Hapoalim named Israeli bank of the year

The award was announced at a ceremony held by 'The Banker' in London.

By JERUSALEM POST STAFF
December 5, 2011 23:37
2 minute read.
Bank Hapoalim

Bank Hapoalim 311. (photo credit: Wikimedia Commons / "Avraham" / CC)

 
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Bank Hapoalim has been chosen as the Israeli bank of the year by The Banker, a publication of the Financial Times Group. The award was announced at a ceremony held by The Banker in London.

Philip Alexander, finance editor of The Banker, said: “Following the appointment of a new chairman and a new CEO in 2009, Bank Hapoalim’s turnaround strategy began to pay off in 2010. Profits climbed 69 percent, taking the bank’s ROE back into double digits, and Hapoalim recorded the highest profitability in the sector in the first half of 2011. The bank also increased its capital- adequacy ratio to 14.1% (beyond the minimum 12.5% set by its board of directors), positioning it well to protect itself from the risk of the global economic recovery faltering.”

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“Bank Hapoalim is at the forefront of mobile and Internet banking in Israel,” he said. “In a country of around 7.5 million inhabitants, Hapoalim’s online banking now has more than 850,000 users who perform around 1.3 million information queries per day.”

The award is the latest of several earned by Bank Hapoalim over the last year.

The “Poalim Connect” service, launched in early 2011, was named Best Initiative of the Year by The Banker in an annual contest for banking initiatives from around the world. The service also won the Best in Class title under the banking category of the Interactive Media Awards. In addition, Bank Hapoalim was chosen as the best bank in the areas of Forex trading and foreign-trade finance by Global Finance magazine.

“We are culminating two years of renewal and growth, with strong momentum in every area of our business, leading to improving profitability,” Bank Hapoalim CEO Zion Kenan said. “Winning this prestigious award, which follows a series of other wins, is important recognition by industry experts of the outstanding performance and impressive achievements of Bank Hapoalim across its business. The bank’s success in executing the growth strategy set by the board of directors and the board of management is made possible by the excellence and persistence of our employees. We also are proud of the significant loyalty of our customers, who choose to do business with us every day.”

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