The First International Bank- FIBI was established in 1972 as an initiative of Pinchas Sapir, the Finance Minister at the time. His goal was to increase competition within the banking sector and to promote the flow of working capital to industry, an objective he had personally championed.
The First International was established as a merger of several small banking institutions: the Foreign Trade Bank, the Export Bank, the Israel Industrial Bank, Azmaut Mortgage and Development Bank and a number of independent provident funds.
The investors in the Bank were the State of Israel, which invested funds in FIBI Holdings that became and remains the Bank’s holding company, and a foreign investor, the First Pennsylvania Bank, which at the time was the only foreign investor in an Israeli bank. This American bank invested $ 15 million in the First International.
In 1978, First Pennsylvania Bank’s share in FIBI was sold to the Eisenberg Group, which a year later sold it to the Danot Group, making a profit of $ 10 million from the sale.
Danot, founded and owned by 11 industrialists, redirected the development of the bank to its original mission of providing working capital for industry. During the Danot Group’s term of ownership, the Israeli banking sector underwent the share regulation crises. First International was actually the only major Israeli bank that was not involved. On the heels of the crisis, the state assumed ownership of all the major banks leaving First International as the sole privately owned major Israeli bank.
During the 1980s the First International Bank expanded internationally, opening a branch in London in 1981 and a second branch in Zurich three years later.
In 1986 Jacques Nasser acquired control of FIBI and in 1990 the well known banking family, the Safras, acquired control of the Bank.
In April 2003, control of the Bank was purchased by a group headed by businessman Zadik Bino and comprised of the Bino Holdings Investment company and the Lieberman family from Australia.
Bino, a former CEO of the First International Bank and thereafter CEO of Bank Leumi, retains control of the Bank today.
In 2004 the First International Bank acquired control of Ubank – then Investec – in order to strengthen its private banking and capital market activity. In 2006 the First International acquired control of Bank Otsar Hahayal in order to further strengthen its presence in the retail segment. The Group’s mortgage banks, the First International Mortgage Bank and Bank Atzmaut, were recently merged within the First International Bank, and mortgage activity is now conducted via the Mortgages Unit within the Banking Division.
Today, the First International Group consists of five banks: First International Bank,Bank Otsar Hahayal , Ubank, Bank Massad, Bank Poalei Agudat Israel, which specializes in serving the ultra-orthodox population and as well two subsidiaries abroad, in London and Zurich.
Chairmen of the Board of Directors since the Bank was established:
1972-1979 Mark Moshevitz
1979-1980 The late David Golan
1980 - Amos Manor
1980-1985 Mark Moshevitz
1985-1986 Boaz Nahir
1986-1987 Zadik Bino
1987-2001 Yigal Arnon
2001-2003 Shlomo Piotrkowsky
2003-2006 Dr. Joshua Rosenzweig
2006 - Jack Elaad
Chief Executive Officers since the Bank was established:
1972-1980 The late David Golan
1980-1986 Zadik Bino
1986-1990 Shalom Zinger
1990-2001 Shlomo Piotrkovsky
2001-2007 David Granot
2007 Smadar Barber-Tsadik