Banking and finance in Israel

Fischer Behar Chen Well Orion & Co

The banking and finance practice at Fischer Behar Chen Well Orion & Co is a popular choice for event-driven deals, such as acquisition and project financings, with an impressive record in pathfinder transactions. Significantly, the team’s recent work for the State of Israel on the privatisation of Bank Leumi represented the end of bank nationalisation in Israel — group head Miri Kimhi led the advice. The group continues to cement its reputation as a favourite with local and international lenders, with recent mandates for J.P. Morgan, Bank Hapoalim and Israel Discount Bank. In addition, it consistently secures roles from prominent corporate borrowers, including private equity funds. Other key names include Gilad Winkler, who heads the project finance practice, and up-and-coming partner Dikla Lavy-Fischer, who has a ‘profound understanding of the law’.

Practice head(s):

Miri Kimhi


The firm has demonstrated high-class professionalism and provided excellent service in terms of availability and fast response times.’

The banking and finance team at FBC are our “go-to” with regard to every financing issue, without even thinking about it for a second.

They represent us in large-scale financing and credit transactions, and I feel in the best possible hands, both personally and professionally.

Our financing deals are tailored to the client’s needs and requirements, while the lawyers we work with  are committed to the process, creative in their thinking and open-minded and try to find a way for the deal to be executed in a pleasant and respectful way.’

They will walk any distance and jump above any obstacle, in order to keep the deadline and make the transactions run smooth.’

They are professional and caring which causes our fund to return to them time and again for assistance.’

With Miri Kimhi leading the team, it’s a no-brainer. Everybody in the financial scene knows and respects her, and trusts her judgement and objectivity, which makes the transaction run smooth and with less objections.’

Dikla Lavy-Fischer has extensive knowledge and a profound understanding of the law, while her understanding of commercial financing enables her to accurately understand our needs as a lender.’

Dikla can draw on her abundant experience of finding solutions to problems and she is highly skilled at providing contextualised explanations on specific cases in a clear and logical manner.’

Key clients

Bank Hapoalim B.M.

Bank Leumi Le-Israel

Israel Discount Bank

Bank Mizrahi Tefahot

JP Morgan N.A.

Harel Insurance Group

Migdal Insurance Company

Amitim Pension Funds

Menora Mivtachim Insurance Group

Clal Insurance Group, Finance Division

Phoenix Insurance Group, Credit division

Altshuler Shaham Provident Funds

Clal Industries Ltd.

Mashav Initiating and Development Ltd.

Sonol Israel Group

Golf & Co. Group

Gazit Globe Israel Ltd.

Reit 1 Ltd.

Mehadrin Ltd.

Meitav Dash

Arbel Fund

Shaked Fund

OPC Energy Ltd.

Colmobil Financial Solutions Ltd.

Work highlights

  • Advised the lenders, including J.P. Morgan as lead arranger, on a $300m mezzanine syndicated financing to Ithaca Energy (UK) Limited, a subsidiary of the Delek Group.
  • Acted for a syndicate of Israeli lenders, led by Harel Insurance Group, on a NIS1.1bn acquisition financing to support the acquisition of Leumi Card by Warburg Pincus.
  • Advised the State of Israel on a “block trade” process, whereby the State approached international banks to request their bids to purchase the balance of its holdings in Bank Leumi — Citigroup won the tender.

Gornitzky & Co.

Gornitzky & Co.’s well-rounded group handles a balance of regulatory and transactional work, with robust experience in cross-border matters. The team’s capability in complex financings is evidenced through its recent deal list, which spans mezzanine loans, acquisition finance and factoring transactions. Best known for its lender-side practice, it acts for an impressive roster of financial institutions and alternative lenders, including Bank Hapoalim, TPG and First International Bank. It is also routinely engaged by sophisticated corporate borrowers. Department head Eli Elya and the ‘experienced and smartElite Elkon are noted for their combination of lender-side expertise and regulatory experience. Dubi Gross is noted for his ‘strong expertise for international clients’. Idan Baki and associate Alon Peled are also name.


The banking and finance team is experienced in a wide range of transactions. It is professional and responsive.’

Dubi Gross has strong experience in loan transactions and strong expertise for international clients – also very detail-oriented and responsive/hard working.’

I have worked with Dubi Gross and Eli Elya for several years now – they are both leading banking practitioners.’

Elite Elkon is highly experienced and smart. I’ll choose any day to work with her.

Key clients

Bank Hapoalim

First International Bank Of Israel Ltd.

Bank Mizrahi-Tefahot

Yelin Lapidot Holdings Management Ltd.

Migdal Insurance and Financial Holdings Ltd

Meitav Dash Provident and Pension Funds Ltd.

Altshuler Shaham Provident Funds and Pension Funds Ltd.

Warburg Pincus LLC

Kenon Holdings Ltd.

