Bank Otsar Ha-Hayal
Encyclopedia
Bank Otsar HaHayal is an Israel
i bank
. The name literally means "Bank of the Soldier Treasury".
Otsar HaHayal was founded in 1946 in the British Mandate of Palestine as a means for Jewish war veterans to store their assets. It was a bank only for soldiers until 1972, and had business partners within the IDF.
In 1972, it became an official bank and opened up to the general public, although it still largely kept its association with military assets. It was purchased by Bank Hapoalim
in 1977.
By 1996, Otsar HaHayal completely transformed into a commercial public bank.
On January 24, 2006, Bank Hapoalim
's share of the bank, 66%, was sold for 703 million NIS
, approximately 185% of Otsar Ha-Hayal's estimated worth, to the First International Bank of Israel
.
Israel
The State of Israel is a parliamentary republic located in the Middle East, along the eastern shore of the Mediterranean Sea...
i bank
Bank
A bank is a financial institution that serves as a financial intermediary. The term "bank" may refer to one of several related types of entities:...
. The name literally means "Bank of the Soldier Treasury".
Otsar HaHayal was founded in 1946 in the British Mandate of Palestine as a means for Jewish war veterans to store their assets. It was a bank only for soldiers until 1972, and had business partners within the IDF.
In 1972, it became an official bank and opened up to the general public, although it still largely kept its association with military assets. It was purchased by Bank Hapoalim
Bank Hapoalim
Bank Hapoalim is Israel’s largest bank. As of 31 December 2008 it had total consolidated assets of NIS 306.85 billion. The Bank has a significant presence in global financial markets. In Israel, the Group has over 260 full-service branches, eight regional business centers, and industry desks...
in 1977.
By 1996, Otsar HaHayal completely transformed into a commercial public bank.
On January 24, 2006, Bank Hapoalim
Bank Hapoalim
Bank Hapoalim is Israel’s largest bank. As of 31 December 2008 it had total consolidated assets of NIS 306.85 billion. The Bank has a significant presence in global financial markets. In Israel, the Group has over 260 full-service branches, eight regional business centers, and industry desks...
's share of the bank, 66%, was sold for 703 million NIS
Israeli new sheqel
The Israeli New Shekel is the currency of the State of Israel. The shekel is divided into 100 agorot...
, approximately 185% of Otsar Ha-Hayal's estimated worth, to the First International Bank of Israel
First International Bank of Israel
The First International Bank of Israel is an Israeli bank founded in 1972 through the merger of several smaller banks. It is the fifth largest bank in Israel...
.