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מודפס גם בעברית
מודפס גם בעברית
Private Banking
Issue No. 90
September 2010
ESPECIALLY FOR LEUMI UK PRIVATE BANKING CLIENTS
September 2010 Issue No. 90
Contents
Greetings from the Deputy Head of Int’l & Private Banking
Israeli Macro Economic Review
World Macro Economic Review
Leumi for the Arts
4
6
8
11
Leumi’s Website
12
Leumi’s Overseas Banking Subsidiaries
Did you Know?
3
Editor: Smadar Ilan
Tel: 03-5149989
Fax: 03-5149602
E-mail: smadari@bll.co.il
www.bankleumi.com
14
Rosh Hashanah 5771
Dear Customers,
New Year’s Eve of 5771 is at the threshold and the time has come for
recapitulations and soul searching from the past alongside plans, hopes
and good wishes for the New Year.
The Private Banking Division was established in 2001 and the coming year
signifies its tenth anniversary. Over the past decade, we were at your
disposal with the gamut of private and international services that the
Leumi Group offers its domestic and global customers. These services
were rendered according to the highest standard benchmarks.
The Leumi Group provides a range of financial services in Israel and at the
Leumi subsidiaries overseas. We introduce our subsidiaries throughout the
world in this festive edition.
We, at Leumi Private Banking, offer our customers a range of services
at the highest professional level: top-of-the-line investment consultants,
financial instruments, capital market activity in Israel and overseas and
advanced technological services.
We have improved personal account reporting and offer user-friendly
account statements, which facilitates following up on and managing
investment portfolios. This statement is also available online. Leumi is
the first bank in Israel to implement this service for its private banking
customers.
The “Leumi Digital” setup is also available to our customers, providing a
range of state-of-the-art services: Leumi Twitter, Leumi Blog, SMS cash
withdrawals, unique mobile telephone applications and receipt of encoded
bank mail messages directly to private e-mail boxes, etc.
Amongst the opulent professional, innovative and technological activities,
Leumi has kept its commitment to the community. We, at Leumi Private
Banking, have invested resources in the arts field and promoting young
artists. During the past year, events, that integrated customer enjoyment
and emotion with contributions to various groups, were arranged. Inter
alia, these events included the event at the “Na Laga’at” Center in the
Jaffa Port – a theater for the hearing and sight disabled. Furthermore,
most of the gifts given to our customers are the products of special needs
people and are purchased from associations that operate for the sake of
the community.
I hope that you find this festive edition interesting and that you will
continue to benefit from the range of services and events that Leumi
Private Banking provides you each year.
May I wish all of you a year of continued fruitful cooperation, prosperity,
happiness and health!
Yours as always,
Gidon Suesskind
Deputy Head
Int’l & Private Banking Division
Israel Macro Economic Review
©¥²°¦ §£²£¡¨ ¨
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By: Eyal Raz,
Head of Economics Department, Finance and Economics
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A positive surprise in second quarter
Against ´££
the backdrop
of these data, the Bank
²¡´
£¬«¦forecast remains at its
economic
growth
Leumi 2010 GDP growth
2%
²³
previous¦¬
level
of´²³±´
3.8%.
Second quarter GDP expanded 4.7% in annualized
1%
0.3-¥ §²´ 1.3%-
terms compared to the first quarter, while the
0%
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´±ªof financial assets
The public’s
portfolio
business sector product increased at a faster
Ͳ1%
´££¦¬moderately
¦³ ,´ in the first half of
increased
annualized rate of 6.0%. In fact, these growth rates
´¬£«ª
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rapid
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include
consumption,
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- ¦¬ of financial assets
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increased
1.1%,´±ª
reaching
which increased by 8.7% in annualized terms,
¡
0.22a total of NIS 2,325bn
at the
end of ²³¥
June 2010.
12- ©
ª³ as´£³²¨
,¨ expanded
´££¦¬¦ ²£
£¬« ´¨²´
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as well
exports,© which
by 15.8%.
stock
in the months April and May
¤¥ ³£Also
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¨ ´££¦¬¨
60%economy,
-¨ ²´£ ´¨¥´«¨
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investments
in the
in particular
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were §£²£¡¨
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their£¢£
impact on the decline in
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increased
at a) ²£
rapid pace.
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the value
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the portfolio
the.(²£±
moment
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rates do´££¦¬
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analyzing
the annualized
rate of asset
show ¨
any ´£¦¬
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of a§£¥
slowdown
in ¤¨ª
economic
ª³ §£®°
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,
¨£±
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.
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,
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accumulation
(that
is
to
say,
the
change
in the
activity. Also export and import data from July
´££² ²¨³¦
£³¬continued
°¨ .§£²£¡¨
´£°£
¬£ ¬°¨¦
²± ²¬£³
¨ ´££¦¬ ²±
value,§£²£¡
neutralizing
the impact of the prices of
indicate
growth in
the area
of foreign
.´£¦£¦³ (£®°) ´£¦£²
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trade, while the surplus in the basic trade account
possible to discern a slowdown in the second
(excluding ships, aircraft, fuel, and diamonds)
quarter of the year.
reached
its highest
level
since the
beginning
of
A positive
surprise
in second
quarter
economic
growth
Thecompared
proportion
of first
stocks (domestic and
the
year.
