21about oiddbiaonkrdnc - idb bank · 1 leadership 03 about idb bank 05 introduction 07 idb...

2 0 1 9 I D B A N N U A L R E P O R T

2Stories of our Remarkable ClientsANNUAL REPORT

Vol. 7 Stories of Our Remarkable Clients

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Leadership

03 About IDB Bank 05 Introduction 07 IDB Leadership 09 Report of the Board of Directors 11 Financials

Services

13 Commercial Banking 15 U.S. Private Banking 17 International Private Banking 19 Treasury Services 21 IDB Capital Corp. 23 Global Wealth Management 25 Regional Office 27 Locations

It’s Personal

31-36 Blue Note Jazz Club 37-42 Elie Tahari 43-48 Fit For Life 49-54 Namdar Realty Group 55-60 Nassimi Realty

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IT’S PERSONAL TABLE OF CONTENTS


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IDB Bank® is a full-service private and commercial bank licensed by the State of New York and a member of the Federal Deposit Insurance Corporation. It is a fully owned subsidiary of Discount Bank Ltd., one of Israel’s leading banks.

Since our doors opened in New York in 1949, IDB has grown from its Manhattan headquarters to include branches in Brooklyn and Staten Island, New York; Short Hills, New Jersey; downtown Los Angeles and Beverly Hills, California; and Aventura, Florida.

IDB also has brick-and-mortar locations in Latin America and Israel. For more than 70 years, IDB has strived to be the best bank for our clients by putting their needs first, offering unwavering personal service, trusted relationships and the expertise of our people.

We provide a broad array of commercial and private banking products and services to our U.S. and international customers to meet and exceed their expectations. Our industry expertise includes Commercial and Industrial, Apparel, Food and Beverage, Real Estate, Healthcare, Education and Not-For-Profit, and Staffing Services, as well as our personalized banking services of Factoring, Asset-Based Lending, Trade Finance, Foreign Exchange, Structured Time Deposits and other hedging strategies, Global Wealth Management, Brokerage and much more!

We aim to be the best bank for our clients. Ask us how we can be the best bank for you!

For more than 70 years, IDB has strived to be the best bank for our clients by putting their needs first, offering unwavering personal service, trusted relationships and the expertise of our people.

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LEADERSHIP ABOUT IDB BANK

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It was an honor and a privilege to be named President and CEO of IDB Bank in December 2019. My work at IDB Bank began late last year, but I have learned to appreciate the strength of the Bank, its value and its vision from afar as it has managed to flourish an ocean away from Discount Group for over 70 years.

My previous role as CFO and Head of Strategy for Discount Group gave me the opportunity to become familiar with IDB Bank and with the value it provides our banking group. IDB Bank serves as an important bridge between Israel and the United States and, as such, has the support of Discount Group as it continues to grow its existing business and pursue new business opportunities.

The credit for the results of 2019, a record year in the history of IDB Bank, belongs to Uri Levin, my predecessor. Uri understood the importance of building bonds, both inside and outside of the Bank. Through his efforts, IDB unveiled and brought to life its “Vision & Values.” Concepts such as“It’s Personal” and “One Bank,” bring greater clarity across IDB about the standards we should aspire to each and every day. I want to express my gratitude to Uri for his leadership, foresight and service to the Bank, and on behalf of the entire IDB family, I wish him continued success in his new role as CEO of Discount Group.

As President and CEO of IDB, I look forward to leading the bank to new heights, to providing our valued clients with best-in-class service and to equipping our bankers with top tools to provide these services.

Recent global events pose new challenges for all of us, but I am proud of our resilient and committed team and our financial strength, and I am confident we will succeed in supporting our clients and get through this stronger.

I look forward to sharing and enjoying this journey with all of you.

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LEADERSHIP INTRODUCTION

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Ziv Biron,President & CEO

Executive Team

Ziv BironPresident & Chief Executive Officer

Lissa Baum EVP, Chief Lending Officer,Head of Commercial Banking

James LoGatto EVP, Head of U.S. Private Banking

Sagy Aseraf EVP, Head of Florida Region & International Private Banking

Kiyoun Kim EVP, Regional Manager – CA

Dan TristerEVP, Treasurer

Scott Graham EVP, Chief Financial Officer

Dave Smithers EVP, Chief Information Officer,Chief Operating Officer

Joan Burns EVP, Human Resources, Marketing & Communications,Chief Diversity Officer

Leslie Case EVP, General Counsel

Paul Caulfield EVP, Chief Risk Officer

Mario Lemos EVP, Chief Audit Executive

Board of Directors*

Ilan KaufthalChairman of the Board

Lilach Asher-TopilskyPresident & CEO,IDB, Ltd.Director(Resigned December 2019)

Uri LevinPresident & CEO of IDBNY,Director

Yair AvidanSenior Deputy CEO,Head of Subsidiaries DivisionIDB, Ltd.Director

Orit AlsterEVP, Head of Corporate Banking DivisionIDB, Ltd.

Director

Theresa BischoffDirector

Samuel GortlerDirector

Trevor S. HarrisDirector

Maurice H. Hartigan IIDirector

Eugene I. ZuriffDirector(Resigned July 2019)

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LEADERSHIP IDB LEADERSHIP

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*This list is reflective of the board of directors and their titles until December 2019. Samuel Gortler, Yair Avidan, and Theresa Bischoff resigned their positions as directors of the Bank. We thank them for their years of service. The Bank welcomes Tsvi Gal, David Fox, Jacob Frenkel, and Hagit Meirovitz as new members of the board of directors.

2019

In the midst of our transformational five-year strategic plan, and on behalf of the entire board, I would like to formally welcome Ziv Biron as our new President and CEO. We have enormous confidence in his leadership and abilities, as Ziv brings years of experience in the global financial marketplace to this position. He most recently served as the Chief Financial Officer and head of the Planning, Strategy and Finance Division for IDB Bank’s parent company, Discount Group.

At the same time, we would like to extend our gratitude to IDB’s previous President and CEO, Uri Levin. During his time at IDB, Uri and I developed a strong relationship as he successfully implemented his vision of a thriving bank operating with the right balance of innovative solutions and personal relationships. We wish Uri tremendous success — and expect nothing less — in his new role as Discount Group’s CEO.

