BANK LEUMI ROMANIA. Business Strategy

Transcripción

BANK LEUMI ROMÂNIA
www.leumi.ro
The value experience. Since 1902.
BANK LEUMI ROMÂNIA
Board of Ad
ministration
ZVI ITSKOVITCH
Chairman of the Board
GIDON S. SUESSKIND
Administrator
MENAHEM EISENTHAL
Administrator
EHUD EDUARD MOVERMAN
Administrator
ISAAC AMAR
Administrator
Content
BENESH AVITAL
Administrator
MARIAN CRISAN
Administrator
ent
3. Board of Administration and Executive Management
agem
n
a
M
e
v
i
t
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c
Exe
4. Chairman of the Board and Executive President’s Letter
5. Leumi Group Financial Data
7. Bank Leumi Romania. Business Strategy
LAURENTIU GABRIEL MITRACHE
Executive President
MANFRED RAUCHWERGER
Senior Executive Vicepresident
11. Market overview
13. Head Office activity
19. Financial Highlights
ION POPOVICI
Executive Vicepresident
ARIE STERN
23. Audited Financial Statements
21. Contact Romania
22. Leumi Group Listing
DAN NEGRAU
IULIU MURESAN
3
Chairman of the Board and
Executive President’s Letter
We are pleased to present the 2009 Annual
Report of Bank Leumi Romania. The report
includes an analysis of the bank’s activity during
the year, assesses the local economic situation
and contains audited financial information. We
issue this report each year to preserve
transparency for the bank’s customers, for
partners and anyone interested in the products
and services that our Bank offers.
Leumi Group Financial Data
After the onset of crisis in 2008, 2009 brought the
country many negative consequences: an
increased unemployment rate, a lower number
of investments, an unprecedented upward trend
in the last two decades, in the number of
companies that were closed, as well as frozen
lending amidst growing insecurity. The banking
system, the basic pillar of the economy was also
affected: many internationally active banks
required state aid and capital increase from their
shareholders. This all goes to emphasize the
benefits of implementing a permanent prudent
management, with careful selection of clients
and with diversified portfolios. Bank Leumi
Romania announces a net profit for 2009 of RON
12.7 million, higher than in 2008, when it
recorded RON 7.5 million. Bank Leumi Romania
has a strong capital base and is maintaining a high
level of liquidity.
ZVI ITSKOVITCH
LAURENTIU MITRACHE
Chairman of the Board
Executive President
Operating profit before provisions for 2009
amounted to RON 30,933k compared with RON
29,482k registered in 2008, showing an increase
of 4.9%. The net interest income decreased by
21%, due to a decrease in margins. The profit
after tax was RON 12,745k for the financial year
2009, compared with the net profit of 7,465
thousand RON registered in 2008. Operating
expenses amounted to RON 74,640k, showing an
increase of 1.4% only, compared with RON
73,585k registered in 2008.
Balance Sheet
The balance sheet contracted by 3.7% to
1,295,124 k RON, mainly due to a slight decrease
of deposits. In 2009, the bank's lending activity
(75% concentrated in the commercial sector)
registered a slight decrease compared to 2008,
from 949 million RON to 940 million RON. We
have focused on finding solutions for our clients
in that area.
Bank Leumi Romania has adjusted its
development strategy to the economic
environment of 2009, streamlining distribution
networks, repositioning itself in the market in
terms of business models, offering competitive
products and services, and rigorously controlling
costs. These actions have resulted in maintaining
a comfortable level of profitability. We intend to
maintain our “customer-oriented” strategy - by
offering competitive solutions to the situations
that our clients encounter according to their
business requirements, and by keeping the
relationships active by relying on ongoing
dialogue.
Customer deposits have reached 716 million RON
and the solvency ratio at December 31, 2009,
under the Basel II regulations was 27.81%, being
significantly above the limit required by the
legislation, which is 8%. The capital adequacy and
liquidity ratios of the Bank have shown stability,
being within the limits established by NBR and
the internally set limits.
We would like to thank the executive
management and all our employees, for the
professionalism they prove, for their talent and
loyalty, for their efforts and for the good results
they obtained.
Results Highlights
Profit and Loss Account
Finally, we express our gratefulness to our
customers, for their trust. We wish them all
inspiration and success in 2010!
Operating income amounted to RON 105,573k
compared to RON 100,555k in 2008, a 5%
increase. All the business areas contributed to
this increase.
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Miami, Boca Raton Aventura
Panama City
New York
London, Manchester, Jersey
Caracas
Montreal
Frankfurt
Toronto
Hong Kong
Berlin
Chicago
Melbourne
Bucharest
Los Angeles,
Encino
Israel
Mexico City
Zurich, Geneva
Cayman Islands
Buenos Aires
Santiago
Luxembourg
Sao Paulo
Montevideo, Punta del Este
Bank Leumi and its subsidiary companies
constitute one of the largest banking groups in
Israel, continuing activities that began 108 years
ago. The Bank’s predecessor, The Anglo Palestine
Company, was established in London in 1902 by
Otsar Hityashvuth Hayehudim Jewish Colonial
Trust Limited.
Johannesburg
The Leumi Group’s policy is to provide
comprehensive banking and financial solutions
to its customers and a high level of professional
service, to enable them to make use of varied
distribution channels and to offer them a wide
variety of products, adapted to their needs.
Leumi Banking Facilities and Financial Services

