The bank was owned by the Histadrut until 1983, when it was nationalized following the Bank Stock Crisis.
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The bank was established in 1921 by the Histadrut the Israeli trade union congress (lit. "General Federation of Laborers in the Land of Israel") and the World Zionist Organization.
Until 1920, Ahdut HaAvoda and Hapoel Hatzair had been unable to set up a unified workers organisation.
While there, he was also involved in the powerful labor movement in Israel, Histadrut.
Bonanno was also engaged in other labor movement activities, including the American Trade Union Council for Histadrut, Atlanta’s Community Relations Committee, and the United Italian American Labor Council.