# Union Bank of Israel

Union Bank of Israel is a Bank / Wealth / Trust based in Tel Aviv, Israel.

## Overview

- **Organization type:** Bank / Wealth / Trust
- **Headquarters:** Tel Aviv, Israel
- **Region:** Middle East
- **Address:** Tel Aviv, Israel
- **Founded:** 1951
- **Assets under management:** Undisclosed
- **Website:** www.unionbank.co.il
- **LinkedIn:** https://www.linkedin.com/company/union-bank-of-israel
- **Wikidata:** Q2903265

## Regulatory record

- **Reports private funds:** No

## About

Union Bank of Israel is a bank founded in 1951 in Tel Aviv, Israel. It offers commercial banking services, including mortgage loans, securities brokerage, and portfolio management. The bank was acquired by Mizrahi Tefahot Bank in September 2020.

## Sectors

- Banking
- Commercial Real Estate
- Private Banking
- Asset Management

## People

- David Friedman — Chairman of the Board

## Questions

### Who runs investment decisions at Union Bank of Israel?

Union Bank of Israel was acquired by Bank Mizrahi-Tefahot in 2019 and no longer operates as an independent entity. Investment decisions are now made within Mizrahi-Tefahot's structure, led by CEO Moshe Lary and the bank's credit and investment committees. Prior to the acquisition, Union Bank's credit and investment decisions were overseen by the board of directors, chaired by David Friedman.

### How is Union Bank of Israel related to Bank Mizrahi-Tefahot?

Bank Mizrahi-Tefahot acquired 100% of Union Bank of Israel in January 2019 for approximately ILS 1.4 billion from the Shlomo Eliyahu group and other shareholders. Union Bank was subsequently delisted from the Tel Aviv Stock Exchange and fully merged into Mizrahi-Tefahot's operations. The Union Bank brand ceased to exist by early 2020, with all branches, client relationships, and assets integrated into the acquirer.

### What was Union Bank's known posture on co-investments alongside external partners?

Union Bank participated in syndicated lending facilities and club deals with other Israeli banks, particularly for large corporate and real estate financings. It did not operate a principal investment or co-investment platform beyond traditional credit participation. Its capital markets desk also joined underwriting syndicates for Israeli corporate bond issuances.

### What happened to Union Bank's asset management subsidiary?

Union Asset Management, the bank's mutual fund and portfolio management arm, was included in the 2019 acquisition by Mizrahi-Tefahot and subsequently merged into the acquirer's investment management operations. Client portfolios were transferred, and the standalone Union Bank mutual funds were rebranded under Mizrahi-Tefahot's product family.

## Related profiles

- [Union Bank of India](https://altss.com/profile/union-bank-of-india)
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Last updated: 2026-06-03T20:00:00.000Z

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