Over 100 years in banking services

More than USD 207.1 billion total managed
assets

USD 5.8 billion in equities

256 Branches in Israel, 78 branches and
offices 18 countries

Over 13,300 employees

Broad array of banking and financial services

Access to global markets and global expertise
The Leumi Group is involved in a variety of
banking, financial and non-banking activities, in
Israel and overseas. The Group’s activities are
carried out through the Bank, subsidiary
companies and companies included on equity
basis, through 256 branches located throughout
Israel and through 78 branches, agencies and
representative offices in 18 countries throughout
the world.
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Financial Results
The Net Profit of the Leumi Group in 2009
amounted to NIS 2,014 million (USD 533.5
million), as compared to a profit of NIS 92 million
(USD 24.4 million) in 2008. The low net profit for
2008 resulted from the effect of the global
financial crisis, continued decline in share prices
in stock markets throughout the world and in
Israel, the collapse of leading financial
institutions around the world and the overall
detrimental effect on the status of the economy
in Israel, and on the business of the Leumi Group
in Israel and overseas.
The Net operating profit in 2009 amounted to
NIS 1,986 million (USD 526.1 million), compared
to an operating loss of NIS 158 million (USD 41.9
million) in 2008.
The Net Return on Equity in 2009 was 10.2%,
compared to 0.5% in 2008.
The Return on Equity of Net Operating Profit in
2009 was 10.1%, compared to a negative return
of 0.8% in 2008.
The improvement in 2009 derived mainly from
the end of the recession in the economies
worldwide, including that of Israel, and of the
markets recovery from the financial crisis of
2008 in Israel and around the world.
Assets and Liabilities (in USD billions)
2009
2008
2007
Total Assets
85.2
82.3
80.0
Credit to Public
54.2
56.5
52.6
Deposits of the Public
66.3
64.8
63.1
Shareholders’ Equity
5.8
4.9
5.2
Off Balance
121.9
90.2
122.3
Total Managed Assets
207.1
172.5
202.3
Description of Bank Leumi Romania’s Business
Activities and their General Development
In August 2006, Bank Leumi Israel acquired over
99% of the issued and fully paid-up share capital
of Eurom Bank S.A. from S.C. Kolal B.V, for a
consideration of some USD 46 million. The name
of the company was changed to Bank Leumi
Romania in August 2006.
The commercial banking concentrates on serving
corporate and SME’s, the Private Banking aims at
high net worth customers, Retail banking
provides banking services to individuals, Real
Estate focuses on developing real-estate projects
and Israeli Desk that manages Israeli clients.
Since the takeover ended, the Bank has increased
the shareholders’ equity by about USD 75
million. The financial statements of Bank Leumi
Romania have been consolidated in the Leumi
Group’s Financial Statements since the third
quarter of 2006.
The Bank operates on a competitive market in all
its operating segments. There are 43 banks (38
banks have foreign capital) with 6,464 units. The
market leaders (5 banks) control 54% of the
market.
There are also additional competitors such as
non-banking financing companies, leasing
companies or insurance companies.
Bank Leumi Romania is a banking institution in
Romania, operating with 32 branches and
agencies, committed to varied financial activities
including deposits, lending, international trading
and foreign currency related activities.
In 2008 the world’s financial and capital markets
were hit by a financial crisis which began with
mortgage market crisis in the US in 2007,
especially in the weakest segment, the sub-prime
sector. Against the background of this situation, a
liquidity problem developed in the European and
American banking systems, that required the
involvement of central banks. In the US and
Europe, central banks significantly decreased the
interest rates, in order to reduce the negative
impact of the financial crisis on economic activity.
The governments were also required to inject
liquidity of hundreds of billions of dollars.
The crisis expanded in 2009 especially in smaller
economies, like CEE, while world-leading
economies (US, Japan and Germany) showed
improvements.
The Bank’s policy is to provide comprehensive
banking and financial solutions to its customers
and a high level of professional service, to enable
them to make use of varied distribution channels
and to offer them a wide variety of products,
adapted to their needs.
Major Financial Ratios in Annual Terms (%)
2009
2008
2007
Return on Equity
10.2%
0.5%
17.4%
Deposits / Total Assets
77.8%
78.8%
78.8%
Shareholder equity / Total Assets
6.8%
6.0%
6.5%
Total Capital Ratio
14.31%
11.58%
11.52%
Tier 1 Capital Ratio
8.52%
7.51%
7.55%
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BANK LEUMI ROMANIA.
Business Strategy
In its aim to achieve high levels of long-term
profitability, the Bank constantly analyses the
trends and changes in the business environment
where it operates and formulates strategies to
deal with these changes.
The Bank is organized on five business lines,
focusing on different market segments, with
each business line specializing in providing
banking and financial services to a particular
customer segment.
The main impact of this crisis in Romania was a
severe economic recession on 2009 (-7%) and a
large budget deficit (-7.3%).
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Description of Operating Segments
Business Strategy
Bank Leumi’s Vision
Bank Leumi Romania has formulated a multi-year
business strategy, which is based on the following
vision:

Bank Leumi Romania provides opportunities
for all the employees of the bank to be their best,
maintains a comfortable work environment, an
attitude of mutual support and opportunity for
promotion.

Bank Leumi Romania provides a fair return to
the shareholders.

Bank Leumi Romania constantly strives to
improve the financial strengths of the
community it belongs to.
When customers think of a first class financial
services provider, they choose BANK LEUMI.

Bank Leumi Romania is a first class financial
services provider, committed to helping our
customers succeed by understanding and
anticipating their individual financial needs and
providing high standards and customized
solutions.
Bank Leumi is organized on five
business lines, focusing on different
market segments, with each business
line specializing in providing banking
and financial services to a particular
customer segment.
In order to achieve this goal Bank Leumi will
capitalize the Group’s experience to optimize the
client management services and the product
portfolio.
Retail Banking - Focus on upper and/or affluent
clients segments, especially in order to attract
“core deposits” (steady, risk dispersed, rolling
over raised sources) as a reliable funding source
for the other business lines bank’s placements,
especially nowadays when deposits are more
important to banking industry than ever, given
the financial crisis and liquidity crush.
The paragraphs below detail the Bank’s
five major business lines:
Commercial Banking - Deals with legal entities
commercially active: medium enterprises,
corporate and multinationals. The Bank focuses
on Medium Enterprises Market.
Bank Leumi’s Strategy
The most suitable approach for our bank –
considering the current economic and financial
environment, the quite recent set-up of this bank
in Romania, its size as well as the competitors’
strengths – is to avoid competition to market
leaders and mark our presence on the market by
delivering high standard services and products to
selected market (sub) segments.
by offering tailored products for those niches, on
achieving long term profitability by combining
delivered quality and competitive costs, with a
conservative risk appetite.
In order to implement this strategy, Bank Leumi
focuses its strategic efforts and its resources –
capital, human and managerial - on business
areas that produce high yields and/or require
relatively small capital, while improving
profitability in areas with low levels thereof.
Bank Leumi will gradually focus on selected
niches in each of its business lines’ specific
markets, on developing competitive advantages
Strategic priorities

Conservative market attitude & risk appetite

Strong loan portfolio monitoring

Network optimization to fit to the selected
competition’s reluctance to serve good clients or
by the discontent of their good staff
niches marketing strategy (Medium Enterprises)

HR overall upgrade (recruitment, key
positions training, communication and benefits)