Mediterranean Car Agency Ltd.

Fortissimo Capital

The Clal Insurance Enterprises Holdings Ltd.

The Phoenix Holdings Ltd.

Work highlights

  • Advised a syndicate of Israel’s five largest banks (Bank Hapoalim, Bank Leumi, Bank Mizrahi-Tefahot, The First International Bank of Israel and Israel Discount Bank) on two framework agreements for the execution of factoring transactions for Oil Refineries Ltd.
  • Advised Warburg Pincus on its NIS2.5bn acquisition of Leumi Card from Bank Leumi and the Azrieli Group.
  • Acted for Delek Group on a cross-border financing connected to its sale of Phoenix Insurance to Centerbridge Partners and Gallatin Point Capital.

Herzog Fox & Neeman

Herzog Fox & Neeman’s banking and finance practice houses distinct offerings in corporate lending, where it primarily acts for banks, market regulation and payment methods. Alan Sacks is a high-profile name and specialises in cross-border transactions, including recent work for Credit Suisse, Singapore Branch and Fortress Investment Group. Natalie Jacobs is highly regarded for her expertise in structured finance and derivatives — for both Israeli and international banks — as well as institutional investors. Roy Nachimzon’s broad practice spans both banking and finance and corporate law, and he is routinely engaged by foreign and domestic banks, institutional investors and private equity funds to advise on finance deals, with a particular focus on acquisition finance. Ben Kanter is also noted.


A particular expertise in on-line gaming and crypto. Generally strong on bank finance.’

Key clients

HSBC Bank Plc Israel

Credit Suisse A.G., Singapore Branch

Africa Israel Properties

Reality Real Estate Investment Fund

Fortress Investment Group

Bank of Jerusalem

888 plc

Work highlights

  • Advised HSBC on a $250m acquisition financing to Coca-Cola Israel for the potential acquisition of South Africa-based Clover Industries.
  • Acted as local counsel to Africa Israel Properties on a €100m loan to its subsidiary consequent to a bond issuance.
  • Advised Reality Real Estate Investment Fund, as borrower, on a NIS100m credit facility from Menora Mivtachim Insurance secured by capital calls.

Meitar Law Offices

The impressively broad practice at Meitar law offices  covers the waterfront on banking and finance matters, from licensing and corporate governance issues through to major lending transactions and debt capital markets. Best known for its weight on the regulatory front, the team provides day-to-day advice to the Association of Banks in relation to new legislation and its ongoing discussions with regulators. The firm also consistently advises local and international banks, insurance companies and fintech start-ups on lending, bank M&A and cross-border transactions. Eyal Dotan, who is ‘highly familiar with regulatory requirements’, and Assaf Oz jointly head a sizeable team that also includes experienced specialists Judith Gal-Or and Gal Feingold.

Practice head(s):

Eyal Dotan; Assaf Oz


Eyal Dotan is excellent. Highly familiar with regulatory requirements, knowledgeable, helpful and solution-oriented.’

Key clients

Bank Leumi Le-Israel Ltd.

Bank Hapoalim

The Banking Clearing Center Ltd. (Masav)

The Association of Banks in Israel

Dexia Israel Bank Ltd.


First International Bank of Israel Limited

Union Bank of Israel Ltd.

Gazit-Globe Ltd.

Clal Insurance Company Ltd.

Menora Mivtachim Insurance Ltd.


Work highlights

  • Advised Union Bank of Israel on two transactions with Direct Finance of Direct Group (2006) Limited, involving the purchase of loan portfolios totalling $50m.
  • Advised The Association of Banks in Israel on negotiations with the Bank of Israel and other regulators (including the Knesset, the Ministry of Justice, the Ministry of Finance and the Israeli Securities Authority) regarding new proposed legislation and regulations.
  • Advised Israel Discount Bank on the implementation of the new Payment Services Law.

S. Horowitz & Co

S. Horowitz & Co has close relationships with major local and foreign financial institutions, including banks, insurance companies and credit card companies. The breadth of its client roster is matched by the depth of its practice, which spans syndicated lending, export finance, structured finance and regulatory work — it also continues to grow its profile in the developing area of factoring transactions. On the borrower side, the firm is a top choice for seasoned acquirers in leveraged finance deals, including recent work for Pathfinder Strategic Fund and Francisco Partners. Anthony Bloch chairs the group and is sought after for his senior experience in the area. Other key names are Clifford Davis, who had a busy year on the export financing and LBO fronts, and Michelle Liberman.


Anthony Bloch at Horowitz is extremely strong.’

Key clients

Bank Hapoalim

Bank Leumi Le’Israel

Israel Discount Bank

Mizrahi-Tefahot Bank

First International Bank of Israel Ltd.

Union Bank of Israel Ltd.

The Phoenix Insurance Company Ltd.