This
comes
after
a
significant
upward
Second quarter GDP expanded 4.7% in annualized terms
to the
foreign) in the Israeli public’s portfolio of
revision
by
the
Central
Bureau
of
Statistics
quarter, while the business sector product increased at a faster annualized rate of
financial assets reached 23.5% in June 2010,
in these
second
quarter
6.0%. (CBS)
In fact,
growth
ratesforeign
are thetrade
fastestdata.
since the beginning of 2008 (see
graph). The factors behind the second quarter’s rapid growth include private
consumption, which increased 8.7% in annualized terms, as well as exports, which
expanded 15.8%. Also investments in the economy, in particular residential
construction, increased at a rapid pace.
10
8
6
4
2
0
-2
-4
-6
Economic growth
Quarter-on-quarter rate of growth, %,
(%)
annualized terms, based on seasonally adjusted data
I-III IV- VII- X- I-III IV- VII- X- I-III IV- VII- X- I-III IVVI IX XII
VI IX XII
VI IX XII
VI
2007
2008
Total GDP
2009
Business sector
2010
For the
the moment
moment the
the fast
fast growth
growth rates
rates do
do not
not show
show any
any sign
sign ofof aa slowdown
slowdown inin
For
economicactivity.
activity. Also
Alsoexport
exportand
andimport
importdata
datafrom
fromJuly
Julyindicate
indicatecontinued
continuedgrowth
growth
economic
to March’s
levelthe
of surplus
24.9%. inWhen
The
housing
thecompared
areaofofforeign
foreign
trade,while
while
the
surplus
inthe
thebasic
basic
trade
accountcomponent,
(excluding which rose 1.0%,
ininthe
area
trade,
trade
account
(excluding
analyzing
theand
value
of the portfolio
ofhighest
tradedlevel
0.2% to of
the
index. When analyzing
ships,aircraft,
aircraft,fuel,
fuel,
and
diamonds)
reachedits
its
highest
levelcontributed
sincethe
thebeginning
beginning
ofthe
the
ships,
diamonds)
reached
since
in
Israelafter
in relation
to the upward
GDP
(a figure
the
contribution
of the of
housing
component to
year. stocks
This comes
comes
after
significant
upward
revision by
by the
the Central
Central Bureau
Bureau
of
year.
This
aa significant
revision
reflecting
developments
in
the
stock
market
the
overall
index,
both
year-to-date
and over
Statistics(CBS)
(CBS)ininsecond
secondquarter
quarterforeign
foreigntrade
tradedata.
data. Against
Againstthe
thebackdrop
backdropofofthese
these
Statistics
vis-à-vis
economic
activity),
we
see
the
ratio
the
trailing
12
months,
we
see
that
it
accounted
data, the
the Bank
Bank Leumi
Leumi 2010 GDP
GDP growth
growth forecast
forecast remains
remains atat its
its previous level
level of
data,
reached
55% in2010
the second
quarter of this
for moreprevious
than 60% of theofincrease in the overall
3.8%. of the continuing
3.8%.
year, after a level of 59% in the first quarter.
index. This is a reflection
This level is indeed very far from the low
increase in prices in the housing market (the
levels seen over the last two decades, ranging
survey of housing prices conducted by the CBS,
Thepublic’s
public’s
portfolio
financial
assets
increased
moderately
theincluded
firsthalf
halfinofofthe CPI, indicates an
The
portfolio
financial
assets
the
first
between
20-30%;ofofbut
also the
peakincreased
levels ofmoderately
which isininnot
the
year
the
this ratio, which ranged between 65-70% in
increase in prices at
anyear
annualized rate of close
thefirst
firstyears
sixmonths
months
the
yearremain
thevalue
value
thepublic’s
public’sportfolio
portfolio
financial
assets
InInthe
six
ofofthe
year
the
the
assets
the
1994 and
2007,
farofof
off.
to
22%). ofof
It financial
can
be seen
in the accompanying
increased 1.1%,
1.1%, reaching
reaching aa total
total ofof NIS
NIS 2,325bn
2,325bn atat the
thegraph
end ofofthat
June
2010.
Price
increased
end
June
2010.
Price
the
increase
in the CPI excluding
The
of increase
of in
the
CPI
is within
isnotable
significantly
declines
thestock
stock
component
inthe
the
months
Apriland
andhousing
Maywere
were
notable
theirbelow the rate of
declines
ininrate
the
component
months
April
May
inintheir
the
price
stability
target
range
increase
the overall
index. This figure shows
impact on
on the
the decline
decline inin the
the value
value ofof the
the portfolio
portfolio during
during
theseofmonths.
months.