Tight cost control – driven by income
dynamic

Grasping marketing opportunities raised by
The above-mentioned priorities have been
adapted to the business lines in which Bank
Leumi operates and which are described below.
Each business line specializes in a particular
market segment with the aim of creating a
relative advantage among its target markets.
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The target clients are the individuals with net
income twice higher than the national average.
The clients’ pool is: employees, free-lancers,
shareholders, retired.
The target clients are the companies with an
annual turnover over EUR 500,000. Clients will be
selected with priority from the sectors that have
a stable performance during crisis and have the
perspectives to register a positive trend sooner
than the average industry.
Israeli Desk – Focus on Israeli customers
The criterion in the bank’s advantage that makes
the difference is the LEUMI GROUP belonging.
The “Israeli Desk Unit” is structured in such a way
that clients do not perceive any difference when
making the comparison to their banking
relationship in Israel.
Private Banking – Focus on high net worth
individuals. The target clients are high net worth
residents and non-residents, appreciative of long
term relationship with the reputable bank which
is member of a private banking specialized
Group.
Maintaining and developing contacts with Israeli
communities/associations is a constant concern
of “Israeli Desk Unit” and a pool of specific
clients.
In the following years, Bank Leumi aims to
become a distinct and reputable brand in wealth
management. The Bank will be prepared to
provide clients with top quality products and
benefits with a global perspective, valuable
financial solutions and attractive alternatives for
portfolio diversification, tailored for each
segment in proportion and according to the
customer’s needs, investment profile and term
he is willing to invest.
Real Estate – Focus on Israeli developers
The target clients are experienced Real Estate
developers mainly from Israeli client niche. High
quality projects will be considered, promoted by
very professional and experienced developers.
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The criteria for the distribution of customers according to the
operating segments within Bank Leumi are generally as follows:
Market segment
Business line
Niche
Legal entities commercially
Focus on Medium Annual turnover over
active: Medium enterprises,
COMMERCIAL
RETAIL
0.5 million EUR
Wealthy individuals &
High Net Worth
Gross income 10x the average
Foundations
individuals
individual income
Individuals
a)Upper retail
a) Gross income 2x the average;
& Freelancers
b)Affluent
b) Gross income 3x the average
Clients
All clients except
from Israel
for Real Estate.
Individual and legal clients
with main shareholders
ISRAELI DESK
Market overview
Enterprises
corporate and multinationals
PRIVATE BANKING
Main characteristics
based in Israel
REAL ESTATE &
Residential, commercial,
Over the average
Minimum loan value:
PROJECT FINANCE
office projects
quality projects
1 mill. EUR
Following the world economic crisis, Romania
encountered a severe recession. The weak
diversification of the local financial market only
delayed the influence of the US and other
developed countries crisis.
NEGREŞTI OAŞ
Currently, the international financial market
shows mixed economic signs: both a renewal of
demand in US and EU economies, indicating a
gradual process of the exiting the crisis, and large
budget deficits in smaller EU economies.
BAIA MARE
SUCEAVA
BISTRIŢA
ZALĂU
IAŞI
Piatra
Neamţ
CLUJ
NAPOCA
ALEŞD
TURDA
TÂRGU MUREŞ
ALBA IULIA
Romania had to negotiate with IMF, at the end of
March 2009, on an assistance package of USD
17.1 billion and an additional USD 9.3 billion from
other lenders (EU, EBRD and World Bank), having
Vaslui
Miercurea
Ciuc
BACĂU
Arad
Sfântu
Gheorghe
SIBIU
DEVA
BRAŞOV
The high trade dependence of the EU western
members who are also facing difficulties, the
delayed restructuring of the public sector, the
unbalanced economy and the high dependence
on foreign investments are factors wherefrom
one may infer that a Romanian economic upturn
will occur months behind US and EU recovery.
A raise in financial sources cost was a direct
consequence of the crisis, maximal interests
were reached in the first quarter of 2009, when
interests to new deposits reached 17% for RON
and 7% for EUR.
Botoşani
SATU MARE
TIMIŞOARA
a direct effect on a decreasing trend in banking
interests, the pressure on financial sources
remaining high.
The national currency lost 17% vs. euro creating a
significant currency risk for the population, as
well as for the banking system. Foreign
investments fell approximately 40% and the
unemployment rate reached 7.8% in 2009.
Branches
ORADEA
Changes in the business environment
The Romanian banking
system, compared to other
banking systems
worldwide, displayed
stability and soundness.
GALAŢI
Focşani
Reşiţa
Târgu Jiu
Brăila
Râmnicu
Vâlcea
BUZĂU
PITEŞTI
Tulcea
PLOIEŞTI
Târgovişte
DROBETA
TR. SEVERIN
Slobozia
BUCUREŞTI
Călăraşi
Slatina
Craiova
Giurgiu
CONSTANŢA
Alexandria
At the end of 2009, Bank Leumi Romania had 32 units opened, in 23 counties. Their focus was to
develop business by attracting the local commercial clients, private banking and upper retail clients.
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Head office activity
The competitive environment
The fast growth of the economy combined to
certain “overbanked” situations of the most
developed economies, that reduced or severely
limited the growing opportunities of the leading
banks, were the ground for their medium and
long term corporate strategies, which focused on
a quick and aggressive acquisition of larger
market shares in Romania, the risk usually
associated to such approach being mitigated by a
very high profitability.
The crisis determined more and more bankers to
take radical measures: layoffs, non-paid holydays
and closing of some units. Disinvestment was
higher than earlier estimates, the approach of
closing more units than the estimates for the
beginning of 2009, revealed the expectations
that the financial crisis last longer than earlier
forecasts.
The outflow of foreign investments has left the
financial system in Romania exposed to a
dramatic decrease in its ability to raise capital.
Other major risks to the financial stability are the
significant decrease in activity, credit risk, high
exposure to currency risk and high
unemployment.
The shareholding structure of the credit
institutions in Romania reveals that the foreign
capital holds a capital share of 77%. The
consolidation of foreign capital in local banks led
to total assets market share of 85%, to a highly
competitive environment and to market
concentration (54% of the market is controlled by
5 banks, the remaining 38 banks sharing the
remaining part).
The main challenges of the local banking system
can be summarized as follows:

Improving competition – from competing
fiercely for larger market share to:
o Product innovation
o More accurate risk estimation
o Reducing costs to borrowers
o Focus on low cost channel distributions

Acquiring an appropriate volume of good
quality collateral

Raising new deposits and maintaining the
current ones faced serious challenges:
o Thinning intra-banking credit lines
o Capital outflows generated by foreign
parent-banks.
The global crisis has worsened the perspectives.
The banking profitability (ROE) decreased to
2.73% (December 2009) from 18.11% (December
2008).
The risks assumed during the previous years
resulted in a sharp increase in the total past due
loans portfolio to 1.23 (December 2009) from
0.35 (December 2008).
COMMERCIAL
General
Bank Leumi Romania’s strategic focus is on
developing the commercial sector, by creating
and offering products and services adapted to
the needs of these clients.
withdrawals in domestic and foreign
currency;

non-cash transactions - payments and
receipts in domestic and foreign currency,
remittances of foreign currency checks for
cashing abroad, documentary credit,
documentary and simple incassos;

