Targeting Israeli Apartheid: a BDS handbook - Corporate Watch ...

7 A BDS Handbook4Banking and Financial ServicesIn 2009 the financial sector contributed 26.1 per cent to Israel's GDP, 1 with banking activityalone accounting for over a quarter of this total. 2 The Israeli banking sector is highlyconsolidated with five main holding banks: Bank Hapoalim, Bank Leumi, UnitedMizrahi-Tefahot Bank, First International Bank of Israel and Israel Discount Bank.Whilst controlled by FIBI Holdings, First International Bank of Israel (FIBI) is linked toIsrael Discount Bank, with the latter holding 26.53 per cent of FIBI shares. 3 Together thesebanks and their subsidiaries control 95 per cent of the market, contributing around 4.1 percent of GDP from banking activities alone. 4 It is, however, difficult to obtain exact figures onthe banking sector's contribution to GDP because the numbers are buried in overall GDPfrom services and trade.Even within this highly concentrated system, most of the deposits, credit card mutual funds,and underwriting activities are monopolised by the two largest banks, Hapoalim and Leumi. 5According to the Bank of Israel, the total value of assets held by Israeli banks at the end of2009 was NIS 1.088 trillion ($274.424 billion). 6 Of this, 56 per cent was equally sharedbetween Bank Hapoalim and Bank Leumi.1 Israeli Bureau of National Statistics, cited by Shir Hever in private correspondence with the authors,April 2011.2 Bank of Israel (2009), Israel's banking system – annual survey 2009. Available:http://www.bankisrael.gov.il/publeng/publeslf.php?misg_id=15, [accessed 23/02/2011].3 Who Profits (October 2010), Financing the Israeli occupation, Available:http://www.whoprofits.org/articlefiles/WhoProfits-IsraeliBanks2010.pdf.4 Bank of Israel (2009), Israel's banking system – annual survey 2009, Idem. Note: This figureexcludes the contribution of mortgage lending, commercial banking, consumer lending via credit cardcompanies, and banking activities abroad.5 Sokoler, M (2006), Changes in the Israeli banking system, Bank of International Settlements, BISPapers No. 28., Available: www.bis.org/publ/bppdf/bispap28p.pdf, [accessed 01/03/2011].6 Bank of Israel (2009), Israel's banking system – annual survey 2009 Idem.