When
impact
these
When
inflation
excluding
the
Thethe
consumer
pricerate
index
(CPI)accumulation
increased 0.5%
analyzing
theannualized
annualized
rate
asset
accumulation
(thatisthat
istotosay,
say,the
thechange
changeininthe
the housing component
analyzing
ofofasset
(that
is relativelyofof
low.
in July,the
while
year-to-date
theofofindex
has components
value,m/m
neutralizing
the
impact
theprices
prices
thevarious
various
components
theportfolio)
portfolio)
value,
neutralizing
impact
ofofthe
the
the
in
the quarter
coming
year,
we expect an increase in
increased it1.1%.
The most
significant
contribution
itisispossible
possible
discernaaslowdown
slowdown
thesecond
second
quarterofof
theyear.
year.
totodiscern
ininthe
the
prices at a rate close to the middle of the
to the increase in July’s index figure came
price
stability
target
range.
from theofoftransportation
andand
communication
Theproportion
proportion
stocks(domestic
(domestic
and
overseas)ininthe
theIsraeli
Israelipublic’s
public’sportfolio
portfolio
The
stocks
overseas)
ofof Such a situation
would
likely
lead
to
the
continuation of a low
component,
which
rose
1.3%
and
contributed
0.3
financialassets
assetsreached
reached23.5%
23.5%ininJune
June2010,
2010,after
afterininMarch
Marchthe
thelevel
levelequaled
equaled24.9%.
24.9%.
financial
nominal interest rate in the economy and a
percentage points to the index. This is due to the
Whenanalyzing
analyzingthe
thevalue
valueofofthe
theportfolio
portfolioofoftraded
tradedstocks
stocksnegative
Israelexpected
relationreal
the
When
ininIsrael
ininrelation
totothe
rate.
increase
in prices
of overseas
travel and fuel.
GDP (a(a figure
figure reflecting
reflecting developments
developments inin the
the stock
stock market
market vis-à-vis
vis-à-vis economic
economic
GDP
activity),we
wesee
seethe
theratio
ratioreached
reached55%
55%ininthe
thesecond
secondquarter
quarterofofthis
thisyear,
year,after
afteraalevel
level
activity),
59%ininthe
thefirst
firstquarter.
quarter. This
Thislevel
levelisisindeed
indeedvery
veryfar
farfrom
fromthe
thelow
lowlevels
levelsseen
seenover
over
ofof59%
thelast
lasttwo
twodecades,
decades,ranging
rangingbetween
between20-30%;
20-30%;but
butalso
alsothe
thepeak
peaklevels
levelsofofthis
thisratio,
ratio,
the
whichranged
rangedbetween
between65-70%
65-70%ininthe
theyears
years1994
1994and
and2007,
2007,remain
remainfar
faroff.
off.
which
80%
80%
Thevalues
valuesofofequites
equitesheld
heldby
bythe
theIsraeli
Israelipublic
public
The
%ofofGDP
GDP
asasaa%
70%
70%
60%
60%
50%
50%
40%
40%
30%
30%
20%
20%
10%
10%
1198
9 5
119885--Q
9 6 Q11
119886--Q
9 7 Q11
119887--Q
9 8 Q11
119888--Q
9 9 Q11
119899--Q
9 0 Q11
119990--Q
9 1 Q11
119991--Q
9 2 Q11
119992--Q
9 3 Q11
119993--Q
9 4 Q11
119994--Q
9 5 Q11
119995--Q
9 6 Q11
119996--Q
9 7 Q11
119997--Q
9 8 Q11
119998--Q
9 9 Q11
220909--Q
0 0 Q11
220000--Q
0 1 Q11
220001--Q
0 2 Q11
220002--Q
0 3 Q11
220003--Q
0 4 Q11
220004--Q
0 5 Q11
220005--Q
0 6 Q11
220006--Q
0 7 Q11
220007--Q
0 8 Q11
220008--Q
0 9 Q11
220019--Q
11
010-Q
0-Q
Q11
0%
0%
Therate
rateofofincrease
increaseofofthe
theCPI
CPIisiswithin
withinthe
theprice
pricestability
stabilitytarget
targetrange
range
The
World Macro Economic Review
By: Liora Caplan, Capital Market Research Department, Investment Counseling Division
As in July, it appears that, during August, the
micro field continued to produce relatively
good news, while the macro field, particularly
in the US, was still disappointing. Furthermore,
while most of the leading indices presented
impressive price hikes in July, as at the time of
printing this article, it appears that August will
close with price declines. Apparently, over the
past month, the dwindling company financial
statement publications failed to calm investor
sentiment against the disappointing macro
figures.
As at the time of preparing this document,
since the beginning of the financial statements
publishing season, 461 companies in the
S&P500 Index had published their Q2/10
results. 349 of these companies reported better
than anticipated results. On an average, the
surprise rate is approx. 10% and the earnings
growth rate is approx. 48%, compared with
Q2/09. These publications contributed to
easing investor sentiment and supporting
price hikes.
Nonetheless, as aforementioned, frequently
published macro data continue to disappoint
investors. Among the notable data published
this month, the July employment report,
published at the beginning of the month, is of
special note.
