Municipal Bank Ltd.

Municipal Banking Services Corporate and Public Sector Finance


Founding Year 1953
Address 19 Ha'arba'ah St., Migdal Ha'Tichon, Fourth Floor, Tel Aviv, 6473919, P.O.B. 7091, Tel Aviv 6107002
Phone 03-7647600
Fax 03-6868336
Email [email protected]
Company Website


Municipal Bank Ltd., focuses on banking services to the Israeli public and municipal sectors, including short and long-term credits, deposits, current accounts and other banking services, while expanding its activities to new fields, especially those with an affinity to the public sector.

Other Senior Executives

Zohar Tze’elim

Senior Deputy General Manager – Legal Advisor

Guy Turnowski

Business Deputy General Manager

Elad Fisher

Chief Financial Officer

A Leading Municipal Bank
Municipal Bank is the leading bank for financing local authorities, municipal corporations and water and sewage corporations in Israel. The Bank has the expertise and close familiarity with the municipal sector and its unique characteristics, and provides its customers with banking services and tools adapted to their specific needs. Being the leader in financing local authorities is in the Bank’s DNA.
The Bank was initially established as “Otsar Ha’Shilton Ha’Mekomi” and, following the acquisition of control of the bank in 2001 by the international Dexia Group, changed its name to “Dexia Israel Bank.” In March 2018, the international Dexia Group sold its controlling interest, and the Bank continues its operations, as a bank without any controlling interest, under its new name – “Municipal Bank.” In November 2018, an agreement was signed to merge the Bank with and into Mercantile Discount Bank. This merger has not yet been completed.

Company Rating
The Bank is rated ilAA / Watch Pos by Standard & Poor’s Ma’alot, (an Israeli securities rating company).

Strategic Goals
In 2017, the Bank’s Board of Directors approved a new strategic plan, which further to its full implementation, the Bank’s return on equity is expected to be, on average, over 10%, while continuing to be a leading Bank in the following main financial indices – operating efficiency, quality of the credit portfolio and capital adequacy. In addition, the plan was formulated in order to maintain and strengthen the Bank’s status as the “Home Bank” of the local authorities, while expanding activities to new areas, especially those with a public-sector affinity, including financing for infrastructures, income-generating real estate leased to public entities, financing leasing transactions and financing transactions for the acquisition of public transportation vehicles.
In September 2018, following the merger process with Mercantile Discount Bank, the Board of Directors resolved to delay implementation of the strategic plan, including continuation of the distribution of dividends and entry into additional areas of activity, as well as the postponement of the date in which the plan’s financial targets are expected to be achieved.
For further details regarding the Bank’s strategic plan, see the Bank’s financial statements and immediate reports.

Management Profile

Levana Shifman (Fintz)
Chairperson of the Board of Directors

Year of birth: 1968
Education: LL.M., (Business Administration; Bar-Ilan University); B.B. (Business Administration, Specializing in Finance and Marketing – the College of Management); B.A., (Social Sciences, Specializing in Economics, Political Science and Sociology – Bar-Ilan University).
Current Position: Chairperson of the Board of Directors, Municipal Bank Ltd.
Past Positions: Deputy Chief Executive Officer – Regulations – Profound Investment House Ltd.; Banker and Investment Advisor – Mizrahi-Tefahot Bank, Citibank and Leumi Bank, External Director and Member of the Finance Committee – Modi’in Economic Development Corporation City of the Future Ltd., Member of the Board of the Green Party – Modi’in Maccabim Reut Municipality.

Olivier Gutman
General Manager & Chief Executive Officer

Year of birth: 1972.
Education: M.A., Mathematics and Economics, Ecole Polytechnique, Paris, France; M.A., Finance and Economics, Ecole Nationale de Statistique et de l’Administration Economique, Paris, France.
Current Positions: General Manager & Chief Executive Officer – Municipal Bank Ltd. Chairman and Chief Executive Officer – Municipal Issuance Ltd.
Past Positions: Deputy General Manager – Dexia Israel Bank Ltd.; Chief Financial Officer – Dexia Bank Israel Ltd.; Director and Head of Finance- Dexia Israel Issuance Ltd.; Director of Asset and Liability Management Department – Dexia Credit Local, France; Senior Adviser at the World Bank in Washington D.C.; Adviser at the Finance Ministry, Paris, France.

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