Investors Review August 2015

‫מודפס גם בעברית‬
Issue No. 126
August 2015
ESPECIALLY FOR LEUMI UK PRIVATE BANKING CLIENTS
Israel Macro Economic Review
By: Yaniv Bar, Economic Department, Finance Division
What’s in ”Investor’s Review"
Israeli Macro Economic Review
World Macro
FinTech
Select Indices
Closing
value
July 31
Return
in
July %
YTD
Return
in %
TA 100
1480
4.25
14.72
TA 25
1712
3.87
16.9
DJ
Industrials
17343
0.4
-0.75
Nasdaq
Composite
5043
2.84
8.28
Nikkei 225
20725
1.73
17.96
July 31st, 2015
Editing:
Digital Dep't, Marketing Division
Email:
[email protected]
The August interest rate of the Bank of Israel will remain unchanged;
the chance for an additional rate cut in the coming months has
lessened
The Monetary Committee of the Bank of Israel (BoI) decided on July 27th
to keep its interest rate for August unchanged at 0.1%.
The underlying factors emphasized by the BoI in its August rate decision
include: (a) a certain stabilization in the inflation environment – the rate of
increase in the CPI over the past four months has been consistent with the
price stability target range (1-3%), and furthermore, the capital market
derived inflation expectations for the long-term are currently near the
center of the range; (b) continuing moderate growth of the local economy,
led by private consumption, despite the decline in export activity and
industrial production, this according to indicators on overall activity
in the economy (headed by June’s composite state-of-the-economy
index, which increased 0.4%); (c) continued risk to the global economic
recovery in light of the recent developments in China and Greece, while
simultaneously expansionary monetary policy is being continued around
the world; (d) estimates by the BoI that the US interest rate is expected to
start climbing sometime this year, although by a moderate rate; and (e)
continued heightened activity in almost all aspects of the local housing
market.
Furthermore, the decision to keep the local interest rate unchanged was
made despite the appreciation in the shekel vis-a-vis the currency basket
(primarily vis-à-vis the euro) since the last Monetary Committee meeting
at the end of June.
Further support for the decision to keep the central bank interest rate
unchanged came from the semiannual “Financial Stability Report”, which
was published on July 28th by the BoI (the day after the publication of
the interest rate decision). It is written in the report that the local financial
system is exposed to a number of substantial risks, most of which are the
result of the low interest rate environment over the long-term, headed
by: “asset price inflation” and the exposure of the financial system to
the housing market and the under pricing of risk in the corporate bond
market. These risks are actually likely to heighten as the local interest rate
is increased, which is likely to lead to shocks in the markets and to a sharp
downward correction in asset prices. The findings of this analysis also
support the decision of the BoI not to lower its interest rate at the current
time, despite the continuing trend of appreciation in the exchange rate of
the shekel vis-à-vis the currency basket, and the substantial weakness in
export activity, this so that the risks that were noted to financial stability
will not become more severe.
In light of the above, and particularly when taking into consideration
the additional information with the publication of the “Financial Stability
Report”, following the release of the interest rate decision, we estimate
that the chances for an additional interest rate reduction during the
coming months have lessened; however, it is still quite possible that other
(continuation on page 4)
An unbalanced global recovery: Large countries are improving,
emerging markets are softening
The outset of 2015 saw a rise in investor angst, fueled by
the crisis in Greece, the fall in oil prices, and differing views
over the timing of a US interest-rate hike. As the year’s third
quarter gets underway, key global economies are showing
signs of recovering at a steady, albeit moderate, pace, and we
expect the pace of growth to gradually pick up. In contrast,
emerging markets, particularly those in Asia, are currently the
main source of weakness in global demand, and most face a
host of challenges. The combination of external difficulties,
over which those countries have little control, and domestic
obstacles, imply that policies in those countries will remain
expansionary for some time to come.
United States
The world’s largest economy is improving at a stable,
consistent pace. While first quarter GDP data initially
showed the economy had contracted due to severe weather
conditions, the figures were later upwardly revised, with first
quarter growth coming in at 0.6% year on year, and second
quarter GDP rising by 2.3%. At the same time, it now appears
the Fed will shortly be raising its key policy rate. Over 80% of
economic forecasters see the initial rate hike coming by the
end of the year.
While Europe’s economy improves, the Greek economy
deteriorates
In March of this year, the European Central Bank launched a
quantitative easing program expected to total €1.1 trillion.
This unprecedented ECB support is aimed at stimulating
the eurozone’s economic recovery. In 2014, the region
managed to generate 0.8% growth, following two years
of recession. As of the end of this year’s second quarter,
the ECB’s quantitative easing program was showing signs
of success. Second quarter earnings season has surprised
to the upside: following years in which the profits of large
European corporations were flat, companies’ bottom lines
are now growing again. Economic indices are also improving,
as evidenced in improved confidence amongst companies
and households. Aggregate credit issuance has risen, and
loans issued by European banks to borrowers outside the
eurozone have expanded considerably.
At the same time, however, the Greek economy has
been losing altitude, and global investors are becoming
increasingly worried that Greece may eventually default
on its debts and pull out of the eurozone. The most recent
development in the crisis occurred in January, when the Greek
government called snap elections, which brought to power
an extreme leftwing party. Following the elections, Greece’s
creditors gave the country a four-month grace period to pay
off the loans it had received in the framework of the 2012
bailout package provided by the European Union, ECB, and
International Monetary Fund. The negotiations between
2
representatives of the EU and the Greek government were
rocky. The main point of contention was a commitment
Greece had undertaken to introduce reforms in its tax
system and to cut back pension payments, amongst other
issues. As concerns mounted, the Greek government
shuttered local banks, halted trading in the county’s stock
market, and imposed restrictions on cash withdrawals and
overseas capital transfers. On July 4, a referendum was held
in which 60% of Greek voters rejected the terms of the
creditors’ bailout program. This sent investor jitters to a high
point, and stock markets fell across the globe. In the end, on
July 13 in Brussels, following intense discussions amongst
European heads of state, the IMF’s managing director, and
all EU finance ministers, the sides reached an agreement on
an aid package, which was subsequently approved by the
various European parliaments. Trading in the Greek stock
market was resumed after a three week hiatus, and on the
first day of trading the country’s key stock index plunged
16%.
China
As part of the Chinese government’s aim of opening its
financial markets to foreign investors, those investors were
permitted to invest for the first time directly in mainland
Chinese stocks, some of which until then had been listed
on the Hong Kong stock exchange and were called H
shares. From January to May, mainland Chinese stock
indices in Shanghai and Shenzhen surged by over 100%,
while the benchmark CSI 300 index rose by around 50%.
These aggressive rallies were the result of capital inflows
and investor assessments that the government’s efforts to
stimulate China’s economy would succeed in accelerating
the rate