During my first year as chairman of the board, the quality of our organization greatly impressed me as I became integrated with our talented employees and loyal clients. I look forward to further establishing relationships with stakeholders and am excited about the Bank’s direction. Our financial forecast continues to be exceeded every year, and 2019 was no exception. IDB’s financials included $100 million in net income, almost $10 billion in total assets and a 10% return on equity.

Our aforementioned strategic plan, now in year three, has been fueling these impressive results. Dedicated teams from across the Bank are carrying out specific projects, from introducing new products and services to upgrading our IT infrastructure, security systems and mobile banking capabilities.

While IDB’s innovative solutions roll out, our brand and reputation are soaring to new heights. Members of our senior management team are continually sought for their expertise by news outlets, and the announcement that we’re relocating our headquarters to Manhattan’s Grace Building drew significant media coverage. Our “Vision & Values” were unveiled as well in 2019, instilling a Bank-wide sense of pride, purpose and professionalism that extends to clients and colleagues alike.

As we look ahead, the board will maintain its active role, providing oversight and guidance, establishing goals, reviewing policies and assessing risk in all areas of the Bank. But our confidence remains at an all-time high, as IDB’s line of products and services increases alongside our list of satisfied clients and employees. 2019 proved that we are a very strong and very stable bank, which will help enable our future growth in the years to come.

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Ilan Kaufthal, Chairman of the Board

LEADERSHIP REPORT OF THE BOARD OF DIRECTORS

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Assets

Investment Securities $2,424,069 Loans, Net $6,778,014Other Assets $574,928 Total Assets $9,777,011

Liabilities

Total Deposits $8,164,091Total Borrowings $250,000Other Liabilities $285,050 Total Liabilities $8,699,141

Stockholder’s Equity

Total Stockholder’s Equity $1,077,870

Capital Ratios (%)

Tier 1 Risk-Based Capital Ratio 14.11%Total Risk-Based Capital Ratio 15.18%

$2,375,539 $6,131,123 $744,434

$9,251,096

$7,459,649 $400,000 $443,273

$8,302,922

$948,174

14.26%15.31%

Condensed Consolidated Balance SheetAS OF DECEMBER 31, 2019 AND 2018 (DOLLARS IN THOUSANDS)

Net Interest Income

Net Interest & Dividend Income $249,685Provision (Release) for Loan Losses $9,473Net Interest Income, after Provision for Loan Losses $240,212

Non-Interest Income

Commissions & Fees $47,124 Gains from Trading Account Assets, Net and from the Sale of Available-for-Sale Securities, Net $ 23,905 Other Non-Interest Income $5,784 Total Non-Interest Income $76,813

Non-Interest Expense

Salaries & Employee Benefits $109,163 Occupancy, Equipment & Other Expenses $81,036 Total Non-Interest Expense $190,199 Net Income Before Income Taxes $126,826

Income Tax Expense $26,627 Net Income $100,199

Key Ratios (%)

Return on Average Equity 9.76% Efficiency Ratio 58.25%

Condensed Consolidated Statement of Income

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sLEADERSHIP FINANCIALS

2019

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$246,329 $(4,390) $250,719

$45,220

$4,559 $5,803

$55,582

$101,637 $80,514 $182,151

$124,150

$28,130 $96,020

10.44%60.33%


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A Record Year

Record growth highlighted Commercial Banking’s remarkable year, with loans surpassing $1 billion for the first time in IDB Bank’s history. In addition, we continued to anticipate our clients’ needs to then identify and launch new and innovative products, helping deliver the unwavering personal service that IDB has always been known for.

Key targets of IDB’s strategic plan include enhancing our client experience and growing and improving our Commercial Banking services to meet and exceed the needs of our clients. Our project’s vision includes developing a national presence in our focus segments and cultivating deep relationships with our clients through well-rounded product and service offerings. Focus segments include Apparel, Food & Beverage, Commercial Real Estate, Staffing Services, Healthcare, Education and Not-For-Profit, and Technology.

Featured Products & Services

Trade Services – We provide comprehensive solutions for international transactions. IDB’s experienced Trade Services team helps our clients mitigate their company’s payment and collection risk, optimize working capital, maximize cash flow and access liquidity.

• Letters of Credit• Collection Solutions• Disbursement Solutions• Account Management

Syndication Desk – We allow our business lines not only to work on national accounts but also to make larger commitments in these transactions. Our Syndication desk serves private, public and private equity owned clients in Asset-Based Lending, Commercial Real Estate, Factoring, Healthcare, Education and Not-For-Profit, and Corporate Lending.

Commercial Lending – We have helped our customers manage and grow their businesses with traditional loans, deposit management services and specialized financing in industries such as fashion, food, electronics, trademark financing and industrial products.

Healthcare, Education & Not-For-Profit – We provide financing to fund long-term growth and working capital. IDB offers tax-exempt and taxable financing structures for expansion and enhancements to our clients’ operations and facilities in line with their mission and strategic objectives.

Israeli Desk – We assist companies of all sizes seeking to grow their business from Israel into the United States, and vice versa, with the entire financial process. To facilitate a successful relocation, IDB provides a full suite of products, including deposit products, customized loans, treasury products, trade products and cash management.

Lissa Baum,Executive Vice President, Chief Lending Officer &Head of Commercial Banking

Asset-Based Lending – We help our clients leverage the value of their receivables, inventory and other assets by providing the appropriate financing to help meet their near-term goals. Our Asset-Based Lending team is willing to provide financing against nontraditional assets, such as trademarks, trade names and intellectual property.

Factoring – We can provide credit protection and outsourced credit and collateral management, removing the burden of fixed overhead, in addition to cash flow benefits. Our clients utilize these assets by maximizing cash flow for operational needs and business growth.

Trade Finance – We value the fact that letters of credit and import financing have always been a major part of IDB’s business. Our Trade Finance team assures prompt issuance of your credits, whether you use our Automated Letter of Credit Customer Initiation System or the traditional paper method of providing instructions. Staffing Services – We expertly accommodate the financing needs of staffing and information technology consulting firms throughout the U.S. IDB’s team excels at guiding entrepreneurs in the staffing industry through the cost, access and flexibility required to secure the financing flexibility often necessary to grow a business.

Commercial Real Estate – We lend to income-producing property developers and owners seeking senior debt or acquisition financing. Products include bridge, construction and fixed- or floating-rate term loans; credit lines; and letters of credit. IDB finances a wide range of investment property types, including ground-up construction.

