Israel Discount Bank, Ltd. is a retail bank, commercial bank, private bank and financial services company headquartered in Tel Aviv with 112 branches throughout Israel. Discount Bank is a public company traded on the Tel Aviv Stock Exchange under the symbol DSCT. It provides personal banking, business banking and private banking products and services through physical branches, online banking and mobile banking. History Discount Bank was established on 5 April 1935, as Eretz Yisrael Discount Bank Ltd., by Leon Recanati and his partners, Yosef Albo and Moshe Carasso. In its early days, Discount Bank operated out of a small hotel on Nachlat Binyamin Street in Tel Aviv. It later moved to its permanent location at 39 Yehuda Halevi Street. Today, Discount Bank's headquarters are located at the Discount Bank Tower, a 30-story skyscraper located at 23 Yehuda HaLevi Street in Tel Aviv, which completed construction in 2006. Discount Bank derives its name from the word "disconto", discount of bills. Discount Bank began its operations at a time of relative economic prosperity due to foreign capital that was brought into the country by members of the Fifth Aliyah in 1935, and grew significantly in its initial years of operation. Economic growth ground to a halt with the outbreak of the Arab Revolt in 1936, and the economic situation grew even more dire three years later, with the outbreak of World War II. Despite the deterioration of the economy during those years, Discount Bank managed to increase its profit, especially thanks to its contribution to the Yishuv by extending loans with good terms as a response to the difficult legislation by the British Mandate, which limited the withdrawal of deposits due to the fear of economic collapse. 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 1944, Discount Bank acquired the Haifa-based Mercantile Bank and several years later also acquired the local operations of the Ottoman Bank, Barclays Bank and Hollandsche Bank-Unie. In 1945, Recanati passed away and management moved to his sons. Uri Levin was named CEO of Discount Bank in July 2019 and has served in this position since December 2019 Milestones In the 1950s, Discount Bank opened additional branches