Bank Leumi

Bank Leumi (Hebrew: בנק לאומי‎, lit. National Bank) is an Israeli bank. It was founded in London as the Anglo Palestine Company on February 27, 1902, by members of the Zionist movement to promote the industry, construction, agriculture, and infrastructure of the land hoped to ultimately become Israel. Today, Bank Leumi is Israel's largest bank (by total assets), with 13,500 employees and a presence in Luxembourg, USA, Switzerland, the UK, Mexico, Uruguay, Romania, Jersey, and China.

Though nationalized in 1981, now Bank Leumi is mainly in private hands, with the government as the largest single shareholder, with 14.8% of the stock (as of June 2006). The other major shareholders are Shlomo Eliyahu and Branea Invest, which each hold 10% of the stock, constituting the control core of the bank. Sixty percent of the bank's stocks are held by the public and traded on the Tel Aviv Stock Exchange.

History

The Jewish Colonial Trust, predecessor to the present Bank Leumi was founded at the Second Zionist Congress and incorporated in London in 1899 as the financial instrument of the Zionist Organization. The initial capital raised—a total of £395,000—fell far short of the £8 million target; Nahum Sokolow in 1919 wrote: "The British East Africa Company, which administered 200,000 square miles, began with the same amount £250,000." The bank's activities in Palestine were carried out by the Anglo-Palestine Bank, a subsidiary formed in 1902. The bank opened its first branch in Jaffa in 1903 under the management of Zalman David Levontin. Early transactions included land purchase, imports and obtaining concessions. Branches were opened in Jerusalem, Beirut, Hebron, Safed, Haifa, Tiberias and Gaza.