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Bank Otsar Ha-Hayal was established in November 1946 in the British Mandate of Palestine, as a financial institution that provided banking services for Jewish veterans of the British armed forces.

This idea was adopted in the years to come by their natural successors: the regular IDF personnel and the employees of the defense institutions, who became partners in the bank. Up to the mid 1970s Otsar Ha-Hayal acted as a financial institution that realized the initial ideology of the founders and their successors.

In 1972 the Bank received a banking license on the condition that additional private capital would be invested as well as professional know how and computers. In 1977 Bank Hapoalim became a shareholder and contributed to achieving these goals. The bank established itself as a small, successful sectorial bank, that withstood the unique test of servicing the households of the defense institutions employees, as well as the test of profitability within the Bank Hapoalim group.

Between 1976 and 1996 enormous changes in the Israeli economy and within the banking system raised questions as to the possibility of the existence and the growth of a small sectorial bank. The bank, that foresaw these developments, made changes in it's business policy. In addition to the banking service for the defense system employees it prepared to extend it's range of services and to extend services to the whole public. After five decades of operation (1946 - 1996), the bank completed the second change in it's development - this time from a small sectorial bank to a commercial bank available to the general public.

The government's gradual exit from the financial market allowed the bank to extend it's recruitment of sources in the open market and to extend it's operation. The extension of the availability of sources allowed the bank to develop a new and original attitude in consumer credit.

In 2006 there was a change of ownership structure of the Bank.
First International Bank of Israel (Fibi) purchased the share of Bank Hapoalim at the rate of 68%.
24% remain in the hands of "Hever" Veterans & pension ltd. 8% in Provident fund of Employees of I.A.I ltd.