Merger with Bank Tefahot - Market Leader in Mortgages
In January 2005, Bank Mizrahi completed the merger with Tefahot - Israel’s leading mortgage bank.
Tefahot provides approximately 33% of all housing loans in Israel.
The merger created, for the first time in the history of Israel’s banking system, a “positive link” between checking accounts and mortgages, allowing the bank’s clients seamless access to a unique set of products and services.
Following the merger, the bank embarked on a re-branding campaign. As part of the re-branding process, the name of the bank was changed to Mizrahi-Tefahot Bank Ltd (known abroad as UMTB) and a new unique banking process has been adopted.
The new strategy advocates active management of client's accounts and sees the building of long term mutually advantageous relationships as a central and strategic target.