Mr. Nir Abel Executive VP, Chief Internal Auditor and Head of the Internal Audit Division
Mr. Assaf Eldar Executive VP, Head of Operations & Assets Division
Mr. Joseph Beressi Senior Executive VP, Comptroller, Chief Accountant Officer and Head of the Accounting Division
Mr. Yuval Gavish Senior Executive VP, Head of the Corporate Banking Division
Ms. Yafit Gheriani Senior Executive VP, Head of Retail Banking Division
Ms. Esther Deutsch Senior Executive VP, Head of Group Management and Regulation Division
Mr. Yakki Zano Executive VP, Head of Technologies Division **
Ms. Orit Caspi Executive VP, Head of Human Resources Division
Mr. Avi Levy Senior Executive VP, Chief Risk Manager and Head of Risk Management Division
Ms. Hagit Meiroviz Executive VP, Chief Legal Counsel and Head of Legal Counseling Division
Mr. Barak Nardi Executive VP, Head of Planning, Strategy and Finance Division
Mr. Assaf Pasternak Executive VP, Head of Financial Markets Division
Mr. Arik Frishman Executive VP, Head of Digital, Data and Innovation Division
About Israel Discount Bank Ltd.
Israel Discount Bank was incorporated in 1935 in Israel as a public company under the Companies Ordinance. The Bank was established by the late Mr. Leon Recanati under the name of “Eretz Yisrael Discount Bank Ltd.”, in cooperation with the founders, the late Mr. Joseph Albo and the late Mr. Moise Carasso. The offices of the Bank and its first branch office were at first located at No. 39, Yehuda Halevi Street in Tel Aviv. In 1939 the offices of the Bank were relocated to No. 27, Yehuda Halevi Street, and in the fullness of time were transferred to 23 Yehuda Halevi street, the site where nowadays stands Discount Tower, in which most of the Head Office units of the Bank are located. During the years of its operation the Bank has developed a chain of branches and a wide variety of commercial banking activities in all banking spheres.
The Bank continues to implement its strategic plan for the Discount Group based on a leading goal - leading in customer satisfaction through customized banking, comprising three principal layers: continued growth and efficiency; a transformation in traditional banking; and the development of innovative banking models. All while continuing to establish the capital, technological and human infrastructure that will enable future growth.
The Corona crisis (Covid-19) is being signified as the greatest financial and global crisis since World War II. The financial basis and the capital infrastructure of the Bank are stable and are being strictly managed, thus enabling the Bank to withstand the complex challenges presented by the Corona crisis and act sensitively and responsibly with respect to its customers, supporting their economic activity during this challenging period.
Discount Group Activity
Holdings include Mercantile Discount Bank (MDB), specializing, inter alia, in small-business and household services and products; the credit card company ICC (71.8% owned); and Discount Capital, active in non-financial investments, investment banking, and underwriting. The Group operates abroad via IDB New York, the largest Israeli bank operating overseas with branches in the New York area, Florida and California, which focus is on the business-commercial sector and private banking. Discount Bank is a public company listed on the TASE. All equity of the Bank is held by the public (having no core controlling interest). The Discount Group offers its customers comprehensive banking services through 177 branches* in Israel.
The Activity is Conducted in Five Major Operating Segments
Households segment - This segment includes private customers at Discount Bank and of MDB. Available to them is a nationwide network of branches, a call center that also handles written inquiries, and leading digital channels. Also available to customers are professional consulting functions, including: mortgage consulting, investment consulting at the branches and at investment centers as well as pension consulting at selected branches.
Small and Micro-Businesses Segment - Customers benefit from one-stop-shop business and private solutions from a business-banking staff at the branches. Additionally, customers enjoy a designated website, SMS services, and a unique credit card “business key” that rewards home and business purchases. The customers have a range of attractive financing channels, small business funds to finance investment and growth, and a designated dealing room that provides a variety of tailored foreign-currency services as well as the use of the iCount application (see below).
