in the occupied West Bank, and to the Golan Regional Council in the occupied Syrian Golan.
Karnei Shomron
As of July 2024, Mizrahi Tefahot Bank has 22 active pledge agreements with the Karnei Shomron Local Council.
In May 2024, Mizrahi Tefahot Bank signed a pledge agreement with the Karnei Shomron Local Council for a period of 99 years (ends 2123) against all the council's revenues, including property tax and financial levies, with the exception of funds originating from the state budget, limited to a total of NIS 3,962,000 million.
As of September 2023, the Karnei Shomron Local Council held NIS 5 million in a short-term deposit at Mizrahi Bank.
In May 2023, Mizrahi Tefahot Bank signed a pledge agreement with the Karnei Shomron Local Council for a period of 99 years (ends 2122) against all the council's revenues, including property tax and financial levies, with the exception of funds originating from the state budget, limited to a total of NIS 4 million.
On 2 January 2023, the Karnei Shomron Local Council’s assembly meeting approved a credit loan of NIS 4 million from Mizrahi Tefahot Bank for 2023, and increased a current account credit from NIS 500,000 to NIS 1 million. The council also approved a current account loan for the Community Center from Mizrahi Tefahot Bank of NIS 500,000 for 2023. In 2022, The council had a current account loan for the Community Center from Mizrahi Tefahot Bank of NIS 400,000.
Elkana
As of July 2024, Mizrahi Tefahot Bank has 14 active pledge agreements with the Elkana Local Council.
On 14 January 2024, the Elkana Local Council’s assembly meeting approved a credit loan of NIS NIS 1,150,000 for 2024 from Mizrahi-Tefahot Bank. In February 2024, Mizrahi Tefahot Bank signed a pledge agreement with the Elkana Local Council for a period of 99 years (ends 2123) against all the council's revenues, including property tax and financial levies, with the exception of funds originating from the state budget, limited to a total of NIS 1,150,000.
In June 2023, Mizrahi Tefahot Bank signed a pledge agreement with the Elkana Local Council for a period of 99 years (ends 2122) against all the council's revenues, including property tax and financial levies, with the exception of funds originating from the state budget, limited to a total of NIS 750,000.
On 1 January 2023, the Elkana Local Council’s assembly meeting approved a credit loan of NIS 1,500,000 for 2023 from Mizrahi-Tefahot Bank.
On 3 February 2022, the Elkana Local Council’s assembly meeting approved the transfer of its long-term loans from Union Bank to Mizrahi-Tefahot Bank, following their merger.
Kedumim
As of July 2024, Mizrahi Tefahot Bank has 7 active pledge agreements with the Kedumim Local Council.
In January 2024, Mizrahi Tefahot Bank signed a pledge agreement with the Kedumim Local Council for a period of 99 years (ends 2123) against all the council's revenues, including property tax and financial levies, with the exception of funds originating from the state budget, limited to a total of NIS 2,750,000.
In May 2023, Mizrahi Tefahot Bank signed a pledge agreement with the Kedumim Local Council for a period of 99 years (ends 2122) against all the council's revenues, including property tax and financial levies, with the exception of funds originating from the state budget, limited to a total of NIS 2,750,000.
Alfei Menashe
As of July 2024, Mizrahi Tefahot Bank has 13 active pledge agreements with the Alfei Menashe Local Council.
In January 2023, Mizrahi Tefahot Bank signed a pledge agreement with the Alfei Menashe Local Council for a period of 99 years (ends 2122) against all the council's revenues, including property tax and financial levies, with the exception of funds originating from the state budget, limited to a total of NIS 1,400,000.
In 2021, the Alfei Menashe local council held a NIS 1.5 million collateral in Mizrahi Tefahot Bank for the council's debit account (account for short term loans).
In December 2020, Mizrahi Tefahot Bank signed a pledge agreement with the Alfei Menashe Local Council for a period of 99 years (ends 2119) against all the council's revenues, including property tax and financial levies, with the exception of funds originating from the state budget, limited to a total of NIS 3,567,000.