Expectations prior to its publications were
for a 65,000 job decrease, while the economy
actually lost twice that amount, 131,000 jobs.
The June figure was also adjusted downwards
from a 125,000 to 221,000 jobs lost. The
public sector lost the largest number of jobs,
while the private sector continued to create
job opportunities (71,000 new jobs during
the month). Notwithstanding, this figure was
lower than expected and was not perceived as
sufficient to support continuing the American
economy’s vibrant recovery. Yet another
publication indicated that American consumer
private income and expenditure had remained
unchanged in June, while earlier expectations
indicated hikes in both entries.
These data, which cast a negative shadow
over the American consumers situation, also
contributed to assessments that the Q2/10 GDP
growth figures would be adjusted downwards.
We reiterate that, in Q1/10 the American
economy expanded by an annual rate of 3.7%.
The initial estimate for Q2 growth was 2.4%
and, as at the present, the belief is that this rate
will be downgraded to an annualized 1.4%. This
adjustment should be published towards the
end of August.
This month also saw the American Federal
Reserve’s fund rate meeting, during which, in
line with expectations, the Bank’s members left
the key rate unchanged at 0.0%-0.25%. The fund
rate decision offered no surprises. However, the
Bank’s members announced their intention to
preserve the Bank’s balance sheet volume at
the current $2.05 trillion; a measure that will be
executed by using money that the Bank receives
for the coupon payments of Federal agency and
mortgage backed bonds that it is holding, in
order to acquire long-term government bonds.
Furthermore, in the event that one or more of
the government bonds, worth a total of $300
billion that are in its balance sheet, reaches
maturity, the Fed will use the money for a
Euro and USD vs. NIS
buyback of government bonds in the market.
This announcement caught the market by
surprise and did nothing to ease the depressed
investor sentiment. Even if this procedure is
adopted by the Fed, contains nothing to step
up the expansive monetary policy, it still clearly
signifies the Fed’s apprehension in relation to
the economic situation. The Fed has not marked
time and has already commenced implementing
these measures. The bond acquisition volume
is expected to reach $18 billion during the first
half of September.
As aforementioned, this month, the major
equities indices have been traded in a price
declining trend. Simultaneously, the government
yields curves, especially in the US and Europe
have been traded with a tendency towards price
hikes and yield declines. These trends primarily
reflected investor fears regarding growth
prospects and their assessments of a prolonged
low interest rate environment, whether in the
US or globally, and their tendencies to reduce
risk levels in their portfolios.
On looking ahead, we reiterate that future US
growth is substantially dependent on both the
employment situation in the economy and
consumer sentiment. Despite the fact that,
over recent months, the private sector has
contributed to increasing the number of jobs in
the economy, the job increase rate is still slow
and is expected to have a negative effect on
economic growth. However, despite the fact
that substantial deceleration in the US growth
rate is expected during the reminder of the year,
the data published do not necessarily indicate a
return to a recession course.
Gold prices (USD)
Oil Prices per barrel (USD)
TA25
Leumi for the Arts
Leumi supports young Israeli artists alongside promoting Israeli artwork
By: Inbal Sivan, Marketing Division
In addition to its corporate activity, Leumi invests
substantial wide-ranging resources in activities for
the society and the community in which it has
operated since its establishment in 1902.
Leumi’s deep involvement in this enterprise
gains expression in investments in the young,
future generation. Within this frame of
reference, Leumi has set itself the goal of
supporting young Israeli artists and promoting
Israeli artwork in general. To this purpose, the
Bank has supported a number of projects that
provide the future generation of artists with a
stage that facilitates exposure to the general
public simultaneously with opening the Visitors’
Center and Gallery “Leumi Mani House”.
Leumi’s Visitors’ Center and Gallery
The Visitors’ Center and Gallery, Leumi Mani
House, is one of the first buildings constructed
in the Ahuzat Bayit neighborhood, which, over
time, became the city of Tel Aviv. In 1986,
Leumi acquired this unique building, which was
constructed in 1910 as the Honorable Justice,
Malkiel Mani’s, family residence. The house
was declared a building for preservation, and
restoration work took three years. In the summer
of 2008, it was opened to the general public as
Leumi’s visitors center. The center presents the
Bank’s history alongside changing art exhibitions
and integrates a permanent exhibition which
presents stories relating to Leumi in the history
of the State of Israel with a gallery that serves as
an open house for Israeli art. The visitors’ center
is located adjacent to Leumi’s head quarters at
36 Yehuda Halevy Street, Tel Aviv and is open
to the general public, free of charge. The center
hosts changing exhibitions of the top Israeli
artists, and exhibits collections from leading
Israeli galleries and museums.
Rows of Bodies
The current exhibition at the center, “The
Rows of Bodies” deals with the relationship
between body and location, as this is expressed
in the artwork of generations of Israeli artists,
including Ori Reisman, Michael Gross, Moshe
Kupferman, Henry Shelesnyak and Michal
Helfman.
