Bank Hapoalim used to be Israel’s biggest, most admired bank. Its partly government-owned rival, Bank Leumi, had a smaller market capitalization and, unlike Hapoalim, it has no controlling shareholder. Leumi’s more conservative approach to lending and investment was often criticized.
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Shari Arison, Bank Hapoalim: disagreement with central bank |
Now Hapoalim is causing more concern than its rival. And according to Terence Klingman, head of research at local investment firm Excellence Nessua, a well-publicized disagreement this year between the Israeli central bank and Hapoalim’s billionaire owner, Shari Arison, might cause the central bank to rethink its previous eagerness for banks to have a controlling shareholder.
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