Pathfinder Strategy Fund

Francisco Partners LP

Work highlights

  • Acted for a syndicate of senior lenders, led by Mizrahi-Tefahot Bank, on the NIS1.1bn refinancing of two private power plant projects.
  • Advised a syndicate of banks and institutional bodies, organised by Bank Hapoalim and Israel Discount Bank, on a $350m refinancing for a major borrower.
  • Advised the lenders (Bank Hapoalim, Israel Discount Bank and Mizrahi-Tefahot Bank) on the $200m export credit financing of an irrigation system supplied by Netafim to the Ethiopian Sugar Corporation.

Agmon & Co. Rosenberg Hacohen & Co.

A ‘real delight’ to work with, Agmon & Co. Rosenberg Hacohen & Co. impresses with its ‘great service’. The group is well versed across a mix of commercial loans, project finance, regulatory matters and securities, with strong expertise in advising traditional and alternative lenders. On the borrower side, the firm leverages its formidable energy practice to specialise in advising energy companies on lending transactions. Yona Goshen-Gottstein heads the team and is valued for her ‘unusual business and operational understanding’, following former in-house stints at various banks, including the Bank of Jerusalem. Uri Rosenberg heads the securities and capital markets department.


Working with the team is a real delight, and we have the utmost respect for them and their work.’

Yona Goshen-Gottstein is brilliant and, together with her team, provides great service. She is very knowledgeable and experienced in regulatory matters and receives tremendous respect from the different regulators.’

We look for Yona’s assistance in our decision-making, where we greatly benefit from her many years of experience in the banking sector and unusual business and operational understanding. Her thinking is fresh, creative, smart and precise.’

Key clients

Nomura International Plc

Bank Hapoalim Ltd.

Menora Mivtachim Insurance Ltd.

Harel Insurance Company

Visa Cal Credit Card Company


Ofek Capital Co-operative Association

Ogen – Israel Loan Funds

Ogen – Israel Social Loan Fund

Delek Drilling Limited Partnership

Work highlights

  • Acted as local counsel to Nomura International, as lender, on a €50m loan to DKL Investments Limited.  
  • Advised Hapoalim on the disposal of its credit card unit, Isracard, which was eventually achieved through an IPO.
  • Advised Menora Mivtachim Insurance, as part of the lending syndicate, on a $130m loan to fintech start-up, Lendbuzz.

Goldfarb Seligman & Co.

Goldfarb Seligman & Co. leverages its formidable corporate practice to shine in bank M&A, with its recent advice to Warburg Pincus on its NIS2.5bn acquisition of Leumi Card a stand-out highlight in that area. It also houses a solid lender-side practice, which has recently secured mandates from major domestic and global financial institutions and alternative lenders, such as Morgan Stanley, Bank Otsar HaHayal and Amitim Pension Funds. Group head Ariel Rosenberg has a focus on advising lenders and borrowers on financings in the energy, infrastructure and real estate spheres. Rami Sofer and Dubi Zoltak are also noted.


These are excellent, available, efficient professionals, real team players.’

Ariel Rosenberg and Orit Kremer are real team players, they know the system and they are creative by definition!

Key clients

Isracard Group

Warburg Pincus LLC

Goldman Sachs

JP Morgan

Credit Suisse



Bank Hapoalim B.M.

The Arison Group,

The Israel Electric Corporation (IEC)

Mizrahi-Tefahot Bank Ltd.

Israel Discount Bank Ltd.

The First International Bank of Israel (FIBI) Group

Excellence Nessuah Brokerage Services Ltd.

IDT Financial Services Ltd.

Amitim Pension Funds

The Phoenix Insurance Company Ltd.

Altshuler Shaham Ltd.

Menora Mivtachim Holdings Ltd.

Elco Ltd.

Pagaya Investment Israel Ltd.

Work highlights

  • Advised Warburg Pincus LLC on its NIS2.5bn acquisition of Leumi Card.
  • Advised Isracard on various transactional and day-to-day matters, including on its IPO on the TASE.
  • Acted as local counsel to a consortium of global banks and financial institutions (including Morgan Stanley, Goldman Sachs, Deutsche Bank, Credit Suisse, Citibank, ING, Credit Agricole and others) as lenders to Altice Group (owner of HOT) on several rounds of cross-border financing transactions relating to the delisting of HOT, and to support acquisitions of several global communication companies.

Gross, Kleinhendler, Hodak, Halevy, Greenberg, Shenhav & Co.

Gross, Kleinhendler, Hodak, Halevy, Greenberg, Shenhav & Co. is a heavyweight on the regulatory side, with a strong recent run in advising on bank decentralisations for clients including Dexia Credit Local and Arison Holdings. The firm also has broad experience in corporate lending, fintech, bank M&A and capital markets. Ofer Hanoh leads the banking, insurance and financial regulation department and counts Israeli and foreign banks, holding bank corporations and public companies among his clients. Ehud (Udi) Alfassi, who leads the insurance, pension and long-term savings funds practice, is a ‘one-of-a-kind lawyer’. Yigal Binyamini is also noted.

