Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this through our Commercial Banking Business Environment Rating (CBBER), a measure that ensures we capture the latest quantitative information available. It also ensures consistency across all countries and between the inputs to the CBBER and the Insurance Business Environment Rating, which is likewise now a feature of our insurance reports. Like the Business Environment Ratings calculated by BMI for all the other industries on which it reports, the CBBER takes into account the limits of potential returns and the risks to the realisation of those returns. It is weighted 70% to the former and 30% to the latter.
The evaluation of the Limits of Potential Returns includes market elements that are specific to the banking industry of the country in question and elements that relate to that country in general. Within the 70% of the CBBER that takes into account the Limits of Potential Returns, the market elements have a 60% weighting and the country elements have a 40% weighting. The evaluation of the Risks to Realisation of Returns also includes banking elements and country elements (specifically, BMI’s assessment of long-term country risk). However, within the 30% of the CBBER that takes into account the risks these elements are weighted 40% and 60% respectively.
Further details on how we calculate the CBBER are provided at the end of this report. In general, though, three aspects need to be borne in mind in interpreting the CBBERs. The first is that the market elements of the Limits of Potential Returns are by far the most heavily weighted of the four elements. They account for 60% of 70% (or 42%) of the overall CBBER. Second, if the market elements are significantly higher than the country elements of the Limits of Potential Returns, it usually implies that the banking sector is (very) large and/or developed relative to the general wealth, stability and financial infrastructure in the country. Conversely, if the market elements are significantly lower than the country elements, it usually means that the banking sector is small and/or underdeveloped relative to the general wealth, stability and financial infrastructure in the country. Third, within the Risks to Realisation of Returns category, the market elements (ie: how regulations affect the development of the sector, how regulations affect competition within it and the Moody’s ratings for local currency deposits) can be markedly different from BMI’s long-term risk rating.

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Executive Summary 5
Table: Levels (ILSbn) 5
Table: Levels (US$bn) 5
Table: Levels At April 2011 5
Table: Annual Growth Rate Projections, 2011-2015 (%) 5
Table: Ranking Out Of 59 Countries Reviewed In 2011 6
Table: Projected Levels (ILSbn) 6
Table: Projected Levels (US$bn) 6
SWOT Analysis 7
Israel Commercial Banking SWOT 7
Israel Political SWOT 8
Israel Economic SWOT 9
Israel Business Environment SWOT 10
Business Environment Outlook 11
Commercial Banking Business Environment Ratings 11
Table: Israel’s Commercial Banking Business Environment Rating 11
Commercial Banking Business Environment Rating Methodology 12
Table: Middle East and Africa Commercial Banking Business Environment Ratings 13
Global Commercial Banking Outlook 14
Middle East Banking Sector Outlook 18
Table: Banks’ Bond Portfolios, 2009 20
Table: Middle East and Africa Commercial Banking Business Environment Ratings 21
Table: Comparison Of Loan/Deposit, Loan/Asset And Loan/GDP Ratios 22
Table: Anticipated Developments In 2011 23
Table: Comparison Of Total Assets, Client Loans And Client Deposits, 2009-2010 (US$bn) 24
Table: Comparison Of Per Capita Deposits, 2010 (US$) 25
Table: Interbank Rates And Bond Yields 26
Israel Banking Sector Outlook 27
Economic Outlook 30
Table: Israel Economic Activity, 2008-2015 32
Competitive Landscape 33
Market Structure 33
Protagonists 33
Table: Protagonists In Israel’s Commercial Banking Sector 33
Definition Of The Commercial Banking Universe 33
List Of Banks 34
Table: Banks In Israel 34
Company Profiles 35
Mizrahi Tefahot Bank 35
Table: Stock Market Indicators 36
Table: Balance Sheet (ILSmn, unless stated) 36
Table: Balance Sheet (US$mn, unless stated) 37
Table: Key Ratios (%) 37
Bank Hapoalim 38
Table: Stock Market Indicators 39
Table: Balance Sheet (ILSmn) 39
Table: Balance Sheet (US$mn) 40
Table: Key Ratios (%) 40
Bank Leumi Le-Israel 41
Table: Stock Market Indicators 42
Table: Balance Sheets (ILSmn, unless stated) 42
Table: Balance Sheet (US$mn, unless stated) 43
Table: Key Ratios (%) 43
Bank of Jerusalem 44
Table: Stock Market Indicators 45
Table: Balance Sheets (ILSmn, unless stated) 45
Table: Balance Sheet (US$mn, unless stated) 45
Table: Key Ratios (%) 46
Bank Otsar Ha-Hayal 47
Table: Key Statistics for Bank Otsar Ha-Hayal, 2004-2008 (ILSmn) 48
Bank Yahav For Government Employees 49
Table: Key Statistics For Bank Yahav, 2006-2008 (ILSmn) 49
Israel Discount Bank 50
Table: Stock Market Indicators 51
Table: Balance Sheets (ILSmn, unless stated) 51
Table: Balance Sheet (US$mn, unless stated) 51
Table: Key Ratios (%) 52
Mercantile Discount Bank 53
Table: Key Statistics For Mercantile Discount Bank, 2004-2009 (ILSmn) 53
Union Bank of Israel 54
Table: Stock Market Indicators 55
Table: Balance Sheet (ILSmn, unless stated) 55
Table: Balance Sheet (US$mn, unless stated) 55
Table: Key Ratios (%) 56
First International Bank of Israel 57
Table: Stock Market Indicators 58
Table: Balance Sheet (ILSmn, unless stated) 58
Table: Balance Sheet (US$mn, unless stated) 58
Table: Key Ratios (%) 59
BMI Banking Sector Methodology 60
Commercial Bank Business Environment Rating 61
Table: Commercial Banking Business Environment Indicators And Rationale. 62
Table: Weighting Of Indicators 63
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