A day before 2027: First International Bank executes strategic organizational shift
The board of directors of the First International Bank has approved the merger of its technological subsidiary into the parent organization. The move is intended to streamline resources, strengthen digital innovation, and simplify the group's organizational structure.
The First International Bank announced on Wednesday the board of directors' decision to merge its wholly-owned subsidiary, "Mataf - Financial Computing and Operations," into the bank. Mataf centralizes the entire technology, computing, and operations arm of the group. The completion of the merger is scheduled for December 31, 2026, subject to regulatory approvals.
The bank explains that the move stems from the need to adapt its organizational structure to the challenges of digital banking and the flexibility required in managing human capital within the technology sector. Consolidating activities under one roof is expected to streamline resource utilization, shorten response times for new developments, and improve service delivery to customers.
Eli Cohen, CEO of the First International Bank, noted that technology and innovation are key growth engines in the modern banking world, and that the merger is a natural strategic step that will allow for greater speed and synchronization. Cohen emphasized that Mataf employees are a strategic asset and are full partners in the success of this process.
As part of this initiative, the bank's management will hold discussions with workers' committees and the Histadrut to examine the implications of the merger. The bank clarifies that this move has no impact on the organization's assets, liabilities, or share capital, and does not include the issuance of new shares.