Practice head(s):

Ofer Hanoh


The team demonstrates vast knowledge and expertise and provides fast responses and clear views.’

Ehud (Udi) Alfassi is a one-of-a-kind lawyer with knowledge that surpasses others in this field.’

Key clients

FIBI- First International Bank of Israel

Banco Itaú Brazil

UBS AG and UBS Israel

Bank Leumi

Mizrahi-Tefahot Bank

Israel Discount Bank

The Association of Banks in Israel

Dexia Credit Local, Dexia Israel Bank

Paz Group

Clal Insurance group

Edmond De Rothschild Bank, Edmond De Rothschild Bank (Israel)

Establishment Nahal

Phoenix Insurance Group

Teachers’ Educational Funds

Bank of America Merrill Lynch

AIG Israel

FIBI Holdings Ltd.

Gilad Pension Fund

Bank Hapoalim

Shikun & Binui

Discount Mercantile Bank

SunTrust Bank

Poalim Capital Markets

Investment Houses Association

Bank Hapolaim (Switzerland)

Menora Insurance Group

Excellence Nessuah Investments House

Amitim – Pension Funds

Partner Communication Ltd.

Association of Life Insurance Companies of Israel Ltd.

Aura Investments

Boston Consulting Group

Haelman Alduobiy Investment House

Hever Soldiers and Veterans Ltd.

Harel Insurance Group

Blue Square Real Estate

Prepaid Ltd

Bank Massad

Leumi Partners

IDB Development Corporation

Elron Electronic Industries


Real Forex


Cross Israel Highway Ltd

Union Bank of Israel

More Investment House

Arison Holdings

JP Morgan

IBI Investment House

Morgan Stanley

Work highlights

  • Advised Arison Holdings on the decentralisation process of Bank Hapoalim, including on the sale of approximately 4.3% of the bank’s shares.
  • Advised Dexia Credit Local on its separation from Dexia Israel Bank, and also on the sale of control of the bank in the decentralisation process of Dexia Israel Bank.
  • Acted for Bank Leumi, Bank Hapoalim and Israel Discount Bank on the sale of their holdings in Automated Bank Services through an IPO.

Weksler, Bregman & Co., Advocates

Weksler, Bregman & Co., Advocates’s practice is well weighted between regulatory matters and transactions, with its skill sets in the latter spanning bank M&A, corporate lending and capital markets. On the compliance side, the firm provides ongoing advice to the Tel Aviv Stock Exchange, and both Israeli clearing houses, and it is also routinely engaged by several of Israel’s most prominent banks. Group head Ora Dvir, who previously served as deputy general counsel of the Bank of Israel, is widely recognised as a leader in the regulatory field. Ofer Yankovich, who handles a mix of borrower and lender-side transactions, is also a key contact.

Practice head(s):

Ora Dvir

Key clients

The Tel Aviv Stock Exchange

The Bronfman Group

Africa Israel Investments Ltd.

Africa Israel Properties Ltd.

African Israel Residences Ltd.

Gottex Group

Renanot Enterprises & Investments Ltd.

Mizrahi-Tefahot Bank Ltd.

Massad Bank Ltd.

The First International Bank of Israel

Mercantile Discount Bank


Work highlights

  • Advised the Tel Aviv Stock Exchange, and its clearing houses, on day-to-day matters, including corporate agreements and regulatory issues.
  • Acted for the Bronfman Group on three different sale transactions concerning its controlling shares in Israeli Discount Bank, worth a combined NIS1bn.
  • Advised Africa Israel Investments on the largest debt settlement and creditor’s agreement in Israel, which included its accumulated debt to financial creditors.

Yigal Arnon & Co

Yigal Arnon & Co’s diverse practice brings together expertise in project finance, payments and fintech, which complement its core offerings in corporate borrowing and market regulation. Notably, the group continues to assist the facility agent and security trustee with ongoing amendments to the landmark $1.7bn term loan facility used to finance the development of the Leviathan gas field — Shiri Shaham and Simon Weintraub led that work. The department also draws on the experience of Yuval Shalheveth, who is highly regarded for fintech and regulatory matters, and restructuring co-head Gil Oren.

Key clients

BNP Paribas

The Goldman Sachs Group, Inc.



El Al Israel Airlines Ltd

Arbel Fund LLP

J.P. Morgan Limited


Marketing Limited

Deutsche Bank AG

C.A.L. (I.C.C – Israel Credit

Cards) Ltd.

TBC Bank

National Australia Bank

Capital One Bank

Partner Communications Company Ltd

Telrad Networks

Michlol Urban Renewal Ltd.