In 2020, the Alfei Menashe Local Council held a NIS 5,504,000 loan from Mizrahi Tefahot Bank.
Gush Etzion
As of July 2024, Mizrahi Tefahot Bank has 7 active pledge agreements with the Gush Etzion Regional Council. The Gush Etzion Regional Council provides services to 22 settlements in the occupied West Bank.
In February 2023, Mizrahi Tefahot Bank signed a pledge agreement with the Gush Etzion Regional Council for a period of 99 years (ends 2122) against all the council's revenues, including property tax and financial levies, with the exception of funds originating from the state budget, limited to a total of NIS 19 million.
In December 2019, Mizrahi Tefahot Bank signed a pledge agreement with the Gush Etzion Regional Council for a period of 99 years (ends 2118) against all the council's revenues, including property tax and financial levies, with the exception of funds originating from the state budget, limited to a total of NIS 5,700,000.
Emanuel
As of July 2024, Mizrahi Tefahot Bank has 5 active pledge agreements with the Emanuel Local Council.
On 21 November 2023, the Emanuel Local Council’s assembly meeting approved a credit loan of NIS 450,000 for 2024 from Mizrahi-Tefahot Bank against the council’s revenue encumbrance.
In March 2024, Mizrahi Tefahot Bank signed a pledge agreement with the Emanuel Local Council for a period of 99 years (ends 2123) against all the council's revenues, including property tax and financial levies limited to a total of NIS 450,000.
In May 2023, Mizrahi Tefahot Bank signed a pledge agreement with the Emanuel Local Council for a period of 99 years (ends 2122) against all the council's revenues, including property tax and financial levies, with the exception of funds originating from the state budget, limited to a total of NIS 450,000.
Har Hevron
As of July 2024, Mizrahi Tefahot Bank has 5 active pledge agreements with the Har Hevron Regional Council. The Har Hevron Regional Council provides services to 20 settlements in the South Hebron Hills area in the occupied West Bank.
In 2024, Mizrahi Tefahot Bank granted the Har Hevron Regional Council a NIS 2 million loan to cover a deficit.
In 2023, Mizrahi Tefahot Bank and Leumi Bank granted loans in the amount of NIS 16 million loan to the Har Hevron Regional Council.
In February 2023, Mizrahi Tefahot Bank signed a pledge agreement with the Har Hevron Regional Council for a period of 99 years (ends 2122) against all the council's revenues, including property tax and financial levies, with the exception of funds originating from the state budget, limited to a total of NIS 2,250,000.
On 28 November 2023, the Har Hevron Regional Council’s assembly meeting approved a credit loan of NIS 3,250,000 from Mizrahi Tefahot Bank for 2024.
On 21 February 2023, the Har Hevron Regional Council’s assembly meeting approved an updated credit loan of NIS 3,250,000 from Mizrahi Tefahot Bank according to the banks' requirements, including the encumbrance and pledge of the council's revenues. The loan will be taken from the bank’s branch in the settlement of Alon Shvut.
As of January 2023, the Har Hevron Regional Council maintained a bank account for a school in its jurisdiction.
On 6 December 2022, the Har Hevron Regional Council’s assembly meeting approved the application of a NIS 3,000,000 credit loans from Mizrahi Tefahot Bank for 2023.
In August 2022, Mizrahi Tefahot Bank signed a pledge agreement with the Har Hevron Regional Council for a period of 99 years (ends 2121) against all the council's revenues, including property tax and financial levies, with the exception of funds originating from the state budget, limited to a total of NIS 2 million.
On 17 May 2022, the Har Hevron Regional Council’s assembly meeting approved taking a NIS 2 million loan for 15 years from Mizrahi Tefahot Bank with the council’s revenue encumbrance and all the bank's related requirements.
