Bank Leumi

Bank Leumi le-Israel B.M., together with its subsidiaries, provides banking, financial, and non-banking services in Israel and internationally. The bank provides banking services to households and private customers, as well as small businesses and local authorities. It also offers financial services to middle market companies, construction companies and projects, and private customers residing in Israel and internationally. In addition, Bank Leumi le-Israel operates trading rooms, as well as involves in the nostro activities. Its capital market services include counseling on securities and financial assets; provision of brokerage securities services and securities custodian services; management and underwriting of securities issues; activities in the fields of options, futures contracts, and structured products; services for portfolio managers who manage their customers' portfolios in the bank; and provision of lending and borrowing services relating to securities transactions. Further, it issues credit cards and offers trust services; and provides single deposit and installment-based deposits and savings schemes, as well as investment products, including structured deposits in Israeli and foreign currency, savings schemes, provident funds, hedge funds, and mutual funds. The bank, formerly known as The Anglo Palestine Company, was founded in 1902 and is headquartered in Tel-Aviv, Israel.   HISTORYHerzl's VisionIn 1897, an article was published in the official mouthpiece of political Zionism, 'Die Welt'. The writer was Dr. Theodor Herzl, the founder of political Zionism, who prophesied the birth of the future State of Israel. The article, titled "The Jewish Colonial Trust", argued that the Zionist Movement was badly in need of financial institutions to support the Jewish settlers in Palestine.Theodor HerzlDr. Theodore HerzlThe Jewish Colonial TrustHerzl's financial vision began to materialize in London, the contemporary global financial center. Initially, due to ideological differences, leading Jewish bankers refused to cooperate with Herzl’s plan to establish a financial institution. Herzl turned to his most ardent followers- the common Jewish people who believed whole-heartedly in the Zionist idea. He put great efforts into collecting 250,000 Pounds, a minimal sum which allowed the "Jewish Colonial Trust" to launch its activities in London. In order to allow even the poorest of Jews to take part in the project, a maximum of 80 payments was allowed for each share. The Dream is Realized: the "Anglo-Palestine Company"Herzl continued to work towards the foundation of a bank in Palestine. On 27th February 1902, a subsidiary of the Jewish Colonial Trust called the "Anglo-Palestine Company" (APC) was established in London with the assistance of Zalman David Levontin, one of the first members of Hovevei Zion who had founded Rishon Le-Zion in 1882.. This company was to become the future Bank Leumi. Unlike the Trust, the Anglo-Palestine Company started out with the rather modest capital of 50,000 Pounds. The first chairman of the Bank's Board of Directors was David Wolffsohn, Herzl's successor as the leader of the Zionist Movement. Its first General Manager was Zalman David Levontin.