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SERVICES COMMERCIAL BANKING

Our project’s vision includes developing a national presence in our focus segments and cultivating deep relationships with our clients through well-rounded product and service offerings.

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Reaching New Heights

This was a banner year for U.S. Private Banking at IDB Bank, which recorded its highest average deposit in 2019 with $2.2 billion. The previous benchmark had been $1.9 billion. U.S. Private Banking also experienced its greatest personal loan growth ever at $80 million.

IDB’s strong, full-service private bank continues to develop a growing, integrated team of highly skilled bankers and wealth managers. We remain focused on the financial goals of our clients and their families as well as the financial health of our clients’ businesses. The Bank’s strategy to improve processes, update product and cash management services, and streamline business activity allows us the opportunity to carefully examine our clients’ financial needs and provide them with tailored personal and business solutions.

Our U.S. Private Banking team takes pride in listening to our clients, examining their financial needs and providing them with tailored personal and business banking solutions.

By maintaining close relationships with our clients and their families over many years, we gain a deep understanding of their goals and can assist in the management of their personal wealth and the preservation of assets for the next generation.

SERVICES U.S. PRIVATE BANKING

James LoGatto,Executive Vice President, Head of Private Banking

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By maintaining close relationships with our clients and their families over many years, we gain a deep understanding of their goals.


Global Wealth Management – For personal portfolios, investments and retirement, our managers in the Global Wealth Management group meet with clients to learn their long-term goals and develop successful investment plans.

Brokerage Services – Diverse investment options are available through IDB Capital®, the Bank’s broker-dealer subsidiary.

Tailored Loans – We also offer specialized financing options, such as custom loans and lines of credit, to help clients build and manage their long-term wealth. Trade Services – We provide comprehensive solutions for international transactions. IDB’s experienced Trade Services team helps our clients mitigate their company’s payment and collection risk, optimize working capital, maximize cash flow and access liquidity.






Trade Finance – We value the fact that letters of credit and import financing have always been a major part of IDB’s business. Our Trade Finance team ensures prompt issuance of your credits, whether you use our Automated Letter of Credit Customer Initiation System or the traditional paper method of providing instructions.



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In 2019, the International Private Banking division in New York merged into our full-service branch in Aventura, Florida.

South Florida is the gateway to Latin America and enjoys a large amount of diversity among its people and businesses. International Private Banking mainly serves clients from Latin America; with this relocation, we will be closer to our clientele.

The move proved to be very positive, as we have seen an increased number of client visits to the Aventura branch and more interaction between the clients and teams in Florida.

Sagy Aseraf, executive vice president and head of International Private Banking, manages the Florida region and will assume the responsibilities for its commercial and domestic private banking.


Global Wealth Management – For personal portfolios, investments and retirement, our managers in the Global Wealth Management group meet with clients to learn their long-term goals and develop successful investment plans.

Brokerage Services – Diverse investment options are available through IDB Capital®, the Bank’s broker-dealer subsidiary.

Tailored Loans – We also offer specialized financing options, such as custom loans and lines of credit, to help clients build and manage their long-term wealth. Trade Services – We provide comprehensive solutions for international transactions. IDB’s experienced Trade Services team helps our clients mitigate their company’s payment and collection risk, optimize working capital, maximize cash flow and access liquidity..



Sagy Aseraf,Executive Vice President, Head of Florida Region & International Private Banking

The team has a strategic focus on Latin America … so it was a natural step to relocate our International Private Banking operations to the Miami area, considered the gateway to Latin America.

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Trade Finance – We value the fact that letters of credit and import financing have always been a major part of IDB’s business. Our Trade Finance team ensures prompt issuance of your credits, whether you use our Automated Letter of Credit Customer Initiation System or the traditional paper method of providing instructions.


SERVICES INTERNATIONAL PRIVATE BANKING

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Treasury Services was instrumental in educating IDB clients and prospects in the benefit of using interest rate derivatives to hedge their interest rate exposure. Clients were also kept appraised of market activity and how it was affecting their business. In doing so, clients were able to greatly benefit from market movement and hedging strategies provided while also generating record-breaking fee income for the Bank.

Teasury offers hedging strategies, customized products, sound financial solutions and responsive services. As part of the Bank’s strategic initiatives, in the second half of 2019, Treasury undertook the responsibility to manage the Product Expansion Project and actively participated in re-engineering the product management process. As a result, the Bank was able to launch Merchant Services and Equipment Lending in January 2020. These initiatives should contribute to increasing non-interest income. IDB’s clients benefit from our innovative deposit solutions that offer security, attractive returns and flexibility. Treasury also works with clients to help navigate both interest rate and foreign currency environments as well as the risk associated with these markets. Clients with interest rate exposure and/or international activity can benefit from our product offerings and expertise. The team helps our clients realize their vision for business growth and success.

Featured Products

Structured Time Deposits – Structured Time Deposits provide the exciting potential for increased return without risk to principal, if held to maturity. Recognizing the wide variety of investor requirements and sensitivities, IDB created innovative deposit solutions that offer security, attractive returns and flexibility, and some even afford you the opportunity to participate in the upside appreciation as well as declines in certain equity indices; all are principal protected if held to maturity. These are FDIC-insured bank deposits issued by IDB, whereby interest is based on the performance of an underlying, 100% principal-protected structured product. Structured Time Deposit products are particularly interesting for the risk-averse investor.

You have the opportunity to invest in the potential that a particular market may offer, while at the same time limiting your exposure to a market downturn. Our Principal-Protected Structured Time Deposits allow you to achieve both objectives while participating in stocks, oil, commodities, currencies, arbitrage and even a basket of indexes, while enjoying 100% Principal Protection, if held to maturity.

Dan Trister,Executive Vice President, Treasurer

SERVICES TREASURY SERVICES

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Foreign Exchange – Transacting business outside of the United States can be challenging. Oftentimes, a willingness to negotiate payment terms in local currency can open opportunities that can increase profitability and/or decrease expenses. Markets like China are becoming more open to negotiating in their local currency (renminbi) due to fears over U.S. dollar volatility. IDB can offer the products and expertise necessary to manage foreign currency exposures created by negotiating terms in local currency.

If you have payables or receivables in foreign currency, need to transfer funds internationally, want to invest in Foreign Exchange or hedge your FX exposure while staying competitive in today’s global marketplace, the Bank offers prompt and professional service. Our experienced Foreign Exchange team can help you maximize the rewards of doing business in the global market.

