[6][7][8][9][10] In its early days, Discount Bank operated out of a small hotel on Nachlat Binyamin Street in Tel Aviv.
Despite the deterioration of the economy, Bank Discount profits rose due to its policy of granting loans on good terms in response to the legislation imposed by the British Mandate, which limited withdrawal of deposits.
[12] Alongside its financial activity, the bank contributed to the strength of the Yishuv through the establishment of Kadima, an organization that granted scholarships, opened an assistance center for the needy and, in conjunction with the Jewish Agency for Israel, helped establish agricultural settlements for immigrants from Arab countries.
In the 1970s, the bank continued its momentum of growth and expansion, integration of advanced technologies and modern computer systems and improvement of customer service.
[22] In 1983, "satellites" were opened for the first time in Israel, enabling customers to conduct banking transactions independently, outside of standard work hours.
[27] In the first decade of the 21st century, activity centered around privatization of the bank and the sale of the government's holdings in it.
[34] Uri Levin was named CEO of Discount Bank in July 2019 and has served in this position since December 2019.
Of note, Discount Bank's creation of an artificial intelligence-driven digital assistant occurred through the successful partnership with Personetics Technologies.
The banks reportedly allowed the family to route "back-to-back" loans through their accounts, "in effect lending their own money and paying interest to themselves", in exchange for a percentage of the balance.
The family then fraudulently claimed the interest expense as a tax deduction, with a bank executive giving false sworn evidence that the transactions were at arm's length.
The bank "made no admission of culpability in the settlement agreement" but stated it would appoint a former judge to conduct an independent inquiry into the matter.