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Bank Leumi is a commercial bank based in Tel Aviv, Israel, that provides retail, corporate, and wealth management services alongside specialized financing for the technology sector. The financial institution manages over $180 billion in total assets, generates approximately 19 billion NIS in annual revenue, and employs around 8,500 people across its domestic and international operations. Operating through divisions like LeumiTech, the bank earns revenue from net interest income, mortgages, and investment returns while serving retail consumers, large corporations, and high-net-worth individuals. Under the leadership of executives such as CEO Hanan Friedman and former Chairman Samer Haj-Yehia, the organization recently sold its United States subsidiary to Valley National Bank for $1.2 billion in 2022. Bank Leumi was originally founded as the Anglo-Palestine Company in 1902 by the Zionist movement, which was led by founder Theodor Herzl.
Key people at Bank Leumi.
Key people at Bank Leumi.
Bank Leumi is Israel's second-largest bank and a leading financial institution, established over 120 years ago with roots in the Zionist movement.[1][2][7] Originally founded to support Jewish settlement in Palestine, it evolved into a full-service commercial bank offering retail and corporate banking, mortgages, insurance, investment services, trust management, and direct investments in about 35 Israeli companies, with subsidiaries in five countries and offices in 19.[1][6] It manages assets exceeding $206 billion and serves millions of customers across segments, maintaining a significant global presence including in the US and UK.[1][6][7]
While not an investment firm or startup, Bank Leumi has historically financed development, agriculture, industry, and startups in Israel, acting as the government's banker post-1948 independence until 1954 and issuing early currency.[1][2][5]
Bank Leumi traces its roots to the late 19th-century Zionist movement, spearheaded by Theodor Herzl, who founded the Jewish Colonial Trust (JCT) in London on March 20, 1899, to fund Jewish settlement in Palestine.[2][4][5][8] As a JCT subsidiary, the Anglo-Palestine Company (APC) was incorporated in London in 1902, opening its first branch in Jaffa in 1903 to facilitate immigration, land purchases, imports, and Zionist objectives.[1][2][3][5]
Renamed Anglo-Palestine Bank (APB) in 1930, it expanded branches to Jerusalem, Beirut, Hebron, Tel Aviv, and others, building reserves during World War II to finance industries.[3][5] Post-1948 Israeli independence, APB served as the central bank, issuing currency until the Bank of Israel formed in 1954; it was then renamed Bank Leumi le-Israel in 1950 and became a commercial bank.[1][2][3][5] Key expansions included a New York subsidiary in 1968 and UK operations from 1959, with the bank reaching 307 branches by 1975 amid government nationalization in 1983.[1][2]
Bank Leumi influences Israel's tech ecosystem through direct investments in about 35 businesses and financing for startups, agriculture, and industrial development, leveraging its position as a major bank in the "Startup Nation."[1] It rides trends in fintech and innovation, supporting the ecosystem that has made Israel a global tech hub, though its core remains traditional banking rather than VC-focused.[1][7]
Market forces like Israel's tech boom and diaspora networks favor its global reach, enabling cross-border capital for tech firms; historically, it facilitated early economic infrastructure pivotal to tech growth.[1][2][5] Its influence persists via portfolio management and lending, indirectly shaping tech by funding high-growth sectors amid geopolitical and economic shifts.
Bank Leumi's trajectory points to sustained leadership in Israeli finance, with potential growth in digital banking, international expansion, and tech investments amid rising fintech demands.[2][7] Trends like AI-driven services, sustainable finance, and Middle East normalization could amplify its role, evolving from Zionist pioneer to modern global player while navigating regulatory and competitive pressures. This enduring foundation—born from 1902 vision—positions it to finance Israel's next innovation wave, tying back to its origins as the financial backbone of nation-building.[1][6]