The artwork, which were selected from the rich
Ein Harod Art Museum collection, demonstrates
the metamorphoses that has taken place in the
perception of the relationships between location,
space and the human body that exists within it
– and examines moments in which functions
change; The space undergoes a humanization
process, while the human body becomes a site
of activity and work.
This aspect is given added depth when it is
executed against the background of the special
link between the cooperation that gave rise to
it – between the Ein Hod Art Museum and
Leumi – and the cultural, historical and post
modern contexts that are identified with both
of them; the links that sketch the map of Israeli
society and culture’s footsteps over the past six
decades.
The exhibition curator - Uri Dessau
This exhibition will be exhibited at Leumi Mani
House until November 5th, 2010
Avner Ben-Gal
Voices in Color
On the occasion of the Israeli Opera’s
Silver Jubilee celebrations, Leumi hosted a
photographic exhibition, “Voices in Color”,
presented by the artist Tomer Ganihar. During
2009, Ganihar accompanied and filmed the
dress rehearsals of well known favorite operas
from the stage and behind the scenes.
Opera is a stage art and photography is a
visual art. Opera is renewed every evening
on the stage according to the conductor and
singers’ tempo, while a photograph, as soon
as it is executed, exists and is unchangeable.
Ganihar’s photography uniquely integrates the
two genres creating a new unique genre, which
enables seeing the voices even after the operatic
performance has ended.
Ganihar’s works amazingly capture the potency
of the feeling, passion and incandescence
produced during an operatic experience and
transmit the glamour of this unique art form,
which has captivated so many hearts throughout
generations.
This exhibition closed in June 2010.
Secret Art
Every year since 2006, Leumi hosts the Secret
Art Exhibition, which is based on an artistic
format borrowed from the Royal Academy
Museum in London. Paintings, sculptures and
video films are exhibited at the exhibition - art
of both famous and upcoming artists, most of
whom are students at design and art colleges
of higher learning. The works are presented to
the exhibition’s visitors without the names of
the artists and are unsigned. Placing art works
for viewing by the general public without
exposing the artist’s name faces visitors with
a unique challenge at the exhibition. The
impression gained from the creation stems from
its objective quality as perceived by viewers,
without preconceptions and familiarity with an
artist influencing adopting opinions on the work.
This format raises primary questions regarding
the reasons for selecting one or another art
creation.
Beyond the artistic exposure, all the works
exhibited at the exhibition are offered for sale
and the income is transferred to the artists. At
the end of the exhibition the names behind the
pictures are exposed and only then do purchasers
discover whether they have purchased a famous
artist’s work at a bargain price, or a spectacular
artwork of a young talented artist, which may
have a high financial value in the future.
festival enables the performance of Israeli
artists, bringing artists from all over the
world, subsidizing tickets, allowing free street
performances and conducting special events.
The Queen of Sheba
Leumi Mani House
The Box
Another exhibition of post modern art that was
hosted at Leumi Mani House was arranged in
cooperation with the Bezalel Academy of Arts
and Design.
This exhibition focused on an encounter
between various artists, Bezalel alumni - an
encounter that brings together and contrasts
styles, merging them into reciprocal, unique and
intriguing creations. The dialogue between the
works and the creators forms a communications
channel that leads to a new energy-filled location.
This exhibition exhibited a range of creations,
art, photography, video and sculpture from
the artists, Haim Almoznino, Avner Ben Gal,
Raya Bruckenthal, Maya Zack, David Reeb, Zvi
Tolkovsky, Rusalana Lichtsear, Ohad Meromi,
Gil Shani, the Zik Group, the Barbur Group and
the Darom Group.
This exhibition closed in April 2010.
In addition to the exhibitions hosted at Leumi
Mani House, Leumi sponsors various artistic
events throughout Israel:
10
The Israel Festival
Another channel for Leumi’s support of postmodern art is in the form of sponsoring the
Israel Festival for over a decade. This festival,
which takes place annually in Jerusalem for
a few weeks during Spring, provides the
Israeli public with a broad variety of artistic
performances from Israel and abroad, with
a focus on important post-modern creators
and performers in the global scene. Artists
from many countries participate in the festival
alongside world-famous Israeli artists in the
worlds of music, dance and theater etc.
The support that Leumi provides for the
Ben Lam, the mythological fashion
photographer, who has been operating both
in Israel and overseas for many years, has
dedicated himself to realizing a dream. During
the past two years, he photographed portraits
of Ethiopian women who live and work in
Israel.
This exhibition exhibited photographs of
Ethiopian women that Ben Lam photographed
and edited with the aim of presenting these
women’s integration amongst the local
population in Israel, while negating the
common perception in Israel, for this sector,
which is almost always exposed in a negative
connotation. The photography is executed in
black and white in order to focus the viewers’
attention primarily on these women’s radiant
personalities and natural beauty.
According to Lam: “While photographing,
which, for me was an incomparable experience,
I discovered that the Ethiopian women, in actual
fact more than the men, managed to pave their
way and acclimatize more beneficially in society
and, consequently (I hope) are likely to advance
the general community”.
