–
Mizrahi-Tefahot Swiss branch , UMB Switzerland , will become the first Israeli owned bank to offer mortgages abroad for properties in Israel.
–
Mizrahi Tefahot Bank (TASE:MZTF) has begun offering mortgages to the customers of its Swiss subsidiary UMB Switzerland that buy real estate in Israel. The bank’s customers, mainly wealthy Jews from Europe and Latin America, take the mortgage from the Swiss subsidiary against Israeli property. Mizrahi Tefahot is Israel’s largest bank in the mortgage sector with a 30% market share. As far as is known, it is the only Israeli bank allowing its customers to take a mortgage abroad against a property in Israel. Eldad Fresher recently became the bank’s CEO.
Will you offer us a hand? Every gift, regardless of size, fuels our future.
Your critical contribution enables us to maintain our independence from shareholders or wealthy owners, allowing us to keep up reporting without bias. It means we can continue to make Jewish Business News available to everyone.
You can support us for as little as $1 via PayPal at [email protected].
Thank you.
UMB Switzerland deals mainly in private banking but recently decided to expand its services due to the demand from customers for buying Israeli real estate.
UMB Switzerland’s credit portfolio totaled 53 million Swiss francs at the end of 2012 so that entering the mortgage market will provide major potential for growth.
–
Published by www.globes-online.com