Wells Fargo & Company


Lloyds Banking Group

ISDA – International Swaps and Derivatives Association

ICMA – International Capital Market Association

Bank Leumi Le Israel BM

Bank Hapoalim Ltd.

Israel Discount Bank Ltd.

Mizrahi-Tefahot Bank Ltd.

First International Bank of Israel (TASE:FTIN1)

Mercantile Discount Bank Ltd.

Union Bank of Israel Ltd.

Bank of Jerusalem

Work highlights

  • Advised HSBC Bank and J.P. Morgan, as arrangers, on a $300m senior-secured first lien term loan facility to Delek Drilling – Limited Partnership.
  • Advised Neema Technologies on its collaboration and services agreement with the Marshall Islands government in order to issue the SOV, one of the world’s first legal cryptocurrency tenders.
  • Acted for El Al Israel Airlines on a deal with CAL (Israel Credit Cards Ltd.) and Mastercard regarding the operation and execution of the joint credit card club ‘FlyCard’.

Amit, Pollak, Matalon & Co. Advocates and Notary

Amit, Pollak, Matalon & Co. Advocates and Notary acts for an array of traditional and alternative lenders on corporate loans, project finance, M&A and real estate finance. The group is particularly prolific for insurance companies and it counts four out of the five largest Israeli insurance companies among its clients, including Clal and Harel. It also acts for major domestic banks, including Bank Hapoalim and Mizrahi-Tefahot Bank. The department is led by Orit Israeli, who is routinely engaged by financial institutions, funds and corporate borrowers.

Practice head(s):

Orit Israeli

Key clients

Bank Hapoalim

Ayalon Insurance Company

Clal Group

Mizrahi-Tefahot Bank Ltd.

The First International Bank of Israel

Menora Mivtahim insurance company

Tidhar Group Ltd.

Harel Insurance Investments and Financial Services Ltd.

Africa Israel Europe

Yesodot A’ Nadlan and Pituach LP

Arbel Fund, LLP

Shaked Partners Fund

Work highlights

  • Advised Clal Insurance Company & Clal Pension and Provident Funds, as part of a financing consortium, on the financing of two residential projects in New York City.
  • Acted for Bank Hapoalim and Harel Insurance Company on the NIS508m refinancing of the operations of a private operator of public transportation.
  • Advised IBI Investment House on a private offering of convertible debentures and warrants in a public company.

Epstein Rosenblum Maoz (ERM)

A small practice of high-quality lawyers’, Epstein Rosenblum Maoz (ERM) fields ‘a talented, business-minded and commercial’ team. The group is best known for its marked international focus, with many lawyers hailing from London and New York firms, and it regularly acts for major global banks on multi-jurisdictional lending transactions, including BNP Paribas, Société Générale and Lloyds Bank. The firm also acts for a growing share of Israeli banks and institutional lenders on regulatory and transactional matters. Group head Amnon Epstein has strong international expertise.

Practice head(s):

Amnon Epstein


They are an excellent practice, they know the market, and they know the players. They are talented, business-minded and commercial.’

They are spectacularly good: incredibly hard-working, thorough, technical and provide fantastic client service.’

This is a small practice of high-quality lawyers.’

Amnon Epstein is an exceptional and smart lawyer with an in-depth knowledge of the market.’

Amnon Epstein  was a pleasure to work with, and was able to walk us through the complex local legal and commercial issues arising on our transaction.’

Amnon Epstein demonstrates excellent commercial judgement and a strong ability to synthesise complex legal issues into easily digestible concepts.’

Key clients

Monarch Alternative Capital

Barclays Bank PLC

Bank of America Merrill Lynch

Goldman Sachs

Bank Leumi (Israel) and Bank Leumi (UK)

Société Générale

BNP Paribas

Bank Discount


Harel Insurance Company

DBS Bank (Hong Kong)

Macquarie Bank

Mizrahi Bank


The Phoenix Insurance Company


Ruby Capital

Drel Group

Brown Hotels

Altshuler Shaham

Paz Ashdod Refinery

Work highlights

  • Acted as local counsel to DBS Bank (Hong Kong branch) on a $38.5m secured finance facility to Telit Automotive Solutions.
  • Advised Bank Leumi on a NIS50m project financing to Brenmiller Energy.
  • Advised Israeli real estate mezzanine fund, Ruby Ventures, on a NIS160m loan from Meitav Dash.

Erdinast, Ben Nathan, Toledano & Co.

Erdinast, Ben Nathan, Toledano & Co. houses a robust borrower-side practice, which has close relationships with borrowers including Netafim and Livnat Group. The team also continues to increase its market share of big-ticket lender mandates, with recent work for banks, insurance companies and private equity funds. The group boosted its lender-side practice further in 2019, with the hire of Roy Gross, who joins as partner from Amit, Pollak, Matalon & Co. Advocates and NotaryDoni Toledano and Dan Sella are other key names.

