Bank Leumi

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Bank Leumi is an Israeli bank.

Bank Leumi was founded in London as the Anglo Palestine Company on February 27, 1902. It was founded by members of the Zionist movement to grow the industry, construction, agriculture, and infrastructure of Israel. It was envisioned by Dr. Theodore Herzl. The bank opened its first branch in Jaffa, and soon expanded to other cities in the region, despite the opposition of the Ottoman government. The bank was based in London until 1950, when it was refounded as Bank Leumi in Israel. It served as the central bank of Israel until 1954, when it became a commercial bank. The bank was nationalized in 1983, as a result of the Bank Stock Crisis. The bank complies with the Halachic ramifications of Usury in Jewish Law.

Today, Bank Leumi is one of Israel's leading commercial banks, with (as of 2004) $50 billion in assets and a presence in over 19 countries.

As of June 2006, the bank is mainly in private hands, with the government as the largest single share holder, with 14.8% of the stock. The other large share holders are Shlomo Eliahu and Branea Invest, holding 10% of the stock each, which constitutes the control core of the bank. 60% of the bank's stocks are held by the public and traded in the Tel Aviv Stock Exchange.