Beit Aryeh
As of July 2024, Mizrahi Tefahot Bank has 2 active pledge agreements with the Beit Aryeh Local Council.
On 14 August 2022, the Beit Aryeh-Ofarim council’s assembly meeting approved the opening of an account in Mizrahi-Tefahot Bank.
In December 2019, Mizrahi Tefahot Bank signed a pledge agreement with the Beit Aryeh Local Council for a period of 99 years (ends 2118) against all the council's revenues, including property tax and financial levies.
Mateh Binyamin
As of July 2024, Mizrahi Tefahot Bank has 3 active pledge agreements with the Mateh Binyamin Regional Council. The Mateh Binyamin Regional Council provides services to 52 settlements in the occupied West Bank.
In September 2005, December 2005 and April 2006, Mizrahi Tefahot Bank signed 3 pledge agreements for a period of 99 years (ending 2104 and 2105) for the benefit of the Mateh Binyamin Regional Council against properties in the settlement of Psagot. The bank holds as collateral contractual and other rights in the properties and any related future income. The settlement of Psagot is under the council’s jurisdiction.
Oranit
On 31 March 2024, the Oranit Local Council’s treasurer stated that the main activity of the council's funds is conducted in Bank Mizrahi and Leumi Bank.
In September 2022, Mizrahi Tefahot Bank signed a pledge agreement with the Oranit Local Council for a period of 99 years (ends 2121) against all the council's revenues, including property tax and financial levies, with the exception of funds originating from the state budget, limited to a total of NIS 1,100,000, and all the council's rights from the mortgaged properties’ insurance.
Sha’ar Shomron
On 24 January 2023, the Sha’ar Shomron Local Council approved opening accounts in Mizrahi Bank for two schools in the council’s jurisdiction.
On 18 July 2022, the Sha’ar Shomron Local Council opened a bank account in Mizrahi Bank.
Modi’in Ilit
On 28 July 2022, the Modi’in Ilit Municipality assembly meeting decided to open accounts at Mizrahi Tefahot Bank.
Efrata
In 2021, the Efrat local council invested NIS 15 million divided between three investment firms and three banks, one of which is Mizrahi Tefahot Bank.
In June 2017, Mizrahi Tefahot Bank signed a pledge agreement with the Efrata Local Council for a period of 99 years (ends 2116) against all the council's revenues, including property tax and financial levies, with the exception of funds originating from the state budget, limited to a total of NIS 7,500,000.
Jordan Valley Regional Council
The Jordan Valley (also named Arvot HaYarden) Regional Council provides services to 21 settlements in the occupied West Bank.
In June 2019, Mizrahi Tefahot Bank signed a pledge agreement with the Jordan Valley Regional Council for a period of 99 years (ends 2118) against all the council's revenues, including property tax and financial levies, with the exception of funds originating from the state budget, limited to a total of NIS 5 million.
In 2021, the Jordan Valley Regional Council operated bank accounts in Mizrahi Tefahot Bank.
Golan Regional Council
The Golan Regional Council includes 33 settlements in the occupied Syrian Golan.
In November 2006, Mizrahi Tefahot Bank signed a pledge agreement with the Golan Regional Council for a period of 99 years (ends 2105) against all the council's revenues, including property tax and financial levies, with the exception of funds originating from the state budget, limited to a total of NIS 300,000.
In 2017, Who Profits documented the previous involvement of the bank in providing services to settlement local and regional councils. For more see Who Profits report Financing Land Grab: The Direct Involvement of Israeli Banks in the Israeli Settlement Enterprise.
Branches in Settlements
Mizrahi Tefahot Bank operates branches and automated banking services machines in settlements in the occupied West Bank and East Jerusalem.
These include the settlements of Efrat, Ma’ale Adumim, Modiin ilit and Karnei Shomron in the occupied West Bank, and the settlement neighborhoods of Pisgat Ze’ev, Ramot, Ramat Eshkol and the Old City in occupied East Jerusalem.