FX operations, including currency risk
limiting products – Forward and SWAP on
foreign exchange,

other services – guarantees, letter of
good standing, brokerage operations on
capital market etc.
Structure of Division
The Commercial area is managed by the
Commercial Division, located in Bucharest. The
contact with customers was done through the 32
branches located throughout the country.
Strategy
The year 2009 was characterized by a cautious
lending policy, given that many companies in
various markets have registered significant
declines in turnover, leading to increasing bad
loans.
Bank Leumi Romania has been supporting the
clients who have difficulties in repaying the loans,
by offering them, suitable products on short and
medium term and restructuring the terms of
repayment.
In order to attract new customers, the
Commercial Division has carefully analyzed the
structure of performing areas of activity and the
effects generated by the financial crisis nationally
and internationally, thus aiming at reducing risk
and focusing on those segments that registered
financial stability and growth.
Products and services offered to companies
include:

loans (short/medium term or seasonal, bank
guarantee letter, endorsements bills etc.)

deposits (with multiple withdrawals, interest
paid in advance, automatically overnight, escrow
etc.)
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cards (MasterCard Business, SMS alerts)

Internet Banking

services:

cash transactions - deposits and
Competition
The competition is represented by all the banks
carrying on business in Romania. In 2009 the
banks suffered because of the continuous
increase in bad loans ratio until the end of the
year. The banks became very prudent when
negotiating a loan and, at the same time, had
brought some solution in order to help current
clients in their business (new payment terms,
renegotiation of the contractual conditions etc.)
Analysis
The total value of loan portfolio outstanding in
2009 was of RON 546.541 thousand,
representing around 60% of the total loans
portfolio. The value of raised sources in 2009
amounted to RON 292.834 thousand as of 31
December 2009, representing 40% of the non
banking customers deposits portfolio.
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RETAIL
General
On the individuals segment, Bank Leumi Romania
maintained the "upper-retail” approach,
continuing to tighten the relationships with
individuals registering higher income, by a wide
range of flexible and personalized service and a
careful counseling team.
PRIVATE BANKING
General
The professional experience of over 100 years of
tradition in serving wealthy clients worldwide,
the financial soundness of the Leumi Group, the
international wide range of banking and financial
activities under one roof are the main assets of
the relationship between the Bank and the
customer.
For the Private Banking clients, Bank Leumi
Romania organizes meetings in convenient
locations: in the branch, office, and hotel or at
our private banking center in Victoria Square in
Bucharest.
Strategy
The bank makes the difference by the objective
and creative counseling, which meet the specific
needs of the clients wanting more sophisticated
banking services and customized products.
Moreover, Bank Leumi Romania provides VIP
services to individual skilled professional team,
integrity and privacy with a tint of Romanian soul.
Our highly professional team offers the most
relevant and appropriate solutions for clients'
financial needs. Bank Leumi Romania becomes
the client's loyal and discreet private banker
adviser.
The Leumi Group can offer accounts in many
countries, including Luxembourg, Switzerland,
USA and UK, which will allow for the selection of
power, giving you the chance to maximize
financial opportunities distinctly, whenever and
wherever our clients desire.
Products are based on the standard features
(negotiated interest deposits, saving accounts,
dedicated exchanges with preferential exchange
rates, investments in shares and investment
funds, operations) and customized banking
solutions.
Structure of the Division
The Private Banking and Capital Markets Division
of Bank Leumi Romania offers to its clients a
professional team of relationship managers and
traders. They are ready to handle banking and
investment needs of the clients, advising on
different products of the bank: customized
specific solutions based on an overview of
customer banking operations, access to shares
listed at Bucharest Stock Exchange (BVB) and
local investment funds, organizing meetings with
experts in capital markets, foreign markets, real
estate, unique solutions for clients' funds,
covering the entire spectrum of banking
transactions.
Competition
The Romanian market does not show yet a
development in this field, the potential clients
not being used to the sophisticated tools that the
Private Banking Division could provide. We
intend to gain the clients’ trust and to provide
important information in order to facilitate their
access to enlarged possibilities of local services
and products, on local and international markets.
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Romanian banking market and most of the new –
comers aim at attracting customers with a solid
material position, in order to enlarge the number
of services and products.
Analysis loans and deposits
Loans. The lending rate had a downward trend
compared to the previous years, amid economic
situation affected by relatively high gearing of
individual customers in Romania, increasing
unemployment, the prospects of an uncertain
future.
Structure of the division
The Retail area is managed by the Retail Division,
located in Bucharest. The contact with customers
was done through the 32 branches located
throughout the country.
Strategy
The strategy in 2009 targeted individual
customers from top companies working or
planning to work with Leumi - this way, all the
needs of these companies, both in terms of
support and development activities will be
satisfied through Leumi - and potential
