Bank Hapoalim has won the title of Israel’s best bank from British economic magazine “Euromoney”, in a contest for excellence in banking in 2001. The list of award winners was published in the magazine’s latest issue last week.
The magazine says that Israel’s two largest banks, Bank Hapoalim and Bank Leumi, are very strong players in the local market, and that it is very difficult to choose between them. At the same time, “Euromoney” is impressed with the fact that, contrary to Bank Leumi, Bank Hapoalim is focusing on its business core of banking. “Bank Hapoalim focuses on banking. It did not buy hotels and oil companies (a hint at the deal whereby Bank Leumi bought 19% of Paz – DZ).
”Euromoney” forms the impression that, although the Israeli market is not large, bank customers are far more sophisticated than the average Middle East bank customer.
The best way to continue growing in the banking sector, despite the economic and high-tech slowdown and the geopolitical situation, is the simple way of giving credit to people who can repay it. This is the only way for banks to grow at such a time without damaging their credit portfolio quality,” the magazine writes.
”Euromoney” awarded Salomon Smith Barney of Citigroup the title of the best investment house in Israel. Salomon Smith Barney leads both in financing (debt house) and in mergers and acquisitions.
Published by Israel's Business Arena on 22 July, 2001