Interest Rate Derivatives – Interest rate exposure can manifest itself in many ways. Borrowing on a floating-rate basis exposes the client to potentially higher interest rates. Borrowing on a fixed-rate basis in a lower interest rate environment may subject the borrower to paying a higher rate of interest than is necessary. Holding fixed-rate assets as rates move higher or holding floating-rate assets as rates move lower could limit income potential. IDB can offer a variety of derivative products to hedge interest rate exposure. IDB’s experts can provide customized solutions to help maximize their clients’ interest rate goals.


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The team helps our clients realize their vision for business growth and success.


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IDB Capital® is the wholly owned broker-dealer subsidiary of IDB Bank® and your gateway for trusted access to the Israeli markets.

At IDB Capital, we embrace the values and lessons that will never be obsolete on Wall Street: service and integrity. An ever-changing market, evolving client needs, new investment products and a world filled with risks and opportunities demands a fresh perspective on client interaction and value creation. With a sharp focus on being a nimble, responsive and accessible organization, IDB Capital offers a personalized approach to demystifying the investment universe. We seek to differentiate ourselves by pairing a deep and wide array of investment options, designed to meet your investment objectives, with a spirit of partnership, performance and transparency.

Our team of seasoned professionals provides clients with the service and capabilities required to navigate the investment universe. IDB Capital offers customized financial and investment solutions that account for the latest developments in an emerging landscape. Our mission is to always serve you as a trusted partner, providing for your financial needs.

Our Approach

IDB Capital offers a host of investment products and planning solutions, ranging from tailored, personal savings and investment strategies to curated, differentiated, alternative investment opportunities, as well as corporate services geared toward wealth preservation and talent retention.

Products & Services – • Full-Service & Self-Directed Brokerage• Alternative Investments• Estate Planning• Securities-Based Lending• Insurance Solutions (Life, Disability, Long-Term Care)• Retirement Plans (401(k), Roth IRA, etc.)• Education Savings Plans• Employee Retention Solutions

Ethan Levinson,President & CEO, IDB Capital

At IDB Capital, we embrace the values and lessons that will never be obsolete on Wall Street: service and integrity.

SERVICES IDB CAPITAL CORP.

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2019 was a strong year for Global Wealth Management (GWM) at IDB Bank on many fronts. We navigated an investment landscape filled with trepidation and delivered strong investment returns to our clients. The year began with extreme uncertainty over issues ranging from trade to Federal Reserve policy. GWM balanced risks yet sought opportunities for a diverse client base. Client risk profiles ranged from the conservative to the aggressive, necessitating that our portfolio management team tailor portfolios accordingly. In spite of these constraints, GWM produced double-digit returns for most clients.

GWM partnered with Morningstar, bringing enhanced due diligence and risk analytics to its portfolio management process. As volatility within the investment markets increases, we continue to enhance efforts to minimize risk toward the goal of preserving client capital.

These efforts had a direct impact on financial results for the year as assets under management and fee income for U.S. clients rose to record levels.

Putting Clients First

GWM provides discretionary investment management services to IDB’s U.S. and international clients. As a fee-only manager, we operate in an unbiased, objective environment while executing our fiduciary obligation to clients. Our team has a track record of navigating an ever-changing and sometimes volatile investment landscape with the goal of preserving client capital.

What makes investment management services with GWM different from other financial institutions is that we put our clients’ needs first. We aspire to be the best bank for our clients by offering unwavering personal service, trusted relationships and the expertise of our people. Key Benefits

Our GWM advisors prepare customized plans of nonproprietary products, integrated to offer the best in current income, future growth and, of course, safety.

Gregory Leo,Senior Vice President & Chief Investment Officer, Head of Global Wealth Management

We maintain ongoing communication with our clients and consistently evaluate their plans, always keeping an eye on the long-term horizon.

Once this approach is accepted and implemented, we tactically adjust portfolios as economic and market conditions dictate. We maintain ongoing communication with our clients and consistently evaluate their plans, always keeping an eye on the long-term horizon.

Whether it’s for wealth preservation, capital appreciation, education, a legacy gift to a nonprofit or other long-term plans, GWM has the tools and resources to help our clients reach their goals.

GWM remains committed to providing objective and transparent discretionary investment management services to our high-net-worth individual and institutional clients.

Featured Services – • Fee-Only Discretionary Investment Management• IRA & ERISA Plan Investment Management• Escrow Agent• Institutional Custody

Time-Tested Approach – • Disciplined, Risk-Controlled Investment Process• Open Architecture• No Proprietary Products• Customized & Tailored Solutions• Outcome-Based Process to Meet Specific Client Needs

SERVICES GLOBAL WEALTH MANAGEMENT

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CALIFORNIA

From financial achievements to fostering closer ties with new and existing clients, IDB’s California region had a very successful year. We had double-digit growth in loans and deposits, and over 100% growth in non-interest income for 2019. The California region also continued increasing our commercial banking capabilities as we brought new lending structures to market. In addition, our gains were highlighted by an emphasis on educating our clients and new prospects with strategic growth and planning through our deep and trusted personal relationships.

The California region will continue to focus on and grow in our areas of expertise: Private Banking and Commercial Banking, with an emphasis on wholesale distribution middle-market companies; Commercial Real Estate; Healthcare; and comprehensive investment planning and management. We look forward to introducing some of our new commercial products and services offered by the Bank to our existing client base, as well as continuing to grow through new client acquisition and focused expansion of the industries that we currently serve. One unique example of this is by leveraging the relationships we have with our clients and prospects and connecting them with opportunities in the Israeli marketplace, in partnership with our syndications and capital markets teams.

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Kiyoun Kim,Executive Vice President, Regional Manager, California

We will also continue to expand our offering of customized and relevant investment solutions through strategic partnerships with money managers and firms with strong and proven track records. The Bank’s strong commitment to the California region also features an improved sales process and higher regional credit approval authorities. Looking ahead, we will remain dedicated to our esteemed clients and focused on adding value to all of their financial endeavors, business and personal.

We look forward to introducing some of our new commercial products and services offered by the Bank to our existing client base, as well as continuing to grow through new client acquisition and focused expansion of the industries that we currently serve.


