First International Bank of Israel has invested over NIS 5 million in the new orientation, after focusing on business customers and private banking for 32 years.
First International Bank of Israel (TASE:FTIN1;FTIN5) is entering the household market. The bank has invested over NIS 5 million in the strategy, which includes converting branches to “personal banking branches”, training staff, adapting its systems and technologies, and instilling the new concept. In the first months of the strategy, the bank has managed to raise over NIS 1 billion from private customers through structured products.
The First International Bank states it has 5-6% of the household market, and aims to reach 10% within three years.
In its 32 years, The First International Bank has focused on business customers, wealthy private banking, and foreign customers. When David Granot was appointed CEO two years ago, the bank changed its strategy to recruit household customers.
Published by Globes [online] - www.globes.co.il - on June 29, 2003