The Banker's Banker of the Year Award, considered one of the most prestigious awards in the global world of banking, is based on the global editorial team's analysis of the latest results and performance data provided by the banks through questionnaires plus a review of their strategic developments and overall achievements.
Philip Alexander, The Banker's finance editor, noted that after the appointment of a new chairman and CEO in 2009, the bank's transformation strategy began to pay off in 2010.
"Profits soared by 69%, taking the bank back to double-digit return on equity in line with its target. The performance continued into the first half of 2011, with Hapoalim recording the highest profitability in the sector. The bank also increased its capital adequacy beyond the 12.5% recommended by directors, to 14.1%, putting it in a position to protect itself from the risk of the global economic recovery faltering."
"Bank Hapoalim is at the forefront of cellular banking and Internet banking in Israel," added Alexander.
Bank Hapoalim CEO Zion Kenan said Thursday that the prestigious award joins a series of other honors and is proof of the bank's excellence and impressive achievements in all the fields of its activity.
"We are marking two years of innovation and growth, with momentous activity in all fields and an improvement in our profitability. The bank's success in implements the growth strategy outlined by the board of directors and the management is made possible thanks to the excellence and devotion of all bank workers.
"Alongside our sense of pride over the recognition we receive from the industry experts, we take pride in the recognition of our customers, who re-choose us every day," said Kenan.
Bank Hapoalim has picked up several international awards in the past year: The "Poalim Connect" service, launched in early 2011, was named by The Banker as the best initiative of the year. The service also won the top prize in Interactive Media Awards competition's banking category.
In addition, Hapoalim was chosen as the best trade finance provider and best foreign exchange bank by the Global Finance magazine.