customers of property developers that were
financed through the Real Estate Division – by
offering flexible solutions in a period of high
economical uncertainty.
More than 50% of the loans under the “First
House” Program were granted for purchasing
new housing units - while the national funding for
new houses accounted for approximately 20% of
the total.
Bank Leumi Romania developed in 2009 a
dedicated lending product to potential
customers of the Real Estate developers financed
by Bank Leumi Romania, providing credit
solutions from the moment the construction
started to be built.
The products and the services offered by Bank
Leumi Romania / Retail Division include current
accounts and saving deposits, real estate
investment loans, mortgage loans, cards with or
without overdraft and Internet Banking.
Deposits. Bank Leumi Romania launched an
innovative product, called "the deposit with
multiple withdrawals”, a saving solution which
offers to customers both high yields
(corresponding to a term deposit) and a high
degree of liquidity (similar to a current account).
Competition
The competition for the upper segment of retail
is strong. Both banks with history in the
ISRAELI DESK
Israeli Division has the role of interface between
the customers and various Israeli bank
structures, giving support in Hebrew, offering its
clients the professionalism and experience of the
whole team, offering flexible customized
solutions, and a wide range of credit and saving
products.
This Division includes the Trade Finance
Department, providing customers with
comprehensive solutions and competitive
products, in order to minimize the risk associated
to international trading (LC’s and LG’s).
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IT & COMMUNICATION
REAL ESTATE
The Real Estate Division aims at providing the
best services and products dedicated to real
estate developers. The main offer is related to
loans on medium term for construction of
residential projects, offices and retail spaces.
Meanwhile, Bank Leumi Romania offered
convenient long-term loans for complex
investments, as mergers and acquisitions,
Greenfield industrial projects, infrastructure etc.
In 2009, due to the financial crisis, real estate
sales have suffered a strong decline. Bank Leumi
Romania came to its clients with financial
support through co-financing or refinancing the
projects that had a good potential under the
actual situation of the market.
In the global strategy of modern banks, the IT has
become a key strategic component, ceasing to be
regarded only as a function supporting the
current activity. IT is the leading provider of
technology for business development, while
being a source of innovation in banking products
(cards, Internet banking, self-banking, mobile
banking, SMS, etc.).
environment (Green IT) by consolidating servers,
with immediate results in reducing demand for
energy and space, this concern for the
environment being relatively new on the
Romanian banking market.
IT projects undertaken this year have focused
mainly on the following topics: security,
hardware and communications, consolidation
and virtualization of systems, software
implementation, operations and credit card
services, additional systems disaster recovery,
Internet banking, SMS alerts.
Bank Leumi Romania follows the evolution of
information technology and invests continuously
in this area trying to provide the benefits of these
technologies to its customers.
During 2009, the IT development directions
aimed at improving the quality of infrastructure
and of systems and applications, bringing extra
efficiency and flexibility to bank products and
services. A special feature of the technologies
covered during this year, was the care for the
TREASURY
The portfolio of products promoted by the
Treasury Division includes currency and money
market transactions (SPOT, FORWARDS, FX
SWAP), deposits with non-standard maturity or
automatic overnight deposits. They are
characterized by competitive rates related to the
money market and attractive rates taking into
account the foreign exchange. The possibility of
negotiating these products offers customers a
high flexibility.
Further, the IT Division will provide technology
and innovation to explore and exploit the
opportunities for development through quality
services, which will differentiate the bank from
the competition.
HUMAN RESOURCES
During 2009 the Code of Ethics was revealed to
our employees. The “Leumi Way” is a significant
step towards organizational and social
consolidation, combining ideological and
financial excellence. It contains principles that
channel our path to realizing Leumi’s spirit,
values and ethics, and set out the framework for
behavior.
Trainings were organized for the employees on
the following topics: Anti Money Laundry (AML)
and legal issues, financial analysis and sales,
EBRD product presentation, banking security and
first aid.
E-learning courses were organized also, on how
to promote and sell products and services and
Anti Money Laundry (AML). External trainings
took place on topics of development
management skills, communication, audit, IT,
English, IFRS, SEPA (Electronic System of
Automatic Payments) and financial analysis.
The values included in this code are
fundamentally humanistic and suit anyone,
anywhere, and any time.
RISK MANAGEMENT
In 2009, the Bank focused mainly on credit risk
control because of its increased impact in the
middle of the global economic crisis. The credit
risk prevention procedures and systems,
dedicated to identifying early warning signals of
depreciation for clients’ repayment capacity
were implemented. Also, increased attention has
been paid to operational risk control, risk
exacerbated by the evolution of the economic
environment.
Bank Leumi Romania has paid attention to
environmental and social risks, all of these being
assessed in the individual analysis of credit
requests. The Bank’s credit policy aims at
financing those activities that do not endanger
the environment and that are compliant with the