Practice head(s):

Doni Toledano; Dan Sella; Roy Gross


Very committed to their clients, very commercial and hands-on.’

The advantage of Erdinast, Ben Nathan, Toledano & Co. is that it is a large firm, which operates like a boutique with respect to the availability and personal treatment.’

The team, and specifically Doni Toledano and Roy Gross, were highly available to us, meticulous on the legal research, and handled the transaction in an extremely professional manner.’

Doni Toledano: top lawyer who combines a strong track record of international M&A transactions with his strengths and network in Israel.’

The overall experience was very positive – Doni and Roy were very thorough, highly available and very articulate.’

Doni and Roy are outstanding lawyers, very sharp and always had creative solutions, no matter how complicated the problem was.’

Key clients

Netafim Ltd.

Mizrahi-Tefahot Bank Ltd.

Meitav Dash Investment House

Menora-Mivtachim Holdings Ltd.

Bain Capital

Bank Leumi

Livnat Group


Apax Partners/AMI Opportunities

Bank Hapoalim B.M

Novalpina Capital

NSO Group Technologies Ltd.

XIO Group

Mobileye Vision Technologies Ltd.

Psagot Investment House Ltd.

Alon Blue Square Israel Ltd.

Israel Chemicals Ltd.

Mediterranean Car Agency Ltd.

M.R.V. Medical Center (1996) Ltd.

Arbe Robotics Ltd.

Yelin Lapidot investment House

Work highlights

  • Advised irrigation manufacturer Netafim on the refinancing of its corporate debt.
  • Acted for Mizrahi-Tefahot Bank and insurance company Menora Mivtachim on the extension of additional facilities to Polymer Logistics to support the expansion of its overseas operations.
  • Assisted Meitav Dash, as part of a consortium of lenders, with the financing of the acquisition of The Phoenix Holdings.

Hamburger Evron & Co. Law Offices & Notaries

Hamburger Evron & Co. Law Offices & Notaries’ team is distinguished by its ability to lean on the wider firm’s market-leading urban renewal practice and it has notable strength in the financing of real estate projects. On the lender side, the firm acts for major Israeli banks such as Bank Hapoalim and Leumi, while borrower clients include prominent real estate companies. The group’s strong banking litigation offering is also of note. Assaf Englard, who handles a varied mix of financing transactions, bank claims, insolvency issues and litigation cases, and litigator Gabriel Moyal-Maor are the practice heads.

Key clients

Leumi Bank

Discount Bank

Mizrahi-Tefahot Bank

Union Bank of Israel

Shikun & Binui


Bank Hapoalim

Work highlights

  • Represented Bank Leumi in a range of litigation proceedings, as well as advising the bank on funding the construction of large-scale projects throughout Israel.
  • Advised Discount Bank on providing financing to four real estate companies to fund the NIS198m joint purchase of agricultural land.
  • Advised Bank Hapoalim on a NIS110m financing for a hotel project.

Lipa Meir & Co

The diverse practice at Lipa Meir & Co blends experience in traditional lending matters with niche strength in developing finance areas, including true sale opinions and factoring transactions. The team also sets itself apart through its frequent representation of non-bank financial institutions in lending deals, including Bereshit, Israel’s largest leveraging fund, and Cogito Capital Fund. Group co-head Ronen Baharav acts for borrowers and lenders, but is best known for his relationships with alternative lenders, including institutional investors and leverage funds, and banks. Yariv Shalom, managing partner for the finance and real estate department, is also noted.

Practice head(s):

Ronen Baharav; Yariv Shalom

Key clients

Bank Hapoalim Ltd.

Bank Leumi Le Israel BM

Harel Group


Sufrin Group

Allied Group


Beresheit Fund

Weiss Group

Lubinski Group

Ayalon Insurance Company Ltd.

Arbel Fund LP

Work highlights

  • Advised a consortium of lenders, led by Bank Leumi, on a NIS1bn credit line to the Jerusalem Municipality to finance the construction of classrooms.
  • Advised Netafim on a slew of global financing transactions, including advising on the $5m project financing of of a sugar plantation in Peru.
  • Advised Harel Group on a NIS140m financing for real estate company, Shikun & Binui.

Shibolet & Co. with Raved, Magriso, Benkel & Co. 1

Shibolet & Co. continues to raise its profile in the banking and finance area, with strong recent showings in project finance and acquisition finance for lenders including Goldman Sachs, Bank Hapoalim and Clal Insurance Company. In addition, the group’s top-tier offering in hi-tech translates into a steady stream of mandates from Silicon Valley Bank relating to lending deals in the technology space. Alon Ziv is particularly active in the project finance, infrastructure and tech sectors — for lenders and borrowers. David Magriso, who has an emphasis on project finance, and Gadi Ouzan are also noted.