The bank also operates a branch in the Design City shopping complex in the Mishor Adumim Industrial Zone in the settlement of Ma’ale Adumim in the occupied West Bank. For more on the Design City project see Who Profits report The Design City Shopping Complex Built on Occupied Palestinian Land.
The Bank’s fully owned subsidiary, Yahav Bank, operated branches in the settlement of Ma’ale Adumim in the occupied West Bank and in the settlement neighborhood of Pisgat Ze’ev in occupied East Jerusalem.
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Mizrahi Tefahot Bank
בנק מזרחי טפחות בע"מ
Head office: Jabotinski St. 7, Ramat Gan 5252007, Israel.
Tel.: +972-3-7559720
An Israeli commercial bank that provides various banking and mortgage services to private and business sectors. The bank provides services to the construction and real estate sector.
Mizrahi Tefahot Bank provides financial foundation and services for settlement activities and settlement expansion, and benefits from financial activity in illegal Israeli settlements in the occupied Palestinian territory.
Financing Construction and Infrastructure Projects in Illegal Settlements
Mizrahi Tefahot Bank provides financial infrastructure to various construction companies for the purpose of construction of real estate projects in settlements in the occupied West Bank and East Jerusalem and holds as collateral the company's rights to the land and the project.
In May 2023, Mizrahi Tefahot Bank provided Israeli company Kotler Adika with a mortgage for three plots in the settlement neighborhood of Ramat Shlomo in occupied East Jerusalem. The bank holds as collateral the company’s rights in the land, and all its rights arising from the insurance of the mortgaged assets.
In February and June 2022, Mizrahi Tefahot Bank granted Israeli company Dona Engineering a loan for a construction project of 210 housing units on 9,802 m2 in the settlement neighborhood of Pisgat Ze’ev in occupied East Jerusalem, constructed according to Plan no. 101-0330498 for creation of a residence and commerce complex in Pisgat Ze’ev on a total of 14,552 m2 of land. The bank holds as collateral all the company’s rights in the project and assets, including the company's rights to receive funds from buyers/tenants of apartments or plots of land in the project.
In 2021, Mizrahi Tefahot Bank granted Kotler Adika a mortgage on three plots in the settlement neighborhood of Ramot in occupied East Jerusalem.
In 2020, Mizrahi Tefahot Bank granted Kotler Adika a loan for its construction project in the settlement neighborhood of Ramot in occupied East Jerusalem. The bank holds as collateral the company’s contractual and actual rights in the land and project, including the right to receive funds from homebuyers and the right to receive VAT refunds and any other funds from Israeli tax authorities in relation to this project.
In 2020 and 2021, Mizrahi Tefahot Bank granted Israeli company Avnei Derech a loan for its project in Alfei Menashe settlement, constructed according to plan no. 14\115 on lands belonging to the Palestinian village of Azzun. The project includes the construction of 160 housing units in the settlement. The bank holds as collateral the company’s contractual and actual rights in the land and project, including the right to receive funds from homebuyers and the right to receive VAT refunds and any other funds from Israeli tax authorities in relation to this project.
In 2019, Mizrahi Tefahot Bank granted Kotler Adika a loan for its construction project in the settlement of Ma'ale Adumim in the occupied West Bank, according to plan No. 30\7\1\420, on the lands of Abu-Dis and al-Khan al-Ahmar. The bank holds as collateral the company’s contractual and actual rights in the land and project, including the right to receive funds from homebuyers and the right to receive VAT refunds and any other funds from Israeli tax authorities in relation to this project.
In 2019, the bank granted Kotler Adika a loan according to tender 167\2018 for construction work in the settlement neighborhood of Ramat Shlomo in East Jerusalem, based on plan no. 11085- The Expansion of Ramat Shlomo by Additional 1600 Housing Units. The company won a contract to construct 96 housing units on 6677 meters of land. The bank holds as collateral the company’s contractual and actual rights in the land and project, including the right to receive funds from homebuyers and the right to receive VAT refunds and any other funds from Israeli tax authorities in relation to this project.
