# Leumi Private Banking: wealth segment of Israel's largest bank

> Official entry from NIS 1.5m net worth (US$50k for foreign residents); no offshore booking centres remain; Israel has no deposit insurance scheme.

Author: Dana Berzeg — Attorney-at-law, Family Office (https://wiki.private.law/en/authors/berzegova)
Last modified: 2026-10-20T13:23:00.000Z
Canonical: https://wiki.private.law/en/bank-leumi-private
Publisher: wiki.private.law (https://wiki.private.law)
Version: 633b57410dffb08f8f6850929258e98885822662a512f7b02c89fda67552688e
Cite as: Leumi Private Banking: wealth segment of Israel's largest bank. wiki.private.law. https://wiki.private.law/en/bank-leumi-private. Version 633b57410dffb08f8f6850929258e98885822662a512f7b02c89fda67552688e.
Topics: banking
Jurisdictions: israel, uk
Functional tags: private-banking
Product tags: bank, investment, trust, estate-planning
Semantic tags: private-banking, bank, investment, trust, estate-planning

---

## Concept

Leumi Private Banking is the affluent-client segment within the Retail Banking Division of Bank Leumi le-Israel B.M., Israel's largest bank by total assets (NIS 873bn at end-2025, ~US$274bn; Hapoalim: NIS 766.7bn) and by market capitalisation (Mar 2026). Group President & CEO is Hanan Friedman (since 1 Nov 2019); Chairman is Uri Alon (since 18 Dec 2024); no separately named head of private banking is disclosed, and the retail division is led by First EVP Eyal Efrat.

Service is delivered through 5 dedicated Private Banking centres (two in Tel Aviv, Jerusalem, Haifa, Herzliya Pituach) plus 3 designated branches for portfolios of NIS 4m–10m. Segment client assets (securities plus mutual, provident and study funds, average balance): NIS 75.6bn in 2025 (~US$23.7bn), NIS 61.7bn in 2024, NIS 49.4bn in 2023; deposits NIS 37.0bn; segment net income NIS 239m (2025).

## History and evolution

- **27 Feb 1902** — founded in Jaffa as the Anglo-Palestine Company (of the Jewish Colonial Trust, London).
- **1950** — renamed Bank Leumi le-Israel; **1954–1955** — de facto central bank until the Bank of Israel was established.
- **1983** — nationalised in the bank-share crisis; **5 Sep 2018** — privatisation completed.
- **2002** — global private-banking unit formed (~US$30bn AUM).
- **2011–2012** — Swiss expansion attempt (Banque Safdie → Leumi Private Bank).
- **22 Dec 2014** — DOJ deferred prosecution agreement → exit from Swiss and Luxembourg private banking (assets to Julius Baer, 2014–15; Banque J. Safra Sarasin, closed Q1 2016).
- **2019** — sales of Leumi Romania and Leumi Card.
- **1 Apr 2022** — Bank Leumi USA merged into Valley National Bancorp (~US$1.2bn deal; Leumi retains ~13% of Valley).
- **2022–2023** — Bank Leumi (UK) plc wound down (members' voluntary liquidation 13 Dec 2022); PRA/FCA authorisation ended 11 May 2023.
- **2023–2024** — HQ moved to Leumi Campus, Lod.
> 🍓 Israel has NO deposit-insurance scheme — implicit government support only; a Bank of Israel discussion paper (Mar 2023) examined introducing one, but none is in force as of 2026. UK deposits were FSCS-protected until authorisation ceased (May 2023); the current UK lender holds no deposits. Bank Leumi USA was FDIC-insured until its 2022 merger into Valley National Bank.

## Regulation

Bank Leumi le-Israel B.M. is supervised by the Bank of Israel. Per the FY2024 report, foreign-office activity is carried out only through the UK office; no offshore private-banking booking centres remain.

Compliance context: **22 Dec 2014** — DOJ DPA (C.D. Cal.): the bank admitted conspiracy to aid US taxpayers filing false returns via undeclared accounts (Israel, Switzerland, Luxembourg, US; 2000–2011); payments of US$270m to the US plus a US$130m NYDFS consent order — US$400m total; 1,500+ US account holders disclosed; a monitor was appointed; the first Israeli bank to admit such conduct. In 2023 a US Senate Finance Committee report raised concern that Leumi may have breached its DPA; no new DOJ action has been reported. Bank of Israel fines: Jun 2015 — NIS 4.2m (AML reporting); Feb 2023 — NIS 1.88m (Pepper app onboarding, self-reported); Feb 2024 — NIS 1m (debt-collection reporting); Oct 2024 — NIS 3.3m (unreported inbound foreign transfers); Sep 2025 — NIS 2.1m (unreported structured deposits and KYC deficiencies, classified by the bank as a local violation of minor severity).