Practice head(s):

Gadi Ouzan; Alon Ziv

Key clients

Morgan Stanley

Goldman Sachs

The Phoenix Holding Ltd.

Wells Fargo Capital Finance LLC

Leumi Bank Limited

BNP Paribas Israel

Bank HaPoalim

Barclays Bank

Silicon Valley Bank

Clal Insurance Ltd.

Harel Insurance Company Limited

Gama Management & Clearing Ltd.

The Interdisciplinary Center Herzliya

Ashtrom Group

Israel Innovation Authority


Rafael Advanced Defence Systems Limited

Silicon Valley Bank

City National Bank

Netafim Limited

Haifa District Industries Association – Sewage Purification Facility

Israel Discount Bank

Menora Mivtachim Insurance

Meitav Dash Investments Ltd.

Altshuler Shaham

Deutsche Bank AG

Work highlights

  • Advised Goldman Sachs and Morgan Stanley on the financing of Qlik’s acquisition of Attunity in a total financing package worth over $1.5bn.
  • Advised Bank Hapoalim, as arranger, and Harel Insurance Company, as joint lender, on a NIS2.5bn syndicated loan to finance the construction of the mixed-use Herzliya Hills real estate project.
  • Acted for Clal Insurance Company on its financing of the development of eight photovoltaic power plants in Israel by Enlight Renewable Energy.

Tadmor Levy & Co

Tadmor Levy & Co advises on the gamut of banking matters, from regulatory and compliance issues, through to lending transactions, M&A and dispute resolution. The team acts for a host of domestic and global banks, including Bank Hapoalim, Leumi Bank and Deutsche Bank Israel. It also has good links with institutional investors, fintech companies and corporate borrowers. Co-managing partner Opher Levy is the key relationship partner for Max It Finance (formerly Leumi Card), which he advises on a range of lending, M&A and regulatory issues. Additional contacts in the department include Amir Scharf, who heads the capital markets, securities and financial services regulation practice group, and Aviad Lachmanovitch.

Practice head(s):

Opher Levy; Amir Scharf

Key clients

Max It Finance Ltd.  (Formerly Leumi Card Ltd.)

Bank Hapoalim

Leumi Bank Ltd.

Visa Inc. (NYSE: V)

Neema Shefa Ltd.

The Association of Banks in Israel

Credit Suisse Financial Services (Israel) Ltd.

Peilim Investment Portfolio Management

Mimun Yashir (Direct Financing)

Phoenix Insurance Company Ltd.

The Discount Bank Limited

Smart Advanced ATM Services, Keren HaTamar Ltd.

Global Factoring Limited

ERN clearinghouse

Work highlights

  • Advised Leumi Card on the $680m sale of Leumi Card’s shares, held by Bank Leumi and Azrieli, to Warburg Pincus.
  • Successfully defended Bank Hapoalim against a motion to certify a NIS370m class action filed against it and two other large banks.
  • Advised Israel Discount Bank, and two leading institutional lenders, on the NIS400m financing of a BOT project for the construction and operation of a 1,800-bed dormitory at Bar Ilan University.

AYR – Amar Reiter Jeanne Shochatovitch & Co

AYR – Amar Reiter Jeanne Shochatovitch & Co houses a thriving borrower-side practice, which is best known for its expertise in the real estate sphere for longstanding clients including Gindi Tel Aviv Towers and Dankner 38. The ‘very professional’ team also routinely acts for major names in the transport, technology and public sectors on sophisticated lending transactions. Department head Yoav Caspi is noted for his strong corporate relationships, particularly in the real estate space. Gadiel Blusztein and Assaf Lapid are also names to note.

Practice head(s):

Yoav Caspi; Assaf Lapid


A professional law firm with a brigade of excellent lawyers.’

The team is familiar with all relevant aspects of corporate law, and hence guarantees a full response to any issue.’

They are very professional with western standards. They are truly the best of the best.

Head of corporate law Yoav Caspi, apart from being an amazing person, is an expert in all fields related to finance, especially banking and M&A. Thanks to his knowledge and experience, transactions are made with efficiency and good-spirit.’

Key clients

Gindi Tel-Aviv Towers Ltd.

Kavim Public Transportation

K.V. Kinetic Energy Ventures Ltd

Otus Ltd.

Halman-Aldubi Provident and Pension Fund Ltd.

Zofia Hotel Ltd.

Kesher Rent A Car (HERTZ)

The Phoenix Insurance Company Ltd.

The Bachar Group

Aloni Haft Group

Sigma M. Partners Ltd.


Dankner 38 Renewing Life Quality Ltd.

Malam Payroll Ltd.

Internet Rimon Ltd.