In 2020, Mizrahi Tefahot Bank granted the Israeli company Effi Capital a loan for the construction of 166 housing units in the settlement of Emanuel in the occupied West Bank. The bank holds as collateral the company’s contractual and actual rights in the land and project, including the right to receive funds from homebuyers and the right to receive VAT refunds and any other funds from Israeli tax authorities in relation to this project. The bank also holds as collateral the company's full assets during the period within which the agreement was reached.
In 2019, Mizrahi Tefahot Bank granted the company Turen Habayit Shelcha a loan for its construction project in the settlement of Ariel, according to plan no. 8\130 on the lands of Salfit and Marda. The company won a tender to construct 49 housing units in the settlements. The bank holds as collateral the company’s contractual and actual rights in the land and project, including the right to receive funds from homebuyers and the right to receive VAT refunds and any other funds from Israeli tax authorities in relation to this project.
In 2017, Who Profits documented additional involvement of the bank in settlement construction in the settlements of Ariel, Beitar Ilit, Ma'aleh Adumim and Modi'in Ilit in the occupied West Bank; and the settlement neighborhoods of Har Homa, Neve Ya'akov, Pisgat Ze'ev and Ramat Shlomo in occupied East Jerusalem. For more see Who Profits report Financing Land Grab: The Direct Involvement of Israeli Banks in the Israeli Settlement Enterprise.
Mitzpe Kramim
In 2018, Mizrahi Bank provided mortgage loans for real estate on land privately owned by Palestinians in the illegal Israeli outpost Mitzpe Kramim in the Jordan Valley in the occupied West Bank.
Banking Services to Settlement Local and Regional Councils
Mizrahi Bank provides loans, credit and banking services to settlements regional and local councils in the occupied West Bank and the Syrian Golan. These loans can be used to develop infrastructure, build public facilities and provide municipal services to the residents of the settlement.
Mizrahi Bank has provided loans and various banking services for the settlements of Alfei Menashe, Beit Aryeh-Ofarim, Emanuel, Har Hebron, Mateh Binyamin, Oranit, Elkana, Kedumim, Efrata, Karnei Shomron, Gush Etzion, Modi’in Ilit and Sha’ar Shomron in the occupied West Bank, and to the Golan Regional Council in the occupied Syrian Golan.
Karnei Shomron
As of July 2024, Mizrahi Tefahot Bank has 22 active pledge agreements with the Karnei Shomron Local Council.
In May 2024, Mizrahi Tefahot Bank signed a pledge agreement with the Karnei Shomron Local Council for a period of 99 years (ends 2123) against all the council's revenues, including property tax and financial levies, with the exception of funds originating from the state budget, limited to a total of NIS 3,962,000 million.
As of September 2023, the Karnei Shomron Local Council held NIS 5 million in a short-term deposit at Mizrahi Bank.
In May 2023, Mizrahi Tefahot Bank signed a pledge agreement with the Karnei Shomron Local Council for a period of 99 years (ends 2122) against all the council's revenues, including property tax and financial levies, with the exception of funds originating from the state budget, limited to a total of NIS 4 million.
On 2 January 2023, the Karnei Shomron Local Council’s assembly meeting approved a credit loan of NIS 4 million from Mizrahi Tefahot Bank for 2023, and increased a current account credit from NIS 500,000 to NIS 1 million. The council also approved a current account loan for the Community Center from Mizrahi Tefahot Bank of NIS 500,000 for 2023. In 2022, The council had a current account loan for the Community Center from Mizrahi Tefahot Bank of NIS 400,000.
Elkana
As of July 2024, Mizrahi Tefahot Bank has 14 active pledge agreements with the Elkana Local Council.