legislation on social matters.
LEUMI BROKER INSURANCE-REINSURANCE LTD.
LEUMI Broker Insurance-Reinsurance Ltd. is a
brokerage company set up in 2008, with Bank
Leumi Romania as its unique associate.
LEUMI BROKER performs a thorough selection
regarding the type of insurance and negotiates
with the most important insurance companies in
the name of the client. By using this convenient
service, the clients will benefit from one of the
best offers on the market that also meets the
bank’s requirements.
LEUMI BROKER was created in order to help the
bank’s customers applying for loans to find the
best insurance offer for their collateral. Thus,
16
17
MARKETING AND PR ACTIVITIES
Marketing and PR activities in 2009 were focused
on launching new products and services,
organizing events to popularize the brand of Bank
Leumi Romania among its core targeted audience
and the various projects that have improved the
bank’s image.
Financial highlights (according to the IFRS)
providing users with easier access by a step-bystep advice.
4. PR events (sponsorship and participation to
cultural events).
1. Products and services launching.
Zefir, seasonal credit, deposit with multiple
withdrawals, SMS Alert and Leumi Assistance.
They were promoted on national and local level
(Press Releases in central and local press), through
our own channels (Leumi site, current and credit
card bank statements, e-mail), through territorial
units of Bank Leumi: leaflets, posters, other
promotional materials.
2. Popularization of products to the target (loans
with BERD sources)
“Leumi Round Table” events where representative
of the business community in Iasi, Brasov, Craiova,
Cluj, Targu Mures, Constanta, Sibiu were invited to
take part. They were followed by meetings with
the participants to analyze their needs and the
opportunity for lending. The participants at the
Leumi Round Table received answers to their
needs, and enjoyed also the press attention.
3. Online Services
Bank Leumi Romania was the sponsor of the
official launching of a joint stamp issue Romania Israel dedicated to the first Yiddish theater in the
world - Iasi Theatre, founded in 1876. The event,
organized by the Federation of Jewish
Communities in Romania and the Hebrew Theatre
of Bucharest, on November, 2009, was conducted
in collaboration with the Embassy of Israel in
Romania, Romfilatelia and the Post from Israel. The
event was launched under the patronage of the
President of Romania.
Assets
Cash and current accounts with banks
Placements with banks
Loans and advances to customers
Investment securities
Tangible and intangible assets
Other assets
Total Assets
2009
199,451
134,777
879,436
49,369
25,590
6,501
1,295,124
2008
366,254
11,856
905,425
24,609
28,812
7,612
1,344,568
Bank Leumi Romania was sponsor of the "Festival
of Sukkot" - organized by the Hebrew Community
Center on October 5, 2009 held at the National
Theatre in Bucharest. The Festival consisted of an
artistic show casting artists among which we
mention David Broza, Maia Morgenstern, Nicu
Alifantis, as well as the “BIM BAM” children chorus
of Lauder-Reut School and the Israeli Dance Group
“HORA”. The audience reached about 1200
persons who had the possibility to enjoy a unique
and charming evening.
Liabilities
Deposits from non-bank customers
Deposits and loans from credit institutions
Other liabilities
Total liabilities
716,355
290,887
14,781
1,022,023
736,620
335,611
11,981
1,084,212
Shareholders Equity
Total liabilities and equity
273,101
1,295,124
260,356
1,344,568
2009
49,723
15,524
40,326
105,573
(16,777)
(74,640)
14,156
(1,411)
12,745
2008
62,899
15,475
22,181
100,555
(21,030)
2,512
(73,585)
8,452
(987)
7,465
2008
1,344,568
905,425
736,620
260,356
7,465
2007
1,081,121
601,795
733,542
219,428
1,320
Bank Leumi Romania was involved in a project of
book donation to the Synagogue in Brasov (the
books were purchased by the International Private
Banking Division in Tel Aviv). The project is part of
Bank Leumi Romania’s strategy to support the local
Jewish communities in transmitting to the next
generations the Israeli tradition and spirit.
Newsletter – in order to better inform the
customers and to improve the relationship with
them, we release a periodic newsletter sent by email (containing information about bank products
and promotions, access to the website
www.leumi.ro, market analysis, trends and
forecasts in terms of capital market or other
financial information of general interest),
One of the projects of social responsibility that has
been implemented for the second consecutive
year was the donation of IT equipment for School
No 84 from Bucharest. The children represent our
future and Bank Leumi Romania intends to
permanently help their development.
Auctions - site (presentation of the properties for
s a l e i n t h e e n fo rc e m e n t p ro c e d u r e vanzari.leumi.ro),
I-banking - creation of a bilingual online guide
ENVIRONMENTAL POLICY
Applicable on different activities, the environmental impact is part of the Bank's general policy.
Consequently, the Bank management pays attention to environmental influence on the activity
carried on the realization of measures in the area fund for environmental protection and encourages
the prevention of pollution prevention in accordance with regulations. Thus, the bank aims at creating
projects that ensure a healthy environment.
18
Balance sheet
(December 31st, 2009 and 2008 – thousand RON)
Profit and loss account
(2009 and 2008 – thousand RON)
Net interest income
Net commission income
Other net operating income
Operating income
Provisions, net
Other income
Operating and general administrative expense
Profit (loss) before tax
Income tax (expense) / revenue
Net result of financial year
(thousand RON)
Total assets
Total loans
Total deposits
Shareholders equity
Profit
2009
1,295,124
879,436
716,355
273,101
12,745
19
Total assets (Th RON)
Contact Romania
1,295,124
2009
Total loans (Th RON)
1,344,568
2008
1,081,121
2007
905,425
2008
2007
Phone: 0 800 080 777 (free call)
E-mail: [email protected]
