TEL AVIV, Israel, Dec. 16, 2008 (GLOBE NEWSWIRE) -- In response to the release issued today by Moody's, Bank Hapoalim (TASE:POLI) (LSE:BKHD) (Pink Sheets:BKHYY) said that the downgrade does not adequately reflect the current and future position of the Bank. Rather, it reflects a backward-looking stance on data that has since changed considerably.
In April 2008, Moody's announced that it was placing Bank Hapoalim's rating "under review". At the time, the Bank had significant exposure to the mortgage-backed securities market in the United States. Since that time, the Bank has taken steps to significantly reduce its exposure to the global financial crisis. These steps have included the sale of the entire MBS portfolio in the United States in May 2008; a significant reduction of its exposure to international financial institutions, and strengthening of its capital adequacy ratio, among others. As a result, Bank Hapoalim is of the opinion that the downgrade decision does not reflect the current and future position of the Bank.
About Bank Hapoalim
Bank Hapoalim is Israel's leading financial group. In Israel, the Bank Hapoalim Group includes financial companies involved in investment banking, credit cards, trust services and portfolio management. The Group also has holdings in non-banking sectors.
Internationally, Bank Hapoalim operates through 44 branches, subsidiaries and representative offices, in North and Latin America, Europe, the Far East, Turkey and Australia. In these markets, the Bank is engaged in trade, corporate finance, private banking and retail banking.
Bank Hapoalim is the only Israeli Bank listed on both the Tel Aviv and London Stock Exchange. In addition, a Level-1 ADR is traded "over-the-counter" in New York.