First International Bank of Israel
Encyclopedia
The First International Bank of Israel is an Israel
i bank
founded in 1972 through the merger of several smaller banks. It is the fifth largest bank in Israel. Its commercial base consists primarily of large corporate clients as well as ordinary citizens.
Edmond Safra
(through his uncle Jacques Nasser) acquired control of FIBI in the 1980s: after Edmond Safra's death, the Safra Group
sold off its business interests in Israel. As of 2010, FIBI's largest current shareholder is the FIBI Holding Company Ltd, whose largest shareholder is the Bino-Liberman Group; in addition, the Israel Discount Bank
holds a significant block of shares.
The bank opened branches in London
in 1981, and in Zurich
in 1984. In 2006 it acquired a 68% interest in Bank Otsar Ha-Hayal
for NIS 702 million. It is notable for being the only major bank in Israel which did not participate in the bank stock scandal
in Israel in the 1980s and as such was the only prominent bank in the country not nationalized
as result of the crisis.
For a long time, FIBI was unique among Israeli banks in offering complete paperwork in English
even to ordinary customers: as a result, it was patronized by many English-speaking immigrants.
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:...
founded in 1972 through the merger of several smaller banks. It is the fifth largest bank in Israel. Its commercial base consists primarily of large corporate clients as well as ordinary citizens.
Edmond Safra
Edmond Safra
Edmond J. Safra was a Jewish Brazilian-naturalized, Lebanese banker who continued the family tradition of banking in Lebanon, Brazil and Switzerland. He married Lily Watkins. He died in a fire that attracted wide media interest and was judicially determined to be due to arson.-Life of Edmond...
(through his uncle Jacques Nasser) acquired control of FIBI in the 1980s: after Edmond Safra's death, the Safra Group
Safra Group
The Safra Group is an international network of privately held companies controlled by the Safra family, comprising a banking and financial institutions conglomerate, industrial operations and telecommunications. It is present in the US, Europe, the Middle East, Latin America and the Caribbean.The...
sold off its business interests in Israel. As of 2010, FIBI's largest current shareholder is the FIBI Holding Company Ltd, whose largest shareholder is the Bino-Liberman Group; in addition, the Israel Discount Bank
Israel Discount Bank
Israel Discount Bank Ltd. , I.D.B., is one of Israel's three largest banks, with 260 branches, and assets of 171 billion NIS .-History:...
holds a significant block of shares.
The bank opened branches in London
London
London is the capital city of :England and the :United Kingdom, the largest metropolitan area in the United Kingdom, and the largest urban zone in the European Union by most measures. Located on the River Thames, London has been a major settlement for two millennia, its history going back to its...
in 1981, and in Zurich
Zürich
Zurich is the largest city in Switzerland and the capital of the canton of Zurich. It is located in central Switzerland at the northwestern tip of Lake Zurich...
in 1984. In 2006 it acquired a 68% interest in Bank Otsar Ha-Hayal
Bank Otsar Ha-Hayal
Bank Otsar HaHayal is an Israeli 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...
for NIS 702 million. It is notable for being the only major bank in Israel which did not participate in the bank stock scandal
Bank stock crisis (Israel 1983)
The Bank stock crisis was a financial crisis that occurred in Israel in 1983, during which the stocks of the four largest banks in Israel collapsed, and were nationalized by the state.-Background:...
in Israel in the 1980s and as such was the only prominent bank in the country not nationalized
Nationalization
Nationalisation, also spelled nationalization, is the process of taking an industry or assets into government ownership by a national government or state. Nationalization usually refers to private assets, but may also mean assets owned by lower levels of government, such as municipalities, being...
as result of the crisis.
For a long time, FIBI was unique among Israeli banks in offering complete paperwork in English
English language
English is a West Germanic language that arose in the Anglo-Saxon kingdoms of England and spread into what was to become south-east Scotland under the influence of the Anglian medieval kingdom of Northumbria...
even to ordinary customers: as a result, it was patronized by many English-speaking immigrants.