On 14 January 2024, the Elkana Local Council’s assembly meeting approved a credit loan of NIS NIS 1,150,000 for 2024 from Mizrahi-Tefahot Bank. In February 2024, Mizrahi Tefahot Bank signed a pledge agreement with the Elkana Local Council for a period of 99 years (ends 2123) against all the council's revenues, including property tax and financial levies, with the exception of funds originating from the state budget, limited to a total of NIS 1,150,000.
In June 2023, Mizrahi Tefahot Bank signed a pledge agreement with the Elkana Local Council for a period of 99 years (ends 2122) against all the council's revenues, including property tax and financial levies, with the exception of funds originating from the state budget, limited to a total of NIS 750,000.
On 1 January 2023, the Elkana Local Council’s assembly meeting approved a credit loan of NIS 1,500,000 for 2023 from Mizrahi-Tefahot Bank.
On 3 February 2022, the Elkana Local Council’s assembly meeting approved the transfer of its long-term loans from Union Bank to Mizrahi-Tefahot Bank, following their merger.
Kedumim
As of July 2024, Mizrahi Tefahot Bank has 7 active pledge agreements with the Kedumim Local Council.
In January 2024, Mizrahi Tefahot Bank signed a pledge agreement with the Kedumim Local Council for a period of 99 years (ends 2123) against all the council's revenues, including property tax and financial levies, with the exception of funds originating from the state budget, limited to a total of NIS 2,750,000.
In May 2023, Mizrahi Tefahot Bank signed a pledge agreement with the Kedumim Local Council for a period of 99 years (ends 2122) against all the council's revenues, including property tax and financial levies, with the exception of funds originating from the state budget, limited to a total of NIS 2,750,000.
Alfei Menashe
As of July 2024, Mizrahi Tefahot Bank has 13 active pledge agreements with the Alfei Menashe Local Council.
In January 2023, Mizrahi Tefahot Bank signed a pledge agreement with the Alfei Menashe Local Council for a period of 99 years (ends 2122) against all the council's revenues, including property tax and financial levies, with the exception of funds originating from the state budget, limited to a total of NIS 1,400,000.
In 2021, the Alfei Menashe local council held a NIS 1.5 million collateral in Mizrahi Tefahot Bank for the council's debit account (account for short term loans).
In December 2020, Mizrahi Tefahot Bank signed a pledge agreement with the Alfei Menashe Local Council for a period of 99 years (ends 2119) against all the council's revenues, including property tax and financial levies, with the exception of funds originating from the state budget, limited to a total of NIS 3,567,000.
In 2020, the Alfei Menashe Local Council held a NIS 5,504,000 loan from Mizrahi Tefahot Bank.
Gush Etzion
As of July 2024, Mizrahi Tefahot Bank has 7 active pledge agreements with the Gush Etzion Regional Council. The Gush Etzion Regional Council provides services to 22 settlements in the occupied West Bank.
In February 2023, Mizrahi Tefahot Bank signed a pledge agreement with the Gush Etzion Regional Council for a period of 99 years (ends 2122) against all the council's revenues, including property tax and financial levies, with the exception of funds originating from the state budget, limited to a total of NIS 19 million.
In December 2019, Mizrahi Tefahot Bank signed a pledge agreement with the Gush Etzion Regional Council for a period of 99 years (ends 2118) against all the council's revenues, including property tax and financial levies, with the exception of funds originating from the state budget, limited to a total of NIS 5,700,000.
Emanuel
As of July 2024, Mizrahi Tefahot Bank has 5 active pledge agreements with the Emanuel Local Council.
On 21 November 2023, the Emanuel Local Council’s assembly meeting approved a credit loan of NIS 450,000 for 2024 from Mizrahi-Tefahot Bank against the council’s revenue encumbrance.
In March 2024, Mizrahi Tefahot Bank signed a pledge agreement with the Emanuel Local Council for a period of 99 years (ends 2123) against all the council's revenues, including property tax and financial levies limited to a total of NIS 450,000.
