Bank of Jerusalem's Evolution and Growth

The Bank of Jerusalem was founded in 1963, marking the beginning of its long and successful history.

Initially, the bank focused on providing financial services to the local community, offering a range of products and services to meet their needs.

Over the years, the bank has expanded its operations, establishing a strong presence in the region and becoming a leading financial institution.

Its commitment to innovation and customer satisfaction has enabled the bank to stay ahead of the competition and remain a trusted partner for its clients.

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The Bank of Jerusalem has a long and storied history. Founded in 1957, it has been a major player in the Israeli banking industry for over 60 years.

The bank has undergone several changes in ownership over the years. It is currently owned by Bank Leumi, one of Israel's largest banks.

Bank of Jerusalem's history is marked by a commitment to serving the community.

The establishment of Bank Yerushalayim for Development and Mortgages Ltd. was a significant milestone in the bank's history. It was founded in 1963 as a mortgage bank to support housing development in Jerusalem by a group of businessmen, including Mordechai Meir and Charles Clore, and the Municipality of Jerusalem.

The bank's initial goal was to support housing development in Jerusalem, a need that was recognized by the Municipality of Jerusalem and other stakeholders. The Mayor of Jerusalem, Mordechai Ish-Shalom, was appointed as the bank's president in 1963.

A bank with the same name, "Bank Jerusalem Ltd.", was established in 1928 by members of the old Haredi community, including Moshe Porush. This bank was later sold and merged with the Poalei Agudat Israel Bank in 1938.

The Shoval family acquired control of the bank after Moshe Meir's death in 1993. Moshe Meir, who had taken control of the bank in 1989, appointed Zalman Shoval, his son-in-law, as chairman.

The Shoval family's acquisition of the bank was a result of Moshe Meir's ownership of the majority of the bank's shares. Zalman Shoval, who was already a Knesset member at the time, took on the role of chairman, raising concerns about conflict of interest.

Zalman Shoval's connection to Moshe Meir's family was through marriage to his daughter.

Institutional shareholders play a significant role in the ownership of the company. Ayalon Mutual Funds Ltd. holds the largest number of shares, with 824.86k shares as of November 28, 2024.

Ayalon Mutual Funds Ltd. is followed closely by Altshuler Shaham Mutual Funds Management Ltd., which holds 153.92k shares. Altshuler Shaham Mutual Funds Management Ltd. has not sold any shares as of November 28, 2024.

Some institutional shareholders have increased their shareholdings in the company. Ayalim Mutual Funds Ltd. has bought +21.03k shares, representing a +44.32% increase in their holdings.

Here's a breakdown of the top 5 institutional shareholders:

Meitav Mutual Funds Ltd. has also increased its shareholdings, buying +3.37k shares and representing a +20.18% increase in their holdings.

Bank of Jerusalem was listed on a United Nations database in 2020 due to its activities in Israeli settlements in the West Bank, including East Jerusalem, and the occupied Golan Heights. These settlements are considered illegal under international law.

The database was published on February 12, 2020, and included companies doing business in these occupied territories.

Bank of Jerusalem offers a variety of mortgage solutions, including fixed-rate mortgages, variable-rate mortgages, and specialized loans for first-time homebuyers.

The bank provides refinancing options for existing mortgages, allowing customers to take advantage of lower interest rates or change their loan terms.

Businesses can also take advantage of Bank of Jerusalem's suite of banking solutions, including business loans, credit lines, and treasury services.

The bank offers specialized financial products for real estate developers and investors, ensuring that businesses have the necessary support to thrive in their respective industries.

In addition to these services, Bank of Jerusalem provides debit and charge cards with benefits such as secure transactions, easy access to funds, and rewards programs.

Customers can manage their spending through the bank's mobile banking app and take advantage of features such as contactless payments and online banking integration.

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The war in Israel has led to a projected deficit of 6.6% in 2024, and the government is working to pass an updated war budget in the Knesset.

The Bank of Jerusalem has joined the loan fund for small and medium businesses, providing loans as part of war relief, and is working to provide credit in all industries, including those in the Gaza periphery.

High-risk sectors like tourism and events are challenging to provide credit for due to uncertainty about future developments.

The government can provide creative solutions, such as increasing the guarantee rate, to help businesses in these sectors.

The banking world has undergone significant changes in the past two years, with the removal of barriers between banks and the introduction of open banking.

This trend is also happening in Israel, with regulatory changes like instant transfers and open banking allowing for smoother transitions.

The Bank of Jerusalem is adapting to these changes by packaging its capabilities into a new unit called 'banking as a service', which allows any company to make use of its services.

If you're looking for a bank that offers a range of mortgage solutions, Bank of Jerusalem is definitely worth considering. They have fixed-rate mortgages, variable-rate mortgages, and specialized loans for first-time homebuyers.

For businesses, Bank of Jerusalem provides a comprehensive suite of banking solutions, including business loans, credit lines, and treasury services. This can be a huge help for entrepreneurs and small business owners.

Their debit and charge cards come with secure transactions, easy access to funds, and rewards programs. This makes everyday purchases a breeze.

Bank of Jerusalem's cards also offer features like contactless payments and online banking integration, making it easy to manage your spending on the go.