Work highlights

  • Advised Gindi Towers Tel Aviv on a series of transactions for the financing of a major real estate project it is constructing in Tel Aviv, totalling over NIS6.7bn.
  • Advised Kavim Public Transportation on a NIS375m financing agreement with a consortium headed by Israel Discount Bank to fund a new cluster of public transportation lines.
  • Acted for Kesher Rent a Car on a financing agreement with Migdal Insurance Company.  

Barnea Jaffa Lande & Co.

Barnea Jaffa Lande & Co. is recognised for its focus on project finance, particularly in the energy and infrastructure spheres, where it is consistently engaged by lenders and borrowers. The firm’s robust regulatory practice is another significant differentiator and the team is a popular choice for foreign banks looking for local regulatory counsel. Zvi Gabbay is sought after for his international experience and enjoys strong relationships with Switzerland-based clients, including Julius Baer Group. Simon Jaffa is also noted for his strong cross-border practice.

Practice head(s):

Simon Jaffa; Zvi Gabbay


We are very satisfied with the firm’s work. They are very experienced in the field.’

The firm is incredibly sophisticated on local (Israeli) issues while also having a remarkable global perspective.’

They are very good banking and finance lawyers. It combines well with their infrastructure and projects capabilities.’

They check all the traditional boxes of being “in the know” — but they are also very innovative and, therefore, on the cutting edge of new trends.’

Simon Jaffa and Zvi Gabbay demonstrate knowledge of the Israeli market, are diligent and have attention to detail combined with a good understanding of balancing legal and commercial issues.’

Key clients

Julius Baer Group

Santander InnoVentures


BHI Swiss Private Banking Bank

Hapoalim (Switzerland) Ltd.

China Harbour Engineering Company Ltd

Enlight Renewable Energy

Mabat Lanegev Ltd

Tel Aviv Taxi Organization Routes

Poran Shrem

V-Finance Technologies Ltd and its subsidiary BLender P2P Israel Ltd

Work highlights

  • Advised Julius Baer Group on day-to-day matters in Israel.
  • Advised Pan-Mediterranean Engineering Company on its PPP tender for the planning, finance, construction, operation, and maintenance of Route 16, a new entry road to Jerusalem.
  • Advised Santander on its investments in fintech companies in Israel.

M. Firon & Co Advocates and Notaries

Highlighted for fielding ‘leaders in real estate and finance’, M. Firon & Co Advocates and Notaries leverages its top-tier urban development offering to specialise in real estate finance. Best known for its borrower-side practice, the group also regularly advises financial institutions on lending transactions, banking litigation and regulatory matters. Tamar Firon-Smorodinsky, who leads the projects and real estate groups, has a strong record in real estate finance. Udi Efron, who spearheads the capital markets, corporate and securities department, is another name to note.

Practice head(s):

Tamar Firon-Smorodinsky


The firm provides outstanding service: dynamic, up to date, very thorough and business-oriented.’

Deep understanding of commercial issues as well as of financial matters. Great negotiators with financial entities as well as with contractors, business-partners and clients.

We hold Firon as premium law firm: best services, best know-how, best staff, and leaders in real estate and finance.’

Key clients

Sigma City – management Ltd.

Harel Insurance Company Ltd.

Ashtrom Properties Ltd.

Ashdar Ltd.

The Association of Credit Services Providers

UNEDCO United Engineering and Development Company Ltd.

MasterCard International

Kachan investments company Ltd.

Bank Leumi

Israel Discount Bank

Work highlights

  • Advised real estate company Ashdar on various financial agreements, including a NIS400m financing from Bank Hapoalim.
  • Advised Kachan Investments Company on a NIS110m financing agreement with Discount Bank to support the construction of 330 residential units.
  • Assisted Mastercard with regulatory matters related to Israel’s Anti-Concentration Law.

Yehuda Raveh & Co.

On the lender side, Yehuda Raveh & Co. primarily advises on project finance matters, with its recent experience spanning large-scale infrastructure and energy projects. The firm also houses a robust regulatory department, which advises the Bank of Jerusalem on day-to-day matters, among other financial institutions. Department head Lisa Tross counts local and international lenders and borrowers among her clients. Ron Vered specialises in project finance.

Practice head(s):

Lisa Tross

Key clients

Bank of Jerusalem

Hadassah Women’s Zionist Organization of America

Minrav Holdings Ltd

Mabat Lanegev Ltd

Work highlights

  • Advised Bank of Jerusalem on day-to-day matters, including financing transactions, regulatory issues and corporate governance.  
  • Advised Minrav, as the main shareholder of Mabat Lanegev, on its successful tender for the design, finance, construction, operation and maintenance of the IDF’s instruction city, together with Electra group, RAD-Bynet group and Noy Fund.
  • Acted for the Hadassah Women’s Zionist Organization of America on its participation in the economic recovery program of the indebted Hadassah Medical Organization.