Aftershock – Ziv Koren’s Photography
Leumi sponsored the Aftershock Exhibition
– the photographic travel journal of
photojournalist Ziv Koren, from the earthquake
disaster region in Haiti. The photographs in the
exhibition indicate the dimensions of the ruin
and destruction, caused by this natural disaster
during the critical moments after the quake, only
36 hours after it took place, from a journalistic
and personal viewpoint.
The income from the exhibition, were donated
to aid Haitian rehabilitation, which could take
as longs as 10 years, with the aid of the Latet
Organization.
The Days of Kassit
Black and white photographs of nostalgic and
historical moments taken by photographer
Tzachi Ostrovsky, which feature all the
celebrities of the past, who stood out in Israeli
culture of the 60s and 70s, such as Uri Zohar,
Arik Einstein, Gila Almagor, Shalom Hanoch
and many others, were exhibited during the
exhibition.
Leumi's Website
Awarded Best Banking Website for Private Clients in Israel
The prestigious economic journal, Global
Finance, has selected Leumi's website - www.
bankleumi.com, as the best banking website for
private clients in Israel for the 2010 year.
This was the first time that Leumi had submitted
its candidacy for the prestigious international
competition between the best banking websites
in the world, which has been organized by
Global Finance for the past 11 years.
The following criteria were examined: the
degree to which the website correlates with
the bank’s strategy and its online customer
services, success in increasing its customer base
using the online services, the range of products
offered online and the website’s design and
functionality.
The major factor that contributed to Leumi’s
recognition was Leumi Trade, Leumi’s capital
market website, which, for some years, has won
various competitions in Israel's Internet field.
These included: “The Best Website – Champion
of Champions” for two consecutive years and
“Outstanding Website for Capital Market
Trading” for four consecutive years in the
prestigious "WebiAwards" annual competition.
Leumi operates online via its general website,
its capital market trading website, Leumi Trade
and its blog, Leumi Blog.
At present, nearly 45% of all total banking
transactions and 70% of securities’ transactions
made by Leumi customers are executed via the
Bank’s digital channels.
The prize will be awarded to Leumi's
representatives at a ceremony which is to be
held in New York in November 2010.
GLOBAL
FINANCE
11
Leumi’s Overseas Banking Subsidiaries
Leumi with You Throughout the World
Today, when financial markets throughout the
world know no boundaries, Leumi provides
a range of global financial services through
its overseas banking subsidiaries in addition
to its operations in Israel. These subsidiaries,
incorporated as local banks within the Leumi
Group, are under the jurisdiction of local
authorities and serve its customers as a globally
renowned and reliable organization: the Leumi
Group.
The Leumi Group’s local banks are located at
the world’s financial capitals including London,
New York, Los Angeles, Palo Alto, Chicago,
Zurich, Geneva and Luxembourg.
Leumi USA:
12
Flexibility is the name of the game in
international banking. Leumi USA’s familiarity
with the U.S. economic environment, combined
with its professionalism and dedicated personal
service, can assist you in realizing your financial
objectives.
Leumi USA was established in 1968 and currently
has 11 branches across four states throughout the
USA: New York, California, Florida and Illinois.
The largest of the Leumi Group’s subsidiaries,
it provides commercial and private banking
services to U.S. and international clients.
Leumi USA has a dealing room and a wholly
owned brokerage company called Leumi
Investment Services Inc. which executes capital
market transactions for customers.
The bank is under the jurisdiction of U.S.
authorities and is a member of the FDIC.
Leumi UK:
Bank Leumi (UK) is the largest Israeli-owned
bank in Great Britain offering a full range of
banking facilities to both commercial customers
and private clients.
Operating in the UK since 1902, Leumi UK
has over a century’s experience and intimate
knowledge of UK and European financial
markets when advising its customers.
From its headquarters in London, Europe's
leading financial center, Bank Leumi (UK) offers
a comprehensive range of commercial, general
and private banking services.
The Bank’s services are further enhanced
by Bank Leumi (Jersey) and Leumi Overseas
Trust Corporation. These subsidiaries offer
advanced off-shore banking, family office and
fiduciary services in a secure environment and
with an established reputation for effective tax
planning, attractive interest rates and investment
products.
Leumi ABL specializes in providing invoice
discounting and factoring facilities which allow
corporate customers to raise finance against
receivables. This is an effective addition to the
Bank’s range of commercial lending services.
Leumi Switzerland:
A corporate or institutional investment portfolio
requires personal attention, unique and creative
solutions. Leumi Switzerland presents a
comprehensive a global vision that integrates
complex strategies and banking investment
products with experience, high Swiss standards
and private banking's personal attention.
Leumi Switzerland, a private bank, was
established in 1953. It provides diverse banking
services to international customers. Leumi
Switzerland has branches in Zurich and Geneva,
and operates representative offices in Israel and
Hungary.
