Additional Senior Officers
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 Division1
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 Divisio
Mr. Assaf Pasternak
Executive VP, Head of Financial Markets Division
Mr. Arik Frishman
Executive VP, Head of Digital, Data and Innovation Division
The Bank continues implementing 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 in a responsible manner 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 traded in 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 branches2 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 arrays, including: mortgage consulting, investment consulting at the branches and at investment centers as well as pension consulting at selected branches.
Small and Minute Businesses segment – Customers benefit from one-stop-shop services providing business and private solutions by 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 includes also 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 solutions for the needs of the company owners and their managers financial and designated arrangements for their employees.
Large Businesses 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 serve 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. Institutional customers and capital market operators obtain through the capital market group, 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, Israelis and foreign residents owning financial wealth. 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. Customers with high financial wealth are provided a comprehensive service by 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 comprehensive services from well-experienced bankers and consultants, available during especially long business hours. Service to international customers is provided in Tel Aviv and Netanya.
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 has established 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 activity of the Bank for the expansion of open banking services, two fintech companies operating in the field of cash flow management, signed agreements for joining the open banking platform of Discount. 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. “Sprint Discount” is the flagship project supported by the Bank, and within the framework of which, the Bank collaborates with the “Sprint for the Future” Association, the principal aim of which is assistance to students from peripheral areas to complete their studies with a full matriculation certificate. MDB also participates in the activity of the Association, contributing every year tens of scholarships for academic studies to students belonging to the Arab society. In addition Discount Bank takes active part in different projects in the fields of culture and art, and also provides sponsorships.
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