32°04′22.62″N 34°47′21.41″E / 32.0729500°N 34.7892806°E / 32.0729500; 34.7892806

Mercantile Discount Bank Ltd.
TypePublic
TASE: DSCT
IndustryBanking
Financial services
Founded16 September 1924 (1924-09-16) (as Palestine Mercantile Bank)
Headquarters
Kirya Tower, Tel Aviv
,
Israel
Productsconsumer banking, corporate banking, finance and insurance, investment banking, mortgage loans, private banking, private equity, savings, Securities, asset management, wealth management, Credit cards
ParentIsrael Discount Bank
Websitewww.mercantile.co.il

Mercantile Discount Bank (Hebrew: בנק מרכנתיל דיסקונט בע"מ) is a major commercial bank in Israel, and is a subsidiary of Israel Discount Bank. It is the sixth largest bank in Israel.

Controversies

Involvement in Israeli settlements

On 12 February 2020, the United Nations published a database of companies doing business related in the West Bank, including East Jerusalem, as well as in the occupied Golan Heights.[1] Mercantile Discount Bank was listed on the database on account of its activities in Israeli settlements in these occupied territories,[2] which are considered illegal under international law.[3]

Tax fraud affair in Australia

In 2021, MDB and its parent company IDB reached a settlement of ₪343 million (A$137 million) with the Australian Taxation Office, after allegedly conspiring with the Sydney-based Binetter family to engage in tax fraud.[4]

References

  1. ↑ "Database of all business enterprises involved in certain activities relating to Israeli settlements in East Jerusalem and the West Bank (A/HRC/43/71)". UN OCHA. 12 Feb 2020. Retrieved 2021-09-12.
  2. ↑ "UN rights office issues report on business activities related to settlements in the Occupied Palestinian Territory". Office of the United Nations High Commissioner for Human Rights. 12 February 2020. Retrieved 5 July 2021.
  3. ↑ "S/RES/2334(2016)". United Nations Security Council. 23 December 2016. Retrieved 5 July 2021.
  4. ↑ Chenoweth, Neil (1 February 2021). "ATO wins $137m from Binetters' Israeli banks after 16-year pursuit". Australian Financial Review. Retrieved 29 July 2021.
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