The bank is subject to Swiss banking laws and
the Articles of Association of Swiss banks. Leumi
Switzerland invites you to enjoy the advantages
of the Swiss banking system combined with
the Leumi personal and professional service. A
real business opportunity for customers with
complex financial requirements and little free
time.
Leumi Luxembourg:
Characterized by internationally oriented
banking services and a deep-seated banking
secrecy, Luxembourg is a small but powerful
financial center located at the hub of the
European Union. A major part of its economy
is based on the banking sector and it is the home
the European Union’s European Investment
Bank (EIB).
Leumi Luxembourg’s banking operations were
started in 1995. The bank is subject to the
Luxembourg’s banking laws and is monitored by
the local regulatory authorities.
Leumi Romania:
Leumi Romania is the only Israeli bank
operating in Romania, implementing highstandard financial solutions in a country that
offers a multitude of business options.
Leumi Romania’s familiarity with the domestic
market creates a convenient and safe setting for
opening new banking horizons.
Romania’s geographic location and its
participation in the European Market have
resulted in Leumi establishing Leumi Romania,
thus affecting a stable platform for expanding
Eastern European operations. Leumi Romania
deals in diversified financial operations through
32 branches throughout the country.
In addition to all the overseas subsidiaries,
Leumi has representational offices dispersed
throughout the world, from Australia to Europe,
and all the way to Latin America.
For more information please contact your
Private Banking Team
Overseas units Information:
Tel: +972-3-5148197, +972-3-5147102
www.bankleumi.com
13
Did You Know?
Pomegranate
According to Jewish faith, a pomegranate has exactly 613 seeds, equal to the Taryag Mitzvot, 613
Commandments, commanded of Israel in the Torah, a fact that has converted into a symbol of
righteousness. In actual fact, the number of seeds differs from pomegranate to pomegranate…
When eating a pomegranate on Rosh Hashana, the following blessing is recited: “May it be Thy
will that our virtues be as plentiful as [the seeds of] a pomegranate.”
Going Further – Bank Leumi (UK) plc*
Leumi Private Banking
Leumi Jersey
Leumi Private Banking is proud to protect and enhance the wealth of its
international clients and their families through a comprehensive range
of private banking, investment and trust services.
Bank Leumi (Jersey) Limited** provides a full range of private banking
services for clients who are looking for an offshore location with security,
Going Further – Bank Leumi
(UK)
confidentiality
and in plc*
a stable, reputable environment. We have an
We welcome new clients.
Leumi Private Banking
Banking
Services
Leumi Private Banking is proud to protect and enhance the wealth of its
We
offer a full
range
banking
services
major currencies,
international
clients
andof
their
families
throughina all
comprehensive
range
accept
deposits
for investment
sums of £50,000
and services.
above (or equivalent in other
of private
banking,
and trust
currencies), and provide payment services, cheque books and charge
We welcome new clients.
cards.
Banking Services
Investment
We offer a services
full range of banking services in all major currencies,
For
sums
of £250,000
and
(orand
equivalent
other currencies)
accept
deposits
for sums
of above
£50,000
above (orinequivalent
in other
we
offer both
Execution
Onlycheque
Services.
Weand
cancharge
offer
currencies),
andAdvisory
provide and
payment
services,
books
investment
advice on fund choice and also asset allocation and portfolio
cards.
valuations in all the major currencies. Invested cash can be held in the
Investment
services
currency
of your
choice.
For sums of £250,000 and above (or equivalent in other currencies)
we offerPlanning
both Advisory
andand
Execution
Only
Services. We can offer
Wealth
Solutions
Fiduciary
Services
investment
advice
on fundand
choice
and also asset
allocation
portfolio
We
structure,
establish
administer
trusts,
private and
investment
valuations in all the major currencies. Invested cash can be held in the
companies
in various locations, and foundations, through
currency of registered
your choice.
our subsidiary in Jersey.
Wealth Planning Solutions and Fiduciary Services
Treasury
and Dealing
Services
We structure,
establish
and administer trusts, private investment
companies
in various locations,
foundations,with
through
Our
Private registered
Banking Relationship
Managers,and
in conjunction
our
our subsidiary
Jersey.
Dealing
Room,inare
able to offer a full dealing service and provide you
with the latest market information. In addition they can offer a range of
Treasuryfuture
and Dealing
Services
options,
and derivative
strategies for sophisticated investors.
Our Private Banking Relationship Managers, in conjunction with our
Dealing Room, are able to offer a full dealing service and provide you
with the latest market information. In addition they can offer a range of
Foreign
options, Exchange
future and Services
derivative strategies for sophisticated investors.
We offer immediate competitive pricing in all major currencies, covering
spot and forward periods and swaps trades. We offer access to a range
Foreign
Exchange
Services
of
derivative
instruments
as investments, or for protection against
We offer exchange,
immediateand
competitive
pricing
all major
currencies,
covering
interest,
equity risk.
