FINANCIAL SERVICES

The company is also laying off 20 employees, because of the war and the consequent economic uncertainty.

The Israeli insurance and finance firm is offering to buy a 32% controlling core in the credit card company.

Adv. Ephraim and Odelia Shpitalni own 60% of Gamla Harel, which Harel Insurance has offered to buy at a NIS 560 million valuation.

Singapore-based Prytek is buying 40% of TipRanks at a valuation of $200 million, bringing its total stake to 80%.

Israel's fourth largest bank posted a drop of 12.6% in its second quarter profit, in comparison with the second quarter of 2023, to NIS 1.04 billion.

Mizrahi Tefahot Bank's annualized return on equity for the second quarter was 19.9%.

In the first seven months of 2024, mortgages worth NIS 45 billion were taken, 4% more than in the corresponding period of 2023, although 40% down on the first seven months of 2022.

Bank Leumi wrote NIS 600 million off its 14% stake in Valley National Bank. Excluding that, its annualized ROE was 20.2%.

In the last financials to be signed by outgoing CEO Dov Kotler, the bank posted a NIS 2.2 billion profit for the second quarter, 15.7% up on the corresponding quarter.

Mobileye, OrCam and AI21 Labs are all challenged by the likes of Nvidia, Qualcomm, and OpenAI, while digital bank One Zero has also had to restructure.

The US investment fund is in advanced talks to acquire a 14% stake of Israel Discount Bank of New York for $150 million.

The Israeli fintech company will pay $61 million cash and up to $20 million in future milestone payments.

The bill on the matter will now be fast tracked through the Knesset.

The credit provided to fintech companies is not designed for routine operations but to be available capital to provide credit to customers.

Planck’s team will set up an Israel development center for Applied Systems to further develop AI products for cloud-based insurance software.

Among the buyers of stakes in Phoenix are Jared Kushnir's Affinity Partners and Yitzhak Tshuva.

Affinity Partners, led by Donald Trump's son-in-law Jared Kushner, is in talks to buy a 4.9% in Israeli insurance and finance Group the Phoenix Holdings, with an option to buy an additional 4.9%.

Mortgage taking last month fell slightly from May but was 18% higher than June 2023, the Bank of Israel reports.

The bill will change the existing situation in which any institutional body wanting to acquire a credit card company can only do so from a third party.

The two sides have signed a "significant private placement agreement," which could see AmTrust's stake in WeSure reach 15%.

Leumi sees a decrease in the bank's net profit of about NIS 550 million in the second quarter as a result of the write-down.

The estimated fee of 1% will be paid by customers involved in transfers averaging over NIS 2,080 per month including paying and receiving money.

Antebi, currently head of Financial Markets and International Banking at the bank, will replace the outgoing Dov Kotler.

Pensioners with no access to their money are suffering financially and mentally, and receiving scant attention from politicians.

Bank Leumi Mortgage Division head Uri Yonissi told the Globes Talking North Conference that there is a boom in interest from potential immigrants.

The new rules are intended to make comparison between fund managers easier, and to limit exposure to single indices such as Nasdaq.

Those being dismissed in Israewl will be replaced by teams in Eastern Europe, South Africa, and elsewhere where labor is cheaper.

Discount Bank is paying NIS 77 million for Shufersal's 49.9% stake in the payments app, which it sees as a strategic asset.

Mortgage taking rose to NIS 7.8 billion in May 2024, according to initial figures released by the Bank of Israel today - the highest figure since September 2022.

The investment house is acquiring 80% of CrediTeam for NIS 27 million.