www.leumi.ro
879,436
2009
601,795
Total deposits (Th RON)
ALBA-IULIA
P-ta Iuliu Maniu nr. 17
Tel.: 0258/81.61.63
Fax: 0258/81.69.79
BUCURESTI – Unirea Branch
B-dul Unirii nr. 25, Bl.14
Tel.: 021/336.97.72
Fax: 021/336.97.73
ORADEA
Piata Unirii nr. 2-4
Tel.: 0259/21.00.23
Fax: 0259/47.20.57
ALESD
Piata Unirii nr. 16, Jud. Bihor
Tel.: 0259/34.25.80
Fax: 0259/34.24.69
BUCURESTI - Militari Branch
B-dul. Iuliu Maniu nr. 55, bl.17
Tel.: 021/430.33.73
Fax: 021/430.12.73
PITESTI
Str. Craiovei Bl. E3B, Sc. C
Tel.: 0248/22.03.00
Fax: 0248/22.17.79
ARAD
P-ta UTA, Bl. U4, Scara A+B
Tel.: 0257/24.22.27
Fax: 0257/242.225
BUCURESTI - Titan Branch
B-dul. Chisinau nr. 8, bl.M2
Tel.: 021/255.20.12
Fax: 021/255.20.32
PLOIESTI
P-ta Victoriei nr. 4, bl.CC-Vest
Tel.: 0244/51.26.97
Fax: 0244/51.11.39
BACAU
Str. Dumbrava Rosie nr. 2
Tel.: 0234/51.04.43
Fax: 0234/51.92.35
BUCURESTI - Alba Iulia Agency
Piata Alba Iulia nr. 8, bl.17
Tel.: 021/327.00.57
Fax: 021/327.00.52
SATU MARE
Str. Ham Janos nr. 1
Tel.: 0261/71.55.69
Fax: 0261/71.03.11
BAIA MARE
Str. Progresului nr. 54
Tel.: 0262/22.17.42
Fax: 0262/22.69.02
BUZAU
Str. Ion Baiesu Bl. D3-D4
Tel.: 0238/71.02.41
Fax: 0238/71.02.50
SIBIU
Str. Herman Oberth nr. 4
Tel.: 0269/21.16.14
Fax: 0269/21.64.07
BISTRITA
Piata Centrala nr.27
Tel.: 0263/23.08.02
Fax: 0263/23.08.07
CLUJ-NAPOCA
P-ta Unirii nr. 31
Tel.: 0264/59.70.47
Fax: 0264/59.09.07
SUCEAVA
Str. Stefan cel Mare nr. 3
Tel.: 0230/52.17.71
Fax: 0230/52.23.40
BRASOV - Branch
Str. 15 Noiembrie nr. 86
Tel.: 0268/31.94.00
Fax: 0268/31.95.50
CRAIOVA
Str. Calea Bucuresti nr. 34, bl. A8
Tel.: 0251/54.40.00
Fax: 0251/54.40.50
TARGU MURES
P-ta Victoriei nr. 18
Tel.: 0265/26.85.51
Fax: 0265/26.40.70
BRASOV - Agency
Str. Republicii nr. 60
Tel.: 0268/47.10.52
Fax: 0268/47.10.54
CONSTANTA
B-dul Mamaia nr. 33
Tel.: 0241/55.14.18
Fax: 0241/54.99.61
TIMISOARA
Str. Paris nr. 2A
Tel.: 0256/49.49.84
Fax: 0256/49.50.08
BUCURESTI - SMB
B-dul Aviatorilor nr. 45
Tel.: 021/206.70.09
Fax: 021/260.08.31
GALATI
Str. Brailei nr. 165 B
Tel.: 0236/46.00.80
Fax: 0236/46.54.20
TURDA
Str. Libertatii nr. 3
Tel.: 0264/31.64.10
Fax: 0264/31.70.39
BUCURESTI – Victoria Branch
Calea Victoriei nr. 155, bloc D1
Tronson 5-6 ORAR: 9:00-17:00
Tel.: 031/407.94.09
Fax: 021/312.02.90
IASI
Str. Sfantul Lazar nr. 4, scara A
Tel.: 0232/27.79.05
Fax: 0232/27.79.07
ZALAU
P-ta Iuliu Maniu nr. 7
Tel.: 0260/66.26.73
Fax: 0260/66.26.70
716,355
2009
736,620
2008
Shareholders equity (Th RON)
733,542
2007
273,101
2009
260,356
2008
2007
219,428
Profit (Th RON)
12,745
2009
7,465
2008
2007
1,320
Total assets balances decreased by 4% during
2009 to RON 1.295.124 thousand.
Total Shareholders equity increased to RON
273,101 thousand as of December 31, 2009 from
RON 260,356 thousand as of December 31,
2008.
Loans - On December 31, 2009, gross loans to
customers was RON 940.141 thousand. Total
Reserves for loans on the same date was RON
60.705 thousand as compared with RON 44.020
thousand as of December 31, 2008.
Profit - At the end of 2009, the bank registered a
profit of EUR 12,745 thousand, representing a
70% increase versus previous year.
Capital Strength – Total shareholders’ equity at
December 31, 2009 was of RON 273,101
thousand, representing 21% of year-end assets.
This favorably compares with total shareholders’
equity at December 31, 2008 of RON 260,356
thousand, representing 19.36% of year-end
assets. At year end 2009, Bank Leumi Romania’s
Solvency ratio was 27.81%, being more than 3
times grater than the limit required by the
legislation.
Customer deposits balances decreased by 3%
during 2009 to RON 716,355 thousand.
BUCURESTI – Mosilor Branch
Calea Mosilor nr. 280, bloc 20
Tel.: 031/402.25.08
Fax: 021/210.39.93
20
NEGRESTI OAS
Str. Victoriei nr. 44, Jud. Satu-Mare
Tel.: 0261/85.50.40
Fax: 0261/85.50.40
21
Leumi Group Listing
israel
Bank Leumi le-Israel B.M.
Leumi Tel-Aviv Headquarters
24-32 Yehuda Halevi Street, Tel Aviv 65546
Tel: 972-3-514-8111• Fax: 972-3-514-8656
www.bankleumi.com
Leumi International & Private Banking Division
35 Yehuda Halevi Street, Tel Aviv 65546
Tel: 972-3-514-3313 • Fax: 972-3-514-9602
Leumi Private Banking Centers for
International Clients
Tel-Aviv
Dizengoff Top Tower, 17th Floor
55 Dizengoff Street, Tel-Aviv 64332
Tel: 972-3-621-7333 • Fax: 972-3-621-7355
French & German speakers
Dizengoff Top Tower, 23rd Floor
Tel: 972-3-621-7444 • Fax: 972-3-621-7455/6
English, Spanish & Russian speakers
Jerusalem
19 King David Street, Jerusalem 94101
Tel: 972-2-620-1811 • Fax: 972-2-624-0431
Leumi Foreign Residents & Tourist Centers Tel-Aviv
Main Branch
19 Herzl St., Tel-Aviv 66884
Tel: 972-3-514-8111 • Fax: 972-3-514-8744
Dizengoff Branch
Tel: 972-3-526-0452 • Fax: 972-3-526-0455
Bialik Branch
43 Allenby Street, Tel-Aviv 65243
Tel: 972-3-514-3182 • Fax: 972-3-514-3198
Jerusalem
King George Branch
22 King George St., Jerusalem 94262
Tel: 972-2-620-7571 • Fax: 972-2-620-7550
Haifa
Ha‘Carmel Branch
123 Hannassi Ave., Haifa 34634
Tel: 972-4-830-0608 • Fax: 972-4-830-0684
Netanya
Netanya Branch
5 Herzl St., Netanya 42400
Tel: 972-9-860-4502 • Fax: 972-9-860-4571
Herzliya Pituach
Herzliya Pituach Branch
38 Wingate St., de Shalit Square
Herzliya Pituach 46750
Tel: 972-9-970-5300 • Fax: 972-9-970-5355
Bat Yam
Bat Yam Branch
67 Ha‘azmauth Ave., Bat Yam 59315
Tel: 972-3-500-1902 • Fax: 972-3-500-1988
Ashdod
Rogozin Branch
2 Haim Moshe Shapira St., Ashdod 77545
Tel: 972-8-868-8300 • Fax: 972-8-868-8355
Eilat
Eilat Branch
Shderot Hatmarim, Commercial Center
Eilat 88000
Tel: 972-8-636-4102 • Fax: 972-8-636-4166
LEUMI SUBSIDIARIES
Leumi Partners Ltd.
5 Azrieli Center (square tower ) 36th floor,
Tel-Aviv 67025
Tel: 972-3-514-1201 • Fax: 972-3-514-1275
www.leumico.co.il
Investment house
Bank Leumi le-Israel Trust Company Ltd.
8 Rothschild Boulevard, Tel Aviv 66881
Tel: 972-3-517-0777 • Fax: 972-3-517-0770
Full Trust Services
north america
NEW YORK
Bank Leumi USA, New York Head Office
579 Fifth Avenue, New York, NY 10017
Tel: 1-917-542-2343 • 1-800-892-5430
Fax: 1-917-542-2254
www.leumiusa.com
Full Service Commercial Bank / Private Banking
