The bank now faces still competition from Discount Bank, which won the Accountant General's tender for loans to teachers.
Bank Massad has increased a number commission charges, most of them on capital market transactions. The cost of returning a check due to insufficient cover will rise by 28% from NIS 43 to NIS 55. Securities depository commission will increase by 0.15% per quarter (0.6% a year). The minimum charge for one security will rise to NIS 5.50, and the minimum securities management fee will rise to NIS 30. The price rises will go into effect today.
Bank Massad general manager Roni Leshchinski said, "Bank Massad is the last bank to update its commission rates, and we have done so long after the other banks."
Bank Massad specializes in services to teachers. It now faces stiff competition from Israel Discount Bank (TASE: DSCT), which won a tender from the Ministry of Finance Accountant General for the provision of loans to teachers.
First International Bank of Israel (TASE: FTIN1;FTIN5) acquired the controlling stake in Bank Massad from Bank Hapoalim (LSE: 80OA; TASE: POLI) for NIS 236 million last October.
Published by Globes [online], Israel business news - www.globes.co.il - on March 4, 2008
© Copyright of Globes Publisher Itonut (1983) Ltd. 2008