Bank Massad is an Israeli bank with 21 branches and branches throughout Israel.
History
Bank Massad was founded in 1929 as the Massad Mutual Loans and Savings Company by Histadrut HaMorim (Israel's teachers' trade union). Today it is a subsidiary of First International Bank (51%), jointly owned with Histadrut HaMorim.
Following the death of the CEO of the Bank in 1977 and suspicions regarding irregularities in the bank, concerns about its stability arose. Bank Hapoalim agreed to a lightning transaction to guarantee all of Masad's commitments, and later acquired a controlling stake in the institution as part of a strategy to acquire smaller banks, leading to the establishment of the new Masad Bank. The portion not sold to Bank Hapoalim was transferred to the ownership of "Masad Holdings" company, and members of the original institution became shareholders in the new company.
In 2008, the International Bank of Israel acquired the shares of Bank Hapoalim, as a result of Hapoalim Bank's entry into the financial advisory sector. That same year, the bank received approval to become a member of the stock exchange.