Itongadol.- Bank Hapoalim has been selected as the best bank in Israel by the Global Finance magazine, as part of a review of the leading banks in 27 developed countries.
The magazine defined this year\’s winning banks as having "one thing in common, a focus on responding to the needs of their customers."
According to Global Finance\’s publisher, Joseph D. Giarraputo, "Specific market conditions certainly vary from region to region, and overall conditions for the global financial market remain difficult. These banks are being recognized for outstanding accomplishments in the face of adversity."
The choice was made based on a combination of objective criteria such as growth in assets, profitability, strategic relationships, customer service, competitive pricing, and innovative products – as well as the opinions of equity analysts, credit rating analysts, banking consultants and others involved in the industry.
Bank Hapoalim CEO Zion Kenan said in response, "Our new strategic plan for the next three years, which was approved by the bank, will strengthen our ability to maintain this leadership in the future as well."
In its annual financial report published last month, Bank Hapoalim reported a 7.4% drop in its net profit, which totaled about NIS 2.54 billion (roughly $700 million). Despite the decline, the bank presented the highest profit in the Israelis banking system