In May 2023, Mizrahi Tefahot Bank signed a pledge agreement with the Emanuel Local Council for a period of 99 years (ends 2122) against all the council's revenues, including property tax and financial levies, with the exception of funds originating from the state budget, limited to a total of NIS 450,000.
Har Hevron
As of July 2024, Mizrahi Tefahot Bank has 5 active pledge agreements with the Har Hevron Regional Council. The Har Hevron Regional Council provides services to 20 settlements in the South Hebron Hills area in the occupied West Bank.
In 2024, Mizrahi Tefahot Bank granted the Har Hevron Regional Council a NIS 2 million loan to cover a deficit.
In 2023, Mizrahi Tefahot Bank and Leumi Bank granted loans in the amount of NIS 16 million loan to the Har Hevron Regional Council.
In February 2023, Mizrahi Tefahot Bank signed a pledge agreement with the Har Hevron Regional Council for a period of 99 years (ends 2122) against all the council's revenues, including property tax and financial levies, with the exception of funds originating from the state budget, limited to a total of NIS 2,250,000.
On 28 November 2023, the Har Hevron Regional Council’s assembly meeting approved a credit loan of NIS 3,250,000 from Mizrahi Tefahot Bank for 2024.
On 21 February 2023, the Har Hevron Regional Council’s assembly meeting approved an updated credit loan of NIS 3,250,000 from Mizrahi Tefahot Bank according to the banks' requirements, including the encumbrance and pledge of the council's revenues. The loan will be taken from the bank’s branch in the settlement of Alon Shvut.
As of January 2023, the Har Hevron Regional Council maintained a bank account for a school in its jurisdiction.
On 6 December 2022, the Har Hevron Regional Council’s assembly meeting approved the application of a NIS 3,000,000 credit loans from Mizrahi Tefahot Bank for 2023.
In August 2022, Mizrahi Tefahot Bank signed a pledge agreement with the Har Hevron Regional Council for a period of 99 years (ends 2121) against all the council's revenues, including property tax and financial levies, with the exception of funds originating from the state budget, limited to a total of NIS 2 million.
On 17 May 2022, the Har Hevron Regional Council’s assembly meeting approved taking a NIS 2 million loan for 15 years from Mizrahi Tefahot Bank with the council’s revenue encumbrance and all the bank's related requirements.
Beit Aryeh
As of July 2024, Mizrahi Tefahot Bank has 2 active pledge agreements with the Beit Aryeh Local Council.
On 14 August 2022, the Beit Aryeh-Ofarim council’s assembly meeting approved the opening of an account in Mizrahi-Tefahot Bank.
In December 2019, Mizrahi Tefahot Bank signed a pledge agreement with the Beit Aryeh Local Council for a period of 99 years (ends 2118) against all the council's revenues, including property tax and financial levies.
Mateh Binyamin
As of July 2024, Mizrahi Tefahot Bank has 3 active pledge agreements with the Mateh Binyamin Regional Council. The Mateh Binyamin Regional Council provides services to 52 settlements in the occupied West Bank.
In September 2005, December 2005 and April 2006, Mizrahi Tefahot Bank signed 3 pledge agreements for a period of 99 years (ending 2104 and 2105) for the benefit of the Mateh Binyamin Regional Council against properties in the settlement of Psagot. The bank holds as collateral contractual and other rights in the properties and any related future income. The settlement of Psagot is under the council’s jurisdiction.
Oranit
On 31 March 2024, the Oranit Local Council’s treasurer stated that the main activity of the council's funds is conducted in Bank Mizrahi and Leumi Bank.
In September 2022, Mizrahi Tefahot Bank signed a pledge agreement with the Oranit Local Council for a period of 99 years (ends 2121) against all the council's revenues, including property tax and financial levies, with the exception of funds originating from the state budget, limited to a total of NIS 1,100,000, and all the council's rights from the mortgaged properties’ insurance.