1400 Broadway at 38th Street
New York, NY 10018
Tel: 1-212-921-3700 • Fax: 1-212-921-3711
Full Service Commercial Branch
International Private Banking
564 Fifth Avenue, 3rd Floor, New York, NY 10036
Tel: 1-212-626-1001 • Fax: 1-212-626-1009
Bank Leumi Leasing Corporation
562 Fifth Avenue, 8th Floor
New York, NY 10036
Tel: 1-212-626-1230 • Fax: 1-212-626-1271
Leumi Investment Services Inc.
562 Fifth Avenue, 7th Floor
New York, NY 10036
Tel: 1-212-407-4345 • Fax: 1-212-407-4351
CALIFORNIA
Beverly Hills
8383 Wilshire Boulevard, Suite 400
Beverly Hills, CA 90211
Tel: 1-323-966-4700 • Fax: 1-323-966-4245
Los Angeles
600 Wilshire Boulevard, Suite 1500
Los Angeles, CA 90017
Tel: 1-213-452-8600 • Fax: 1-213-452-8630
Encino
16530 Ventura Boulevard, Encino, CA 91436
Tel: 1-818-379-2700 • Fax: 1-818-986-3021
2000 University Avenue, Suite 605
Palo Alto, CA 94303
Tel: 1-650-289-2400 • Fax: 1-650-289-2424
22
ILLINOIS
Chicago
100 North LaSalle Street, Chicago, IL 60602
Tel: 1-312-781-1800 • Fax: 1-312-750-1984
Highland Park
Renaissance Place
1849 Green Bay Road, Suite 440
Highland Park, IL 60035
Tel: 1-847-266-4830 • Fax: 1-847-266-4850
FLORIDA
Aventura
One Turnberry Place, Suite 500
19495 Biscayne Boulevard
Aventura, FL 33180
Tel: 1-305-918-6960 • Fax: 1-305-918-6975
Boca Raton
5295 Town Center Road
Boca Raton, FL 33486
Tel: 1-561-544-1600 • Fax: 1-561-544-1630
Cayman Islands
Grand Cayman
British West Indies c/o Bank Leumi USA
International Customer Service
564 Fifth Avenue, New York, NY 10036
Tel: 1-212-626-1001 • Fax: 1-212-626-1009
Limited Service / Specialized Banking
New York Agency
c/o New York Regional Office
562 Fifth Avenue, 2nd Floor
New York, NY 10036
Tel: 1-212-626-1355 • Fax: 1-212-626-1366
Administration Management
CANADA
Ontario
Toronto
5140 Yonge Street, Suite 2220
Toronto, Ontario M2N 6L7
Tel: 1-416-594-0681 • Fax: 1-416-594-0801
Representative Office
QUEBEC
Montreal
1 Westmount Square, Suite 400
Montreal, Quebec H3Z 2P9
Tel: 1-514-931-4457 • Fax: 1-514-931-5240
Financial Companies
CAYMAN ISLANDS
George Town Branch
British West Indies
Limited Service / Specialized Banking
CURAÇAO
Leumi International Investments N.V.
Financial Company
Mailing Address for Cayman Islands and
Curaçao:
c/o Bank Leumi (Luxembourg) S.A.
6D, Route de Treves
L-2633 Senningerberg, Luxembourg
Tel: 352-346390 • Fax: 352-346396
latin america
URUGUAY
Leumi (Latin America) S.A., Montevideo
Edificio World Trade Center, Luis A. de Herrera
1248, Torre A, Piso 10, Montevideo
Tel: 598-2-628-5838 • Fax: 598-2-622-9033
www.leumi.com.uy
Full Service Commercial Bank
Punta del Este
Avenida Gorlero, Calle 28, Edif. Torre de las
Americas, Local 006, Punta del Este
Tel: 598-42-444-303 • Fax: 598-42-444-492
PANAMA
Bank Leumi le-Israel B.M., Panama
Calle Manuel Maria Icaza No. 10
Edificio Grobman, Apartado 0819-05593
Panama City, Rep. de Panama
Tel: 507-263-9377 • Fax: 507-269-2674
www.leumi.com.pa
ARGENTINA
Buenos Aires
25 De Mayo 555, Piso 15, (1002) Buenos Aires
Tel: 54-11-4311-0034 • Fax: 54-11-4313-4845
VENEZUELA
Caracas
Plaza la Castellana, Edificio Bancaracas
Piso 9, Of. 903, La Castellana, Caracas
Tel: 58-212-265-4887/5052 • Fax: 58-212-267-6454
MEXICO
Mexico City
Fuente de Piramides 1-305
Lomas de Tecamachalco
53950 Naucalpan, Edo De Mexico
Tel: 52-555-294-6155 • Fax: 52-555-294-4000
CHILE
Santiago
Torre Del Bosque, Av. El Bosque Norte 0177
Of. 604, Las Condes, Santiago
Tel: 56-2-332-0140 • Fax: 56-2-332-0144
europe
UNITED KINGDOM
Bank Leumi (UK) plc
London Head Office
20 Stratford Place, London W1C 1BG
Tel: 44-20-7907-8000 • Fax: 44-20-7907-8001
www.bankleumi.co.uk
Full Service Commercial Bank / Private Banking
Manchester Representative
Mr. Chris Brambles
Tel: +44-7831-334 -720
Leeds Representative
Mr. Steve Cooper
Tel: +44-7771-522-907
Leumi ABL Limited
Pacific House, 126 Dyke Road, Brighton,
East Sussex BN1 3TE
Tel: 44-1273-716-200 • Fax: 44-1273-716-210
www.leumiabl.co.uk
Asset Based Lending and Factoring
Channel Islands Subsidiaries
Bank Leumi (Jersey) Limited
P.O. Box 510, 2 Hill Street, St. Helier,
Jersey JE4 5TR, Channel Islands
Tel: 44-1534-702-525 • Fax: 44-1534-617-446
www.leumijersey.com
Specialized International Private Banking
Leumi Overseas Trust Corporation Ltd.
P.O. Box 510, 2 Hill Street, St. Helier,
Jersey JE4 5TR, Channel Islands
Tel: 44-1534-702-500 • Fax: 44-1534-702-570
Offshore Trust & Company Management
SWITZERLAND
Bank Leumi (Switzerland)
Zurich Head Office
Claridenstrasse 34, 8022 Zurich
Tel: 41-44-207-9111 • Fax: 41-44-207-9100
www.leumi.ch
Geneva Branch
80 Rue du Rhone, 1211 Geneva 3
Tel: 41-22-318-3555 • Fax: 41-22-310-8318
Representative Office in Israel
Beit Nolton, 14 Shenkar Street
P.O.B 2134, Herzliya Pituach 46120
Tel: 972-9-955-9571 • Fax: 972-9-955-0662
LUXEMBOURG
Bank Leumi (Luxembourg) S.A., Head Office
6D, Route de Treves
L-2633 Senningerberg, Luxembourg
Tel: 352-346-390 • Fax: 352-346-396
www.bankleumi.lu
Representative Office in Israel
Beit Nolton, 14 Shenkar Street
P.O.B 2134, Herzliya Pituach 46120
Tel: 352-346-390-244 • Fax: 352-346-390-260
FRANCE
Paris
31 rue Francois 1er, 75008 Paris
Tel: 33-1-5367-9140 • Fax: 33-1-5367-9144
GERMANY
Berlin
Tauentzienstrasse 7 b/c, 10789 Berlin
Tel: 49-30-2579-8804 • Fax: 49-30-2579-8080
Frankfurt
Schillerstrasse 5, 60313 Frankfurt am Main
Tel: 49-69-288-031 • Fax: 49-69-288-061
ROMANIA
Bank Leumi Romania S.A.
Bucharest Head Office
B-dul Aviatorilor nr. 45, Sector 1, Bucharest
Tel: 40-21-206-7075 • Fax: 40-21-206-7050
www.leumi.ro
Full Service Commercial Bank
australia, asia & africa
AUSTRALIA
Melbourne
Novell Building Level 5, 574 St. Kilda Rd.
P.O.B 6807, Melbourne 3004 VIC
Tel: 61-3-9529-2022 • Fax: 61-3-9529-2077
HONG KONG
Central Building, Room 617
Queens Road and Pedder Street, Hong Kong
Tel: 852-2524-0320
Cell phone: 61-4-1812-7042
Meetings by appointments only
SOUTH AFRICA
Johannesburg
c/o Fluxmans Inc.
11 Biermann Avenue Rosebank 2196,
Johannesburg
Tel: 27-11-328-1700 • Fax: 27-11-328-1859

BANK LEUMI ROMANIA. Business Strategy

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