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Israel's biggest bank opens representative office in Shanghai
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Bank Leumi, Israel's largest bank, officially opened its representative office in Shanghai yesterday, following its customers that are active in Asia, especially in China.
The Israeli bank founded in England in 1902 now has 52 branches, agencies and offices in 15 countries, in addition to 274 branches it operates domestically.
"In recent years we can see a growing number of our customers active in Asia in general and in China in particular. This is also true vice-versa," David Brodet, chairman of Bank Leumi, said yesterday.
The representative office aims to serve as a financial bridge between the Chinese and Israeli economies. Based on the development of trade between China and Israel, the bank may turn the office into a bank branch, Brodet said.
Unlike the bank's other representative offices, the Shanghai office provides services only to Israeli and Chinese corporations and will not deal with private banking.
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