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SERVICES

LOCATIONS

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New York

Main Office511 Fifth AvenueNew York, NY 10017 Tel: (212) 551-8500

Staten Island Branch201 Edward Curry AvenueSuite 204,Staten Island, NY 10314Tel: (718) 698-4892

Brooklyn Branch400 Avenue UBrooklyn, NY 11223Tel: (718) 382-4987

Long Island Representative Office445 Broadhollow Road, Suite 418,Melville, NY 11747Tel: (631) 247-4581

Uruguay

MontevideoWorld Trade Center Luis Alberto de Herrera 1248 Torre 2, of. 409 Montevideo, Uruguay Tel: +598-262-22-57

Colonia18 de Julio 320, Ap 101, Colonia del Sacramento 70000, República Oriental del UruguayTel: +598-452-21-24

Israel18 Raul Wallenberg St.Building D, 4th FloorTel Aviv, Israel 697191Tel: +972-3-773-7400

ChileAv. Vitacura 2771, Of. 804Las Condes, Santiago, ChileTel: (562) 2365600

New Jersey

Short Hills Branch150 JFK ParkwayShort Hills, NJ 07078Tel: (973) 379-8699

Florida

Aventura BranchHarbour Centre18851 NE 29th Avenue, Suite 600,Aventura, FL 33180Tel: (305) 682-3700

California

Beverly Hills Branch9401 Wilshire Boulevard, Suite 600,Beverly Hills, CA 90212 Tel: (310) 860-6320

Downtown Los Angeles Branch888 South Figueroa Street, Suite 550,Los Angeles, CA 90017Tel: (213) 861-6440

Subsidiary

Brokerage ServicesIDB Capital Corp.511 Fifth AvenueNew York, NY 10017Tel: (212) 551-8252

IDB Stories from IDB BankA collection of profiles and portraits of IDB’s remarkable clients

Vol. 7

Blue Note Jazz ClubElie Tahari Fit For Life Namdar Realty Group Nassimi Realty

29 30IDB Bank Profiles of Our Remarkable Customers


Blue Note Jazz-Club

“

“

OVER THE YEARS,

THE IDB TEAM HAS

DEMONSTRATED A KEEN

UNDERSTANDING OF THEIR

CLIENTS’ NEEDS, WHETHER

THOSE CLIENTS ARE IN

REAL ESTATE

OR BUSINESS.

HOW ONE MAN’S COOL JAZZ CLUB HAS REMAINED HOT FOR NEARLY 40 YEARS

DANNY BENSUSAN Founder & CEO

IDB Bank Profiles of Our Remarkable Customers 31 32

If you were to ask Danny Bensusan about his famous instincts, he’d dismiss them as being anything but special. But it’s hard to deny the success he’s attained from acting on those innate tendencies. After finishing his time in the Israeli Army (which included service during his country’s triumph in the Six-Day War), Bensusan intuitively knew to come to America. Seeing that the workers in Manhattan’s Diamond District needed somewhere to eat, a gut feeling then led him to open a Glatt Kosher restaurant in that bustling area. And after the end of disco, Bensusan had a sixth sense to start up a jazz club in 1981.

The Blue Note Jazz Club is still thriving to this day and initiated a business empire that includes 13 international venues. But Bensusan is laid back about all of it: his instincts, his worldwide success and his 50 years of living in the United States. “I came from Israel to succeed,” he says. “I succeeded — fine. If I didn’t succeed, I would have gone back home. What did I have to lose?”

There were a number of possible ways that Bensusan could have prospered upon his U.S. arrival in 1969, but he only focused on one. “I came in basically thinking that I would continue schooling,” he recalls. “I took hotel account management, and I thought that I was going to get a degree in that because Israel will need hotels in the future as a country that speaks to many religions. That’s why I chose to be in that field: I’d have a lot of opportunities and then maybe go back to Israel.” Bensusan’s father had hoped to make it in the hospitality industry himself when he brought his family to Israel in the 1950s. “He had a huge café in Morocco that a lot of friends and tourists used to go to back then,” Bensusan shares. “When he went to Israel, he went with money and opened a few businesses. But he couldn’t succeed; it was too difficult in the hospitality industry, and Israel was too young. So he did what he got offered back then and became a wholesaler of leather goods. I basically took the trail that he started.” His path forward included the aforementioned Glatt Kosher restaurant, which started after Bensusan noticed jewelers eating their meals from lunch boxes because they had nowhere to go locally. But first he had to lease a space from famed real estate magnate and media personality Abe Hirschfeld. “I walked in without an appointment to his office,” Bensusan remembers, “and when I told him I would like to open a Glatt Kosher restaurant, he said, ‘What a wonderful idea.’ And then he almost kicked me out when I told him how much I wanted to pay.”


Hirschfeld eventually gave him a break on the price for the first five years, but Bensusan moved on to his next venture after year two. “What I really wanted was a club,” he says, “so I opened up a place called the Gatsby’s during the Studio 54 era of the ‘70s. And it succeeded. But right after that era started to fade out, I realized it was time to go and start something different.”

This new concept would focus on live music and entertainment, which Bensusan felt was the wave of the future. “In the ‘80s, you could see a lot of clubs were starting to do great business with jazz music,” he points out. “And most of them were not exciting and had smoky basements. These were not the places to go to if you wanted to have dinner with your wife. So I gave it a shot and bought this building in Greenwich Village that seated 240 people, and I decided to open a jazz club there.”

Enter the Blue Note Jazz Club. But even with the upswing in live music, Bensusan still faced an uphill climb in the early days. “It didn’t make any money in the first three years,” he reveals. “So I tried different things from what the other jazz clubs were doing.” Those ideas included putting musicians together as a double bill reuniting original trios or quartets that hadn’t played together in 30 or 40 years and booking jazz artists who were accustomed to performing in concert halls.

Bassist Ray Brown championed that last idea. He had known and played with many jazz greats for decades. After Brown, the Blue Note attracted renowned pianist Oscar Peterson. More legendary acts signed on, the likes of Ray Charles, Dizzy Gillespie, Sarah Vaughan, Tito Puente and Benny Goodman. The club was soon expanding to locations like Brazil, Italy and Japan. A record label, a jazz festival and more musical venues followed. And there’s even been a passing of the torch: “My sons, Steven and Tsion, are involved,” Bensusan enthuses. “Steven supervises the booking of musicians and Tsion oversees the operations side of the business. They are partnering with companies that are moving us to a different level. I’m more involved in the investment side.”

