The bank will have closed 10% of its branches in two years.
Bank Hapoalim (TASE: POLI) may close 15 branches in 2014 and merge them with other branches. The bank merged 13 branches in 2013, and if it merges 15 branches this year, it will have closed 10% of its branches in two years.
At the same time, Bank Hapoalim has opened new branches, especially in Arab communities, where, last year, it opened six Poalim Express branches and one regular branch. It plans to open five more branches in Arab communities this year. The new branches are cheaper to operate than the branches which are closed, as they are smaller and have few employees.
The merging of branches is part of Bank Hapoalim's streamlining, saving the bank arnona (local property tax), real estate costs, personnel costs. Each closed branch reportedly saves the bank several million shekels.
Published by Globes [online], Israel business news - www.globes-online.com - on April 6, 2014
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