Bank Yahav, established in 1954, specializes in retail sector financial services for households and salaried employees. From its inception and until the start of 2009, the Bank served government employees and the public sector. Since then the Bank has offered services to all Israel’s salaried employees, and now holds an 8.5% market share of all household bank accounts in Israel. The bank aims to boost this market share to 10% by 2017. Checks made by Bank of Israel showed that Bank Yahav’s current account tariffs and stock market commission fees are significantly lower than any other Israeli bank. The Bank also offers its customers a full range of financial services, including loans and investments, available at the banking system’s best interest rates. In the consumer-buying field, the Bank’s customers enjoy the benefits of the “Nachon” Consumer Club, one of Israel’s largest. Bank Yahav is owned by Mizrahi-Tefahot Bank (50%) and The Company For Economic & Cultural Projects For State Employees Ltd. (50%) – owned by the State of Israel and Government Employees Labor Federation.
Operating Results and Five-Year Plan
The Bank operates under a five-year plan, focusing on substantial growth in all retail operations, and significant expansion in salaried customers managing accounts at Bank Yahav. The Bank ended 2012 with net profits of NIS 100.3 million, up 31% from 2011, return on capital of 12.2% and net assets of NIS 18.4 billion, up 10% from 2011.
Special Agreements with a Wide Range of Market Factors
The Bank has agreements with many employers and employees representative groups, including the Government Employees Labor Federation, local government authorities, Bezeq, Israel Broadcasting Authority, Israel Postal Authority, National Insurance Inst., government companies, public institutions, etc. These agreements guarantee their employees banking services at special terms.
Warm Relationship with Customers
In the last 4 years, the Bank has been continuously ranked first far in front of other banks, in a nationwide banking sector survey by Globes and The Marker newspapers on customer satisfaction with banking services and preparedness to recommend to others. The Bank was not surprised by these findings: The Bank has always considered good service as the core of its operations, not only in the lowest costs, as recently noted in terms of commissions by Bank of Israel, but also the close relationship between staff in branches and customers, management, workers organizations and human resource divisions of employers.
Branch Network and Service Channels
Until a few years ago, the Bank had 12 branches. By the end of 2012, the Bank had 44 branches, six investment advice centers, and a technology operation including a national call center, a stock market call center, foreign currency call center, enabling a range of online transactions, either through automatic phone voice response (including fast-track credit) and the Bank’s website.
Wide Range of Customer Services
Bank Yahav provides customers with a full response to every financial need – credit, investment advice and implementation, and the complete range of banking services to salaried employees including credit card clubs and online banking. Customers are given personal banking services in branches and over the Internet with friendly systems and easy-to-operate interfaces. Direct banking services – via call centers, website, voice mail and SMS – are continually being developed through the most advanced systems under one management roof. In 2009, the Bank began its consumer services operations, offering its customer base the possibility of enjoying the benefits of the “Nachon” Consumer Club, one of Israel’s largest consumer club groups that would allow the customers access to significant benefits and discounts from suppliers and service providers throughout the country. As part of its dialogue with its customer base, the Bank has opened a Facebook social networking page, which is geared to allowing direct contact with customers, and to receive and forward messages from and to the Bank. The Facebook page has 21,000 friends.
• Managing retail current accounts and a range of services • All types of credit, overdrafts, designated and special loans at the most competitive interest rates • Deposits and savings stressing targeted savings • Investment advice• Credit cards – Nachon Club, the consumer club of Bank Yahav’s customers and one of Israel’s largest • Foreign currency for investors and overseas travelers • Service for the operations of provident funds and advanced training funds.
The Bank and the Community
The Bank considers social responsibility, involvement and contribution to the community and the environment as paramount values and puts special emphasis on involving its employees in various community, social, cultural, and educational efforts. The Bank lends its support to various non-profit organizations such as “A Different Lesson” and “House of Wheels”. The Bank regularly donates to national voluntary organizations.