## Source of wealth

Typical wealth origins: tech entrepreneurs and executives (start-up nation exits), business owners, professionals, real-estate wealth, new immigrants and foreign residents served in Israel, multi-generational families. On documenting [source of funds](https://wiki.private.law/source-of-funds), see the dedicated wiki article.

> 💡 Official entry thresholds: private customers — net worth over NIS 1.5m (~US$470k); foreign residents — holdings over US$50,000. The regulatory segment definition (Bank of Israel directives) is a financial portfolio at the bank exceeding NIS 3m (~US$940k).

## Who it serves

Affluent Israelis and foreign residents who want the country's largest bank with a full investment and trust offering; clients with portfolios of NIS 4m–10m are served at designated branches.

## Services

- dedicated relationship manager;
- investment advisory by capital-markets specialists (the Odyssey advisory/analysis system);
- securities trading, execution and custody;
- advanced digital private banking;
- credit including mortgages (segment loan book modest at ~NIS 0.58bn end-2025);
- trust and estate services via Bank Leumi le-Israel Trust Company Ltd — described by the DOJ as Israel's oldest and largest bank trust company.
Under the Israeli model, banks provide advice; discretionary management sits with separately licensed portfolio managers.

## Entities

| Jurisdiction | Legal entity | Form and supervision | Role |
| --- | --- | --- | --- |
| Israel | Bank Leumi le-Israel B.M. | Bank supervised by the Bank of Israel | Core entity: 5 Private Banking centres and 3 designated branches |
| United Kingdom | Leumi UK Group Ltd | Non-bank commercial lender; takes no deposits | Real estate and hotel finance, Leumi ABL; loan book over £3bn |

## Strengths

- Israel's largest bank by assets and market cap; record 2025 net income of NIS 10.3bn, ROE 15.8%;
- fast-growing segment: AUM up from NIS 49.4bn (2023) to NIS 75.6bn (2025);
- low entry threshold for foreign residents (US$50,000);
- in-house trust company.
## Where it falls short

- no offshore booking: international private banking was wound down in 2014–2023;
- no deposit insurance in Israel;
- small segment loan book (~NIS 0.58bn);
- no discretionary management.
For clients whose lives and capital are tied to Israel, Leumi Private Banking is a natural first port of call. Those needing offshore booking, discretionary management or insured deposits will need additional jurisdictions.

## Q/A

### What is the official entry threshold?

Net worth over NIS 1.5m (~US$470k) for private customers; holdings over US$50,000 for foreign residents. Under Bank of Israel directives the segment covers clients with a financial portfolio at the bank exceeding NIS 3m.

### Are deposits insured in Israel?

No: Israel has no deposit-insurance scheme, only implicit government support. Introducing insurance was examined by the Bank of Israel (Mar 2023) but is not in force as of 2026.

### Can I bank with Leumi outside Israel?

No offshore private-banking centres remain: the only foreign presence is Leumi UK, a non-bank commercial lender that takes no deposits.

### Does the bank offer discretionary management?

No. Under the Israeli model banks provide investment advice, while discretionary management sits with separately licensed portfolio managers.

### How large is the segment?

Client assets of NIS 75.6bn (~US$23.7bn) in 2025, deposits of NIS 37.0bn and segment net income of NIS 239m.

---

## Similar articles

- [British Atlantic Bank (NodaBank): Accounts, Deposits and Lending](https://wiki.private.law/en/nodabank)
- [Bank Hapoalim Private Banking: wealth at Israel's founding bank](https://wiki.private.law/en/bank-hapoalim-private)
- [Arbuthnot Latham: London's entrepreneurial private bank](https://wiki.private.law/en/arbuthnot-latham)
- [LLB: Liechtenstein's state bank with three booking centres](https://wiki.private.law/en/llb-liechtensteinische-landesbank)
- [Union Bancaire Privée: the Geneva family bank built through acquisitions](https://wiki.private.law/en/ubp-union-bancaire-privee)
- [Emirates NBD: Dubai's flagship bank with private banking from US$5m](https://wiki.private.law/en/emirates-nbd)

---

Source: wiki.private.law — the private.law legal knowledge base. When quoting, cite the canonical page URL.
Consultation with a lawyer: https://t.me/private_law_bot