That aspect of his business involves dealing with IDB Bank, something that Bensusan has been doing since the 1990s. “I’m working with IDB a lot more now than in the past,” he points out. “In the past, it was mainly real estate loans, and then I moved into investments and other areas. It’s really strengthened through the decades.”

As Bensusan continues to be impressed with IDB’s “loyalty and reliability to their clients,” it’s possible that his growing relationship with the Bank is just another example of those special instincts at work. But Bensusan won’t even speculate on how an exceptional business sense has brought about an empire based on the foundations of fans simply wanting to listen to live jazz music. “This is like food to eat and air to breathe for jazz lovers,” he instead reasons. “It calms you down. After a hard day of work, you come in and listen to this music, and you’re a new person. The whole world moves to music.”


Elie Tahari

“

“

I REMEMBER

APPROACHING IDB,

AND THEY WERE OPEN

AND WELCOMED ME.

AND I’M ACROSS THE

STREET, SO IT’S EASY FOR

US TO COMMUNICATE.

FROM DOWN & OUT IN CENTRAL PARK TO FASHION MOGUL PAR EXCELLENCE

ELIE TAHARIFashion Designer & Founder


“I came for a visit and never left,” Elie Tahari admits about his 1971 trip to New York City. The future founder of his eponymous clothing brand was able to purchase a discounted plane ticket because of his brother’s air courier role, and he immediately fell in love with the Big Apple — not that he had anywhere to stay once he arrived. “I was sleeping in Central Park,” Tahari recalls. “I hung around the streets, and then I went to a shelter in the Village.”

These tough times mirrored Tahari’s earlier experiences growing up in Israel. The son of Iranian immigrants, he was placed in an orphanage at a young age. “My mother had epilepsy,” Tahari says. “She was 24, had four kids and got divorced. She couldn’t take care of us. Neither could my father; he didn’t have a job. So basicall, the government took us.”

Tahari attended military school when he got older, followed by a stint in the Israel Defense Forces. By the time he arrived in New York at the age of 19, his survival skills were already sharpened, and he soon found work that would shape his fate. “I worked in a boutique selling clothes and as an electrician in the Garment Center,” he shares. “The [boutique] owner used to ask us, ‘What’s selling? What’s not selling?’ I gave him some ideas, and one day I came to him with the idea of a tube top. And that took off. That was my beginning in the fashion industry.”

It might be hard to imagine a time when tube tops weren’t a summer staple, but that was the case in the early 1970s when Tahari came across fabric tubes in a Lower East Side store. “It used to be part of a bathing suit in the ‘40s and ‘50s,” he points out. “It stretched, and the bottom of the bathing suit was up to the knee. And it came with a tube top for the beach.”

Tahari took some samples back with him back to his store, and customers were already lining up for them before he had finished telling his boss about the idea. Things picked up quickly after that, including the time he set up shop in the hallways of a trade show to sell his hot item because he was unable to obtain an exhibitor’s pass. “Pretty soon, there was a crowd,” he remembers, “and a security guard comes and asks me what I’m doing there — fire hazard, whatever. And they kicked me out. So I went to another floor, and I did the same. Then I did the whole building and got 250,000 unit orders.”


After turning tube tops into a sensation, Tahari started his label (originally titled Tahari and later renamed Elie Tahari) in 1973. One boutique begat another, leading to press, fashion shows and, eventually, 30 different stores. But dizzying success didn’t stop Tahari from coming up with additional concepts for the fashion world, namely, a move toward popularizing tailored woman’s suits. “I didn’t come up with the idea,” he admits. “I found it in Europe. Women used to wear a lot of polyester dresses, wrap dresses, printed dresses. Then they went into the workforce and looked better in suits. That was a new thing for a woman to wear suits in the ‘70s and ‘80s. Now that’s all they wear 30, 40 years later.”

Decades after Tahari started his fashion line, shoppers have grown familiar with finding his clothing everywhere from Bloomingdale’s, Nordstrom and Neiman Marcus to Macy’s, Bergdorf Goodman and Saks Fifth Avenue. As time went on, though, Tahari started expanding his offerings beyond his signature apparel into other lucrative areas. “Licensing is a big business now,” he shares. “In fact, that’s the most profitable part. We’re doing perfume, candles, all kinds of items beyond clothing. In fact, I just got a big loan from IDB Bank, and they have the licensing business as collateral.”

Tahari’s relationship with the Bank goes back to the 1990s, before HSBC purchased Republic Bank. “IDB was sharing the credit line with them,” he recalls. “And then HSBC wanted to take the whole line when Republic became HSBC. So I didn’t do business with IDB anymore, and I was with HSBC for some 20 years.”

But you never know when another opportunity might arise, proving that Tahari’s IDB story was far from over. “I needed a loan, and HSBC couldn’t give it to me,” he says. “So I went to IDB, and we worked it out. IDB was a tough bank in the ‘90s, but I think now they’re giving more loans and are a friendly bank; they’ve been very friendly to me.”

Tahari, meanwhile, has remained a friend not just to fans of fashion and ready-to-wear clothing but also to important causes, like the time he was the main designer in the Macy’s Passport fashion show, which raised over $2 million for AIDS research. Still, most know him from his brand. With a global distribution in over 40 countries, it’s hard to imagine an area of the world without access to Elie Tahari shoes, accessories and, of course, apparel. “Now we are leading in design and fit and quality,” he proudly points out. “And always at an affordable price.”

Don’t necessarily expect the same extensive collection when it comes to men’s clothing, though. “We used to do menswear at one point,” Tahari explains. “We did men’s suits, men’s sportwear and still have some leftover menswear selling in our stores. But it never became a profitable business, so we didn’t continue with it. Shopping is a chore for men, and it’s a pleasure for women.”



Fit For Life

“

“

IDB BACKS THE PERSON

AND NOT THE FACTS ON

THE GROUND TODAY

BECAUSE THEY BELIEVE

THAT THEY HAVE STRONG

PEOPLE THAT KNOW HOW

TO NAVIGATE THROUGH

TOUGH TIMES.

BUILDING, BUYING & BRANDING BEAUTY BUSINESSES

JOSEPH “JOEY” SHAMAHCEO & AS Beauty Group Co-Founder


There was no shortage of clues back when Joseph “Joey” Shamah was growing up in Brooklyn that he’d eventually be leading companies later on in life. The son of a ladies apparel importer, Shamah quickly found himself presiding over youth organizations and serving on the senior council. “I was always involved in money, so I liked the treasury position,” he recalls. “I worked summer jobs and was very focused on self-sustainability and savings. I really just wanted to make money, but I didn’t have specific aspirations on how I was going to get there.”

