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Bank Leumi
Bank Leumi (Hebrew: בנק לאומי, lit. National Bank; Arabic: بنك لئومي) is an Israeli bank. It was founded on February 27, 1902, in Jaffa as the Anglo-Palestine Company as subsidiary of the Jewish Colonial Trust (Jüdische Kolonialbank) Limited formed before in London by members of the Zionist movement to promote the industry, construction, agriculture, and infrastructure of the land hoped to ultimately become Israel. Today, Bank Leumi is Israel's largest bank (by total assets as of 2015), with overseas offices in Luxembourg, US, Switzerland, the UK, Mexico, Uruguay, Romania, Jersey, and China.
Though nationalized in 1981, now Bank Leumi is mainly in private hands, with the government as the largest single shareholder, with 14.8% of the stock, as of June 2006.[update] The other major shareholders are Shlomo Eliyahu and Barnea Investments, which each hold 10% of the stock, constituting the control core of the bank. Sixty percent of the bank's stocks are held by the public and traded on the Tel Aviv Stock Exchange.
The antecedents of the Jewish Colonial Trust can be traced to Herzl's visionary tract "Der Judenstaat" (lit. "The Jewish State"), detailing his vision of how the Jewish State would be created. A major role was assigned in this vision to a huge body, to be called "The Jewish Company", which would be "founded as a joint stock company subject to English jurisdiction, framed according to English laws, and under the protection of England". In Herzl's vision, this Company would control virtually all the land in Palestine and would take care of transporting there millions of people within a few years – all, or nearly all, Jews living in the world. It would then take care of all the logistics of settling them in their new country, establishing them in urban and rural environments and getting agriculture, trade and industry going. For the Herculean tasks envisioned for it, Herzl estimated that the company's capital should be about a thousand million marks (about £50,000,000 or $200,000,000).[citation needed]
In practice, the Zionist movement was completely unable – either politically or financially – to undertake anything of remotely such dimensions. The actual "Jewish Colonial Trust" – established, indeed, in London – was in effect a small-scale model of the company envisioned in "Der Judenstaat": its capital a small fraction of the sum envisioned for "The Jewish Company" and its activity limited to transporting and settling small numbers of Jews on whatever limited parcels of land in Palestine the Zionist movement managed to buy. Even so, the "Colonial Trust" had a key role in the actual implementation of the Zionist project, towards eventual creation of Israel.[citation needed]
The Jewish Colonial Trust (German: Jüdische Kolonialbank), predecessor to the present Bank Leumi, was founded at the Second Zionist Congress in Basel and incorporated in London in 1899 as the financial instrument of the Zionist Organization. The initial capital raised—a total of £395,000—fell far short of the £8 million target; Nahum Sokolow wrote in 1919: "The British East Africa Company, which administered 200,000 square miles, began with the same amount £250,000."
The bank's activities in Palestine were carried out by the Anglo-Palestine Bank, a subsidiary formed in 1902. The bank opened its first branch in Jaffa in 1903 under the management of Zalman David Levontin. Early transactions included land purchase, imports and obtaining concessions. Branches were opened in Jerusalem, Beirut, Hebron, Safed, Haifa, Tiberias and Gaza.
The Anglo-Palestine Bank offered farmers long-term loans and provided loans to the Ahuzat Bayit association which built the first neighborhood in Tel Aviv. During World War I, the Ottoman government declared the bank, which was registered in England, to be an enemy institution and moved to shut it down and confiscate its cash.
After World War I, its operations expanded. In 1932, the main branch moved from Jaffa to Jerusalem. During World War II, the Anglo-Palestine Bank helped to finance the establishment of industries that manufactured supplies for the British army.
Bank Leumi
Bank Leumi (Hebrew: בנק לאומי, lit. National Bank; Arabic: بنك لئومي) is an Israeli bank. It was founded on February 27, 1902, in Jaffa as the Anglo-Palestine Company as subsidiary of the Jewish Colonial Trust (Jüdische Kolonialbank) Limited formed before in London by members of the Zionist movement to promote the industry, construction, agriculture, and infrastructure of the land hoped to ultimately become Israel. Today, Bank Leumi is Israel's largest bank (by total assets as of 2015), with overseas offices in Luxembourg, US, Switzerland, the UK, Mexico, Uruguay, Romania, Jersey, and China.
Though nationalized in 1981, now Bank Leumi is mainly in private hands, with the government as the largest single shareholder, with 14.8% of the stock, as of June 2006.[update] The other major shareholders are Shlomo Eliyahu and Barnea Investments, which each hold 10% of the stock, constituting the control core of the bank. Sixty percent of the bank's stocks are held by the public and traded on the Tel Aviv Stock Exchange.
The antecedents of the Jewish Colonial Trust can be traced to Herzl's visionary tract "Der Judenstaat" (lit. "The Jewish State"), detailing his vision of how the Jewish State would be created. A major role was assigned in this vision to a huge body, to be called "The Jewish Company", which would be "founded as a joint stock company subject to English jurisdiction, framed according to English laws, and under the protection of England". In Herzl's vision, this Company would control virtually all the land in Palestine and would take care of transporting there millions of people within a few years – all, or nearly all, Jews living in the world. It would then take care of all the logistics of settling them in their new country, establishing them in urban and rural environments and getting agriculture, trade and industry going. For the Herculean tasks envisioned for it, Herzl estimated that the company's capital should be about a thousand million marks (about £50,000,000 or $200,000,000).[citation needed]
In practice, the Zionist movement was completely unable – either politically or financially – to undertake anything of remotely such dimensions. The actual "Jewish Colonial Trust" – established, indeed, in London – was in effect a small-scale model of the company envisioned in "Der Judenstaat": its capital a small fraction of the sum envisioned for "The Jewish Company" and its activity limited to transporting and settling small numbers of Jews on whatever limited parcels of land in Palestine the Zionist movement managed to buy. Even so, the "Colonial Trust" had a key role in the actual implementation of the Zionist project, towards eventual creation of Israel.[citation needed]
The Jewish Colonial Trust (German: Jüdische Kolonialbank), predecessor to the present Bank Leumi, was founded at the Second Zionist Congress in Basel and incorporated in London in 1899 as the financial instrument of the Zionist Organization. The initial capital raised—a total of £395,000—fell far short of the £8 million target; Nahum Sokolow wrote in 1919: "The British East Africa Company, which administered 200,000 square miles, began with the same amount £250,000."
The bank's activities in Palestine were carried out by the Anglo-Palestine Bank, a subsidiary formed in 1902. The bank opened its first branch in Jaffa in 1903 under the management of Zalman David Levontin. Early transactions included land purchase, imports and obtaining concessions. Branches were opened in Jerusalem, Beirut, Hebron, Safed, Haifa, Tiberias and Gaza.
The Anglo-Palestine Bank offered farmers long-term loans and provided loans to the Ahuzat Bayit association which built the first neighborhood in Tel Aviv. During World War I, the Ottoman government declared the bank, which was registered in England, to be an enemy institution and moved to shut it down and confiscate its cash.
After World War I, its operations expanded. In 1932, the main branch moved from Jaffa to Jerusalem. During World War II, the Anglo-Palestine Bank helped to finance the establishment of industries that manufactured supplies for the British army.