David Ben David
Chairman of the Board
Bank Yahav for Government Employees Ltd.
Bank Yahav for Government Employees Ltd.
View ProfileShaul Gelbard
About Bank Yahav for Government Employees Ltd.
Bank Yahav, established in 1954, specializes in retail sector financial services for households and salaried employees. From its inception and until the start of 2009, the Bank served government employees and the public sector. Since then the Bank has offered services to all Israel’s salaried employees, and now holds more than 9% of the market share of all household bank accounts in Israel. The Bank also offers its customers a full range of financial services, including loans and investments, available at the banking system’s best interest rates. In the consumer-buying field, the Bank’s customers enjoy the benefits of the “Nachon” Consumer Club, one of Israel’s largest. Bank Yahav is owned by Mizrahi-Tefahot Bank (50%) and The Company For Economic & Cultural Projects For State Employees Ltd. (50%) – owned by the State of Israel and Government Employees Labor Federation.
Operating Results and Five-Year Plan
The Bank operates under a five-year plan, focusing on substantial growth in all retail operations, and significant expansion in salaried customers managing accounts at Bank Yahav. The Bank’s 2016 reports indicated a massive growth in its activity. The bank’s balance sheet grew by 5% to NIS 23.9 billion, and profits were NIS 83.4 million, with a return on equity of 7.1%.
Special Agreements with a Wide Range of Market Factors
The Bank has made agreements with a wide range of representative organizations of employers and workers; Among these agreements - an agreement with the State Employees Union, under which eligible civil servants are to receive discounts and benefits in managing their accounts at the Bank, as was the case since its inception, an agreement with the State of Israel to approve budget loans to state officials, agreements with different employers, including municipalities, telecommunications, Israel Postal Authority, Social Security, government companies, public institutions and more. These agreements provide employees of banking services with special conditions. All this, in cooperation with the management, workers’ committees and departments of human resources of the employers. With the expansion of services to all salaried employees, the bank created cooperation agreements with additional major companies in the economy.
Warm Relationship with Customers
The Bank has always considered good service as the core of its operations, not only in the lowest costs, but also the close relationship between staff in branches and customers, management, workers organizations and human resource divisions of employers. These relationships were nurtured for decades, with strict compliance with the applicable ethical rules. The bank invests dedicated scrutiny and resources for this purpose, both internally and in all aspects of the clients, the environment and the community.
Branch Network and Service Channels
The bank now has 46 branches throughout Israel, a national advice center for forein currency and investment and advice centers, divided by areas: north, center, Jerusalem, and south. Furthermore, the bank’s clients enjoy a large national call center, voice response, a securities call center and a foreign currency call center, as well as digital channels including a website and a dedicated app.
Wide Range of Customer Services
The Bank provides customers with a full response to every financial need – credit, investment advice and implementation, and the complete range of banking services to salaried employees including credit card clubs and digital service channels. Customers are given personal banking services in branches and over the Internet with friendly systems and easy-to-operate interfaces. Direct banking services – via call centers, website, cell phone application, voice mail and SMS – are continually being developed through the most advanced systems under one management roof. In 2009, the Bank began its consumer services operations, offering its customer base the possibility of enjoying the benefits of the “Nachon” Consumer Club, one of Israel’s largest consumer club groups that would allow the customers access to significant benefits and discounts from suppliers and service providers throughout the country. As part of its dialogue with its customer base, the Bank has opened a Facebook social networking page, which is geared to allowing direct contact with customers, and to receive and forward messages from and to the Bank. The Facebook page has about 30,000 friends.
The Technological Organization
The bank completed a unique strategic move in the Israeli and global Banking segments, where an independent IT system was built in cooperation with TCS of the Tata Group. This new system is unique in Israel and encompasses the core banking system, the branch systems and all of the digital channels available to the bank’s customers.
- Managing retail accounts and a range of services.
- All types of credit, overdrafts, designated and special loans at the most competitive interest rates.
- Deposits and savings stressing targeted savings.
- Investment advising.
- Credit cards – Supporting all Israeli issued cards, including; Nachon Club, the consumer club of Bank Yahav’s customers and one of Israel’s largest.
- Foreign currency for investors and travelers.
The Bank and the Community
The Bank considers social responsibility, involvement and contribution to the community and the environment as core values to its activity. The bank makes an effort to involve its employees with social and cultural activities, with an emphasis on supporting education, youth and the enhancement of the Ethiopian community.
The bank’s employees also volunteer in schools and help promote financial education. The bank also donates regularly to different national non-profit organizations.
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