Sha’ar Shomron
On 24 January 2023, the Sha’ar Shomron Local Council approved opening accounts in Mizrahi Bank for two schools in the council’s jurisdiction.
On 18 July 2022, the Sha’ar Shomron Local Council opened a bank account in Mizrahi Bank.
Modi’in Ilit
On 28 July 2022, the Modi’in Ilit Municipality assembly meeting decided to open accounts at Mizrahi Tefahot Bank.
Efrata
In 2021, the Efrat local council invested NIS 15 million divided between three investment firms and three banks, one of which is Mizrahi Tefahot Bank.
In June 2017, Mizrahi Tefahot Bank signed a pledge agreement with the Efrata Local Council for a period of 99 years (ends 2116) against all the council's revenues, including property tax and financial levies, with the exception of funds originating from the state budget, limited to a total of NIS 7,500,000.
Jordan Valley Regional Council
The Jordan Valley (also named Arvot HaYarden) Regional Council provides services to 21 settlements in the occupied West Bank.
In June 2019, Mizrahi Tefahot Bank signed a pledge agreement with the Jordan Valley Regional Council for a period of 99 years (ends 2118) against all the council's revenues, including property tax and financial levies, with the exception of funds originating from the state budget, limited to a total of NIS 5 million.
In 2021, the Jordan Valley Regional Council operated bank accounts in Mizrahi Tefahot Bank.
Golan Regional Council
The Golan Regional Council includes 33 settlements in the occupied Syrian Golan.
In November 2006, Mizrahi Tefahot Bank signed a pledge agreement with the Golan Regional Council for a period of 99 years (ends 2105) against all the council's revenues, including property tax and financial levies, with the exception of funds originating from the state budget, limited to a total of NIS 300,000.
In 2017, Who Profits documented the previous involvement of the bank in providing services to settlement local and regional councils. For more see Who Profits report Financing Land Grab: The Direct Involvement of Israeli Banks in the Israeli Settlement Enterprise.
Branches in Settlements
Mizrahi Tefahot Bank operates branches and automated banking services machines in settlements in the occupied West Bank and East Jerusalem.
These include the settlements of Efrat, Ma’ale Adumim, Modiin ilit and Karnei Shomron in the occupied West Bank, and the settlement neighborhoods of Pisgat Ze’ev, Ramot, Ramat Eshkol and the Old City in occupied East Jerusalem.
The bank also operates a branch in the Design City shopping complex in the Mishor Adumim Industrial Zone in the settlement of Ma’ale Adumim in the occupied West Bank. For more on the Design City project see Who Profits report The Design City Shopping Complex Built on Occupied Palestinian Land.
The Bank’s fully owned subsidiary, Yahav Bank, operated branches in the settlement of Ma’ale Adumim in the occupied West Bank and in the settlement neighborhood of Pisgat Ze’ev in occupied East Jerusalem.
Ownership
The company is publicly traded on the Tel Aviv Stock Exchange under the ticker symbol: MZTF
Major shareholders include: L.Y.N (Holdings) Ltd. (21.09%), F&W (Registered Partnership) (13.03%), .M.W.Z (Holdings) Ltd. (7.27%), Meitav Dash Investments Ltd. (4.95%).
CEO: Moshe Lari
Chair of the Board of Directors: Avraham Zeldman
Subsidiaries
Bank Yahav for Government Employees Ltd., Tefahot Insurance Agency (1989) Ltd., Mizrahi Tefahot Leasing Ltd., Etgar Portfolio Management of Mizrahi Tefahot Bank Ltd., Technology Division of Mizrahi Tefahot Ltd., Mizrahi Tefahot Trust Company Ltd., Agudim Ltd., Igud Investments and Enterprise (A.S.Y) Ltd., United Mizrahi Overseas Holding Co. B.V.
Partners
Apple
* This section refers to the company's general business partners