Ourin
treasury
team
is positioned
to
spot
and
forward
periods
and
swaps trades. We offer access to a range
facilitate timely execution.
of derivative instruments as investments, or for protection against
interest, exchange, and equity risk. Our treasury team is positioned to
Lending
facilitate timely execution.
We provide lending facilities against portfolios of securities, bank
guarantees,
UK properties, cash deposit, and on a back-to-back basis (a
Lending
We provide
lending
facilities
portfolios
of jurisdiction).
securities, bank
loan
backed by
a deposit
held inagainst
the same
or different
guarantees, UK properties, cash deposit, and on a back-to-back basis (a
loan backed by a deposit held in the same or different jurisdiction).
Executive Mortgages
We
offer a flexible five-year, interest only mortgage with a multi-currency
Executive Mortgages
option
intended
UK and interest
expatriate
high
net worth
individuals
for the
We offer
a flexiblefor
five-year,
only
mortgage
with
a multi-currency
purchase
of theirfor
residential
property in
thenet
UK.worth individuals for the
option intended
UK and expatriate
high
purchase of their residential property in the UK.
*Bank Leumi (UK) plc is authorised and regulated by the Financial
*Bank Leumi (UK) plc is authorised and regulated by the Financial
Services
Authority.
Services Authority.
Leumi
Leumi Private
Private Banking
Banking
14
Bank
Bank Leumi
Leumi (UK)
(UK) plc
plc
020
020 7907
7907 8008
8008
PrivateBanking@bankleumi.co.uk
PrivateBanking@bankleumi.co.uk
www.bankleumi.co.uk
www.bankleumi.co.uk
experienced team who are able to provide a flexible and focused
approach to meeting individual client›s needs.
Leumi Jersey
Additional
servicesLimited**
available
froma full
ourrange
offices
in Jersey:
Bank Leumi (Jersey)
provides
of private
banking
services
for Leumi
clients (Jersey)
who are looking
From
Bank
Limitedfor an offshore location with security,
confidentiality
and in a stable, reputable environment. We have an
Banking
for Non-Domiciliaries
experienced team who are able to provide a flexible and focused
We
routinely
accounts
where
capital
and income are segregated.
approach
toprovide
meeting
individual
client›s
needs.
This, combined with our attractive interest rate, should prove to be
Additionalbeneficial
servicesto clients
available
from
ourdomiciled
offices but
in resident
Jersey:
particularly
who are
not UK
there.
may Leumi
also be(Jersey)
attractive
in other circumstances.
FromItBank
Limited
Banking for Non-Domiciliaries
Offshore
Custody
We routinely
provide accounts where capital and income are segregated.
We
able to with
provide
custody
arrangements
This,are
combined
our offshore
attractiveglobal
interest
rate, should
prove tofor
be
trusts,
companies
andto individuals,
whose
planning
include
such
particularly
beneficial
clients who are
not UK
domiciled
but resident
requirements.
there. It may also be attractive in other circumstances.
OffshoreExecutive
Custody Mortgages
Offshore
We product
are ableis to
provide
offshore
custody
arrangements
for
This
most
applicable
for UKglobal
residents
who are
not domiciled
trusts,
companies
and
individuals,
include
such
for tax purposes in the
UK and
who havewhose
foreign planning
earnings. These
clients
requirements.
may purchase residential or investment property in the UK using a Bank
Leumi
(Jersey)
Limited
flexible five year, interest only mortgage with a
Offshore
Executive
Mortgages
This product isoption.
most applicable for UK residents who are not domiciled
multi-currency
for tax purposes in the UK and who have foreign earnings. These clients
From
Leumi Overseas
Trust
Corporation
Limited***
may purchase
residential
or investment
property
in the UK using a Bank
Fiduciary
Services
Leumi (Jersey)
Limited flexible five year, interest only mortgage with a
multi-currency
option.
The
formation and
administration of Trusts, Foundations and Companies
isFrom
at the
core Overseas
of our service.
the Limited***
goal is to is to provide an
Leumi
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Wealth
Planning Solutions
if required.
Working in conjunction with tax advisors, we can provide a wide range
Wealth
Planning
Solutions
of solutions
for families
or companies looking to efficiently manage
Working
in conjunction
tax advisors,
can provide
a wide
range
and
protect
assets
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planning
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aand
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a requirement for fiduciary services from an experienced team, in a
reputable and stable jurisdiction, we will be able to assist.
**Bank Leumi (Jersey) Limited is regulated by the Jersey Financial
**Bank Leumi
(Jersey) Limited is regulated by the Jersey Financial
Services
Commission.
Services Commission.
For
more
information
For more informationphone:
phone:01534
01534702
702525
525
***Leumi
***LeumiOverseas
OverseasTrust
TrustCorporation
CorporationLimited
Limitedisisregulated
regulatedby
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JerseyFinancial
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ServicesCommission.
Commission.
Formore
moreinformation
informationphone:
phone:01534
01534702
702500
500
For
info@leumijersey.com
info@leumijersey.com
www.leumijersey.com
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Leumi Private Banking wishes you a happy, healthy and prosperous New Year
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