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Bank Massad () is an Israeli
bank A bank is a financial institution that accepts Deposit account, deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital m ...
with 21 branches and branches throughout Israel.


History

Bank Massad was founded in 1929 as the Massad Mutual Loans and Savings Company () by Histadrut HaMorim (Israel's teachers'
trade union A trade union (British English) or labor union (American English), often simply referred to as a union, is an organization of workers whose purpose is to maintain or improve the conditions of their employment, such as attaining better wages ...
). Today it is a subsidiary of
First International Bank First International Bank & Trust (FIBT) is an American financial institution headquartered in Watford City, North Dakota. It is owned by Watford City Bancshares, Inc., which is owned by the Stenehjem family. FIBT is the largest bank in North D ...
(51%), jointly owned with Histadrut HaMorim. Following the death of the CEO of the Bank in 1977 and suspicions regarding irregularities in the bank, concerns about its stability arose.
Bank Hapoalim Bank Hapoalim ( lit. ''The Workers' Bank'') is one of the largest banks in Israel, established in 1921. The bank offers a broad range of financial services to retail, corporate, and institutional customers, with a focus on retail banking services. ...
agreed to a lightning transaction to guarantee all of Masad's commitments, and later acquired a controlling stake in the institution as part of a strategy to acquire smaller banks, leading to the establishment of the new Masad Bank. The portion not sold to Bank Hapoalim was transferred to the ownership of "Masad Holdings" company, and members of the original institution became shareholders in the new company. In 2008, the International Bank of Israel acquired the shares of Bank Hapoalim, as a result of Hapoalim Bank's entry into the financial advisory sector. That same year, the bank received approval to become a member of the stock exchange.


Building

The bank's administration building used to be located on
Rothschild Boulevard Rothschild Boulevard (, ''Sderot Rotshild'') is one of the principal streets in the center of Tel Aviv, Israel, beginning in Neve Tzedek at its southwestern edge and running north to Habima Theatre. It is one of the most expensive streets in the ...
80, on the site of the Israeli Theater building, before moving to
Ramat Gan Ramat Gan (, ) is a city in the Tel Aviv District of Israel, located east of the municipality of Tel Aviv, and is part of the Gush Dan, Gush Dan metropolitan area. It is home to a Diamond Exchange District (one of the world's major diamond exch ...
. The new administrative offices are situated in the stock exchange complex in Ramat Gan at 12 Abba Hillel Street.


See also

*
Economy of Israel An economy is an area of the production, distribution and trade, as well as consumption of goods and services. In general, it is defined as a social domain that emphasize the practices, discourses, and material expressions associated with ...
*
Banking in Israel A bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital markets. As ba ...


References

Massad {{Bank-stub Jewish businesses established in Mandatory Palestine Banks established in 1929