The international magazine Global Finance chose Mizrahi Tefahot as the "Bank of the Year in Israel."
An article published over the weekend highlighted a list of 25 banks chosen as the best for 2010 in developed markets.
The list included leading banks in the world from North America, Europe, Asia and the Middle East.
According to Global Finance, the banks chosen were the ones who attended to their customers' needs with caution and responsibility during a period of "difficult markets," and who reached the highest results while laying the foundations for their future success.
The magazine's editors noted that the banks were chosen both by objective, quantitative criteria – such as growth in assets, profitability, geographic reach, strategic relationships, new business development, innovation and the banks’ ability to conduct and fund themselves in the current environment – and by subjective criteria – such as extensive consultations with bankers, corporatists and equity and credit analysts.
The magazine report noted: "The mix of these factors yields leading banks that may not be the largest, the oldest or the most diversified in a given country, but rather the best — the banks with which corporations around the world would most likely want to do business."
“We recognize these banks for their outstanding accomplishments,” said Global Finance’s publisher, Joseph D. Giarraputo. “Global financial markets are extremely difficult and conditions in each market may have differed but the winning banks were all noteworthy in their dedication to satisfying their customers’ needs.”
Other banks recognized on the 2010 list include J.P. Morgan, HSBC, Royal Bank of Canada, and Credit Suisse.
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