Medium Businesses Segment - The segment includes companies having a medium sales turnover. It also includes customers of MDB and of commercial banking of IDB New York. At Discount Bank, the service is provided in five countrywide business centers, through business teams which include: business bankers, economists, credit coordinators and a team engaged in providing loans and guarantees. These varied teams provide a personal, professional and comprehensive service that includes tailoring the diverse banking products to the entirety of the customers’ financial needs, including credit solutions, currency and risk hedging, credit card clearing, financing, specialized investments, international trade and more. Additionally, the business centers offer financial solutions for company owners and executives and designated arrangements for their employees.
Large Enterprises Segment - This segment includes large business customers, financial institutions and institutional customers of Discount Bank and customers of the corporate banking segment of IDB New York. The financial support for the large corporations is provided through teams of business managers at the Large Corporations Group of the Corporate Division. Each team serves as a SPOC for all of the business customer’s financial needs, including the customizing of creative financial solutions and banking products in credit, currency hedging, international trade, credit card clearing, specialized investments in the capital market and more. Real-estate customers are serviced by the Real-Estate and Infrastructure group, which also provides solutions for complex transactions involving investments in national infrastructures. The segment also provides structuring of syndicate deals in conjunction with institutional investors and banking entities. The Capital Market Group provides institutional customers and capital market operators with credit allocation services and related services – brokerage, investment consulting and securities lending.
Private Banking Segment - This unique segment includes private banking customers of Discount Bank, high-net-worth Israelis and foreign residents. The segment also includes the private banking customers of IDB New York. Service to Discount’s Israeli customers is provided at four designated private banking centers. High-net-worth Customers receive comprehensive services from bankers and consultants who specialize in this segment. Consultation services are offered to customers of medium financial wealth by the Bank’s consultants in the investment segment, at four centers and at seven extensions spread throughout Israel. Customers receive personal service that is available in especially long business hours.
Fintech and Innovation
The Bank adapts to its dynamic environment and actively creates innovative banking models for providing customers with advanced services tailored to their needs. In this framework, the Bank continues the development and promotion of collaboration with fintech companies and the integration thereof in value offers to customers. Following the acquisition of Paybox’s Israeli operations, the Bank, of all banks in Israel, became a significant player in the individual and small business customer payments field. The Bank launched an API shop offering third parties (developers and business companies) the possibility of interfacing with the systems of the Bank in a simple, controlled and secured manner, and integrating data and the ability to conduct banking operations directly through the services being offered to their customers. This innovative process, in practice, implements the open banking concept that constitutes the central tier for the future of banking in Israel and abroad. The cooperation with iCount, designed for small-business customers, was the first business-technological application in the banking sector in Israel to apply an open banking concept. Recently, within the framework of the Bank’s activity to expand open banking services, two cash-flow-management fintech companies signed agreements for joining Discount’s open banking platform. Furthermore, the Bank continues to upgrade and add to the sophisticated properties of “Didi – the Digital Assistant on the Discount Application”, which enables customers to perform transactions, access information and get insights regarding their account through written and spoken natural language requests. The service is based on advanced analytic capabilities and artificial intelligence and is the first of its kind in the banking sector.
Involvement and Contribution to the Community
Since its establishment the Bank acts in aid of the community, as part of its business, social and cultural commitment. Many employees participate in their free time in different voluntary activities. The Bank collaborates with different social organizations, contributing to many associations, with a focus on children and youth education subjects. This year, on the background of the Corona crisis, the focus is on health matters and assistance to the elder population and to needy families. The Bank’s flagship community service project is “Sprint Discount”, where the Bank collaborates with the “Sprint for the Future” Association, which helps students from peripheral areas to complete their studies with a full matriculation certificate. MDB also participates in the activity of this association, donating tens of academic scholarships to students from the Arab society every year. In addition, Discount Bank takes active part in different projects in the fields of culture and art, and also provides sponsorships.
* Data as of September 30, 2020 – 102 branches of Discount Bank and 75 branches of MDB.
** Announced his intention to step down
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