The road that took Shamah to his first major success, e.l.f. Cosmetics, began with him being introduced to someone with beauty experience. “I was right out of college,” he says, “and didn’t even know what lipstick was. We worked together on creating the line, and then when we decided to bring it to the retail environment. We saw an opportunity in the dollar store arena.”

Over time, the line, which had begun with inexpensive items, started focusing more on value and less on price. “If you look at what happens in the apparel world with your H&Ms and ZARA,” he explains, “you have this fast fashion coming to market at a cheaper price — there was none of that in the beauty world. Our concept was to be the fast fashion brand in beauty, taking the hottest trends and products that were at the prestige or expensive brands and bringing them down to a price point people can afford.”

Shamah found that while dollar stores were affordable to customers, there was “no focus on quality. We had a great line of quality makeup — stuff that you could find at Sephora, very simple to shop — and they didn’t feel the same way. So we hired a PR firm to get our message out and launched an e-commerce site because Glamour said, ‘We love the quality, but we can’t put it in the magazine unless there’s an outlet for it.’”

Things quickly escalated after that, with e.l.f.’s e-commerce site launch in 2004 coinciding with a mention in DailyCandy, a now-defunct email blast that catered to hip New York City events and businesses. “That was the first spike,” Shamah remembers, “really growing the brand organically on e-commerce over the first four or five years, and then layering on some retail. It wasn’t until 2008, when Target reached out and said, ‘We want to put you in a bigger spot,’ that it started to snowball.”


As things heated up for e.l.f., interested buyers came calling, with a sale eventually being made to TPG Growth in 2014. But Shamah didn’t rest on his laurels, as the businessman was anxious to once again get back in the game and “operate efficiently. The first personal challenge was to build a business and sell it,” he shares. “And then the next challenge was to buy a business, transform it over the next few years and then see it continue to thrive.”

Luckily, opportunities for Shamah came along that allowed him to do just that, starting in 2016. “I founded a fitness company, Fit For Life, after purchasing the hard goods and equipment categories from GAIAM Americas,” he explains. “It was one of the largest hard goods, yoga and fitness manufacturers in the country, with a strong penetration in Target, Amazon and Kohl’s. I continue to be CEO of that company today.”

Around the time that Shamah was getting his new company in shape, some interesting moves were occurring in the cosmetics world. “Warburg Pincus and a former executive at Revlon [former CEO Alan Ennis] teamed up and purchased three beauty brands for about $130 million,” he shares, “and sunk in another $80 million in operating costs in trying to build a big beauty conglomerate. The company, Glansaol, was never really able to manage the profitability and was flailing. I looked at it very seriously as an interesting opportunity, but there was a lot of uncertainty, and I decided to pass.”

Fast-forward three months, and that troubled company had now filed for bankruptcy. Shamah’s family then partnered up with the Azrak family in early 2019, and “AS Beauty Group emerged as the victor in the bankruptcy auction to purchase the Glansaol brands,” he says. “Laura Geller and Julep are the two brands that we’re operating [with Glansaol’s third brand, Clark’s Botanicals, being sold off].”

There were “a rough few weeks” when AS Beauty initially got off the ground, but then things slowly fell into place for the new company. “We’ve rightsized our team and have gotten all of our manufacturers to understand how we can work with them going forward,” Shamah says. “We’ve been able to monetize a lot of old inventory that we bought on the balance sheet, so that has helped take down some of the debt we took to purchase the company with IDB’s help.”

Shamah’s relationship with IDB may only go back to Fit For Life’s founding, but his family was no stranger to the Bank prior to the transaction. “Lissa [Baum, executive vice president of Commercial Banking and chief lending officer] and my father did business together and go way back,” he shares. “but through the e.l.f. days, we really didn’t have banking needs. When we went to IDB, though, I met Lissa and George Commander [retired senior vice president of Commercial Lending], and they were strong supporters of our business because they believed in us. It was always, ‘We’re behind you, Joey. We know what you guys can do. We know you’re great operators and want to be partners with you.’ And from an operator’s perspective, there’s nothing better you can hear from a bank that’s going to be your lifeline at times.”

Something else that was music to Shamah’s ears was Baum’s response when he told her about the AS Beauty transaction. “She said, ‘You’re not calling anyone else. We’re going to find a way to do this deal together,’” he recalls. “Because IDB saw what we did at e.l.f. and saw what we did at Fit For Life, and they know that they’re working with people who understand business and have a good relationship with the Bank. So they’ve been fantastic.”



Namdar Realty Group

“

“

IDB HAS BEEN THERE

FOR ME. THEY ARE THE

TRUE MEANING OF A

RELATIONSHIP BANK

WHERE THEY TRUST

THEIR CLIENT.

FINDING NEW USES FOR MALLS REQUIRES MORE THAN JUST RETAIL THERAPY

IGAL NAMDARCEO & Owner


For Igal Namdar, the plan made perfect sense … until life got in the way. “When I graduated from college, my first goal was to go into investment banking and financial markets,” he admits. “But I had to help my parents with the family jewelry business. It had dropped a lot, and they needed my support.”

The job was all-consuming for Namdar, negating any other career options at the time. “I really had to hustle and start traveling out of town,” he shares, “going from store to store just to make ends meet.” And yet, around this period, Namdar started thinking more and more about real estate. “But I didn’t have the privilege of doing it,” he says, “because one, I didn’t have the seed money, and two, I wasn’t in the position to let my parents’ business drown.”

Namdar’s increased efforts were a real lifesaver for the family business, so much so that by the late 1990s, his family was able to begin dabbling in real estate. “It’s easier to get into it gradually,” he offers. “It doesn’t have to be a full-time job.” But even without it occupying his entire day, Namdar discovered that his “passion,” what “he really loved doing,” was indeed real estate.

By 2001, Namdar’s dream was finally reaching fruition. “We decided to allocate some of our equity from jewelry into real estate,” he shares. “And little by little, we started growing and set up a company — management, corporate, everything — and 18 years later, here we are, fully in the real estate business.”

Namdar Realty Group owns and manages over 42 million square feet of commercial real estate throughout the United States. “We started buying on our own and also had investments with third-party managers,” he says. “But as of 2009, almost 99% of what I invest, I manage. And we are heavily focused on retail.”

Buying retail malls and shopping centers has become something of a specialty for Namdar Realty Group, but it didn’t happen right away. “We bought our first mall in 2012,” he remembers. “The reason we bought it is because we had 90% nonrecourse financing (where the lender only receives repayment from a project’s profits). We learned so much from that. And years later, we wound up selling it and made a little bit of money. Since 2012, we’ve probably been buying between at least 10 to12 enclosed malls a year.”


The fate of malls across the U.S. has made headlines in the years since Namdar Realty Group has been in operation. But its owner has been looking at the bigger picture with a clear understanding of which trends should be focused on. “The market is changing,” he points out, “but if you look at the amount of online sales, it’s still not a significant number. Eighty to 90% of all sales are still done in stores.

“What is happening with this change,” Namdar continues, “is that there are other nonretail uses that are kind of coming into these assets. It could be a service or a school. Or a church. It could be a distribution center. We’re seeing a lot of different uses and are bringing in big discounters, entertainment, multifamilies, hotels and storage facilities. There are so many things that are coming into these assets that we’re just seeing a change in the use.”

The old joke that the three most important things in real estate are “location, location, location” comes to mind when thinking about certain properties, but it seems most applicable when considering the malls that Namdar has acquired over the past seven years. “Their locations are prime locations in the cities that they’re in,” he explains, “and being able to have 50 to 100 acres of contiguous land in a prime corner brings opportunities for other uses besides pure retail.”

Partnering with Namdar on many of these acquisitions has been IDB Bank. “I’ve been a client since the early 2000s,” he recalls. “I think my first loan was a minority loan; I was a one-third partner of that. And then I started doing things on my own and began working directly with IDB when I was buying my properties.”

The relationship between Namdar and IDB has “been great” ever since, and the real estate CEO can tell you why: “Once IDB submits a term sheet (outlining the conditions of a business agreement), they always close their deal. There’s never been any retrade (renegotiating after the terms have been agreed upon) or any issues. Other banks look at the asset first and the sponsor second. IDB does the opposite and trusts the sponsor first. Then, of course, they’ll look at the property and do an appraisal.”

Like IDB, Namdar’s take on success often requires him to go his own way. “We’re not doing what the other real estate companies do,” he admits. “Our philosophy is: ‘When everybody wants to sell something, we’re buyers. And when everybody wants to buy something, we’re sellers.’ We do the opposite. But the goal is not just to buy at a low price; it’s to buy a good, quality asset at a reasonable price.”

By abandoning his goal of having a career in finance to help his family in a time of need, Namdar ended up finding even greater happiness and success. “Although there are challenges, there are also a lot of rewards in the industry,” he shares. “We are hyperfocused, but we enjoy what we do — it’s an interesting business.”



Nassimi Realty“

“

MIKE NASSIMI President

WITH THE BIG AMERICAN

BANKS, YOU’RE BASICALLY

JUST A NUMBER. I’VE

HAD RELATIONSHIPS WITH

ALL THE HIGHER OFFICERS

AT IDB, BUT I’VE ALSO HAD

CLOSE RELATIONSHIPS

WITH ACCOUNT

MANAGERS WHO KNOW

OUR NEEDS.

FOR THE FAMILY THAT WORKS TOGETHER, IT’S ONE-STOP SHOPPING


Mike Nassimi’s family decided they needed to send somebody else over to the United States.

It was the mid-1980s, and Nassimi’s brother, Edward Nassimi, was already in the U.S. running a textile business (that he still runs to this day). But things were also going well for the family’s foreign real estate investments. “So I started going back and forth between Germany and the United States,” says Nassimi. “By the early 1990s, I moved over permanently.”

Nassimi’s relocation echoed his family’s migration from Iran to West Germany following World War II. And just as his family had found success in their new country decades earlier, so did Nassimi and his brother in the U.S.

Nassimi’s home is in Great Neck, New York, which is home to the largest community of Mashhadi Jews in the U.S. And he’s considered an influential elder in that region, even steering clients toward IDB Bank, which has held Nassimi-related accounts since 1984.

“We always had an excellent relationship with IDB,” says Nassimi. “At IDB, it’s very personal. They move with us, in the speed that we need, with projects that we approve and want to move forward with. In essence, they’ve bet on us, not on any project itself.”


Many of Nassimi Realty’s projects relate to shopping centers, the largest offering in the company’s portfolio. “We’ve done some office and residential buildings,” shares Nassimi, who is president of the company. “But the focus is on shopping centers in the eastern half of the United States — roughly 12 states. We are not aggressively looking to expand, but we’re making sure that we can redevelop and reposition any shopping center that we buy.”

And as invigorating as it is to be “hands-on developers,” Nassimi is readying himself for the next phase in his company’s future. “I am responsible for the real estate division,” he says, “but I am slowly, slowly — hopefully — moving it over to others like [nephew and Vice President] Oliver [Nassimi].

If and when that day comes, Oliver Nassimi knows that he has a loyal partner in the Bank to help him every step of the way. “IDB is a terrific bank, and we love working with it,” shares Oliver Nassimi. “We can’t praise it enough. It understands the way that we think and is responsive, and that’s all that we can ask. And IDB is very professional, too, which is great.”

For decades now, the family’s professional and personal ties have truly remained great. Edward Nassimi’s business, Nassimi LLC, a leading supplier of high-performance faux leather, continues to run out of the same office as Nassimi Realty. The Mashhadi Jewish population is still preserving its Persian identity and thriving in Great Neck. And Nassimi himself always keeps things in perspective when it comes to how he’s found success around the world from where things started. “It’s a family business,” he chuckles, “and I was born into the family.”


WE ASPIRE TO BE THE BEST BANK FOR OUR CLIENTS BY PUTTING THEIR NEEDS FIRST, OFFERING UNWAVERING PERSONAL SERVICE, TRUSTED RELATIONSHIPS AND THE EXPERTISE OF OUR PEOPLE.

WE ASPIRE TO BE THE BEST BANK FOR OUR CLIENTS BY PUTTING THEIR NEEDS FIRST, OFFERING UNWAVERING PERSONAL SERVICE, TRUSTED RELATIONSHIPS AND THE EXPERTISE OF OUR PEOPLE.

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