Tags: israel discount bank | history

Israel Discount Bank: History of the Tel Aviv Institution

Thursday, 28 Aug 2014 08:04 PM

By Morgan Chilson

The Israel Discount Bank Ltd. is one of the country’s three largest private banks and makes the list of 300 of the world’s largest banks.

Founded in 1935 by the late Leon Racanati, a Greek immigrant, Israel Discount Bank is a significant player in Israel’s banking system, but also has branches throughout the world. The company established its first New York branch in 1962 and has continued to expand its North American business.

Vote Now: Should the U.S. Continue to Support Israel?

The Israeli banking system has been stable, despite worldwide economic woes, according to Reuters. The Bank of Israel, the country’s central bank, told Reuters in June that Israel’s financial system has “impressive resilience both during the global financial crisis of 2008 and following it.”

That’s good news for Israel Discount Bank, which is the holding company for IDB Bank and Israel Discount Bank (Switzerland), as well as its wholly-owned subsidiary Israel Discount Bank of New York, for which it reported a $13.2 million profit in the first quarter of this year.

Israel Discount Bank is also active in the credit card business, financial services, investment banking, portfolio management, and trustee services. With Mercantile Discount Bank, the group operates more than 200 branches in Israel.

Be Heard: Should the U.S. Cut Back Israel Support? Vote Here

The investment side of the family business was IDB Holdings, which the last Recanati family member involved in any aspect of the business, Leon Recanati, a grandson of the founder, sold in May 2003.

Before that, some Recanati family members were tossed from the bank in disgrace, according to Haaretz, accused of manipulating bank shares, and the bank was nationalized. Raphael Recanati, the son of the bank’s founder, and his son, Oudi Recanati, were convicted in the 1980s.

Today, the Jewish Virtual Library described Leon Recanati as one of Israel’s foremost philanthropists and businessmen.

The Israel Discount Bank is traded on the Tel-Aviv Stock Exchange as DSCT, with 75 percent of the shares held by the public. The stock was trading in August for about 600 ILS (Israeli shekels), or about $168 per share.

Editor's Note: Newsmax Readers Weigh In on Israel. Vote Now

Related Stories:

© 2015 Newsmax. All rights reserved.

PLEASE NOTE: All information presented on Newsmax.com is for informational purposes only. It is not specific medical advice for any individual. All answers to reader questions are provided for informational purposes only. All information presented on our websites should not be construed as medical consultation or instruction. You should take no action solely on the basis of this publication’s contents. Readers are advised to consult a health professional about any issue regarding their health and well-being. While the information found on our websites is believed to be sensible and accurate based on the author’s best judgment, readers who fail to seek counsel from appropriate health professionals assume risk of any potential ill effects. The opinions expressed in Newsmaxhealth.com and Newsmax.com do not necessarily reflect those of Newsmax Media. Please note that this advice is generic and not specific to any individual. You should consult with your doctor before undertaking any medical or nutritional course of action.

Keeping you up to speed on Lifestyle, health, and money-saving tips
Get me on Fast Features
Keeping you up to speed on Lifestyle, health, and money-saving tips
Zip Code:
Privacy: We never share your email.
Follow Newsmax
Top Stories

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

America's News Page
©  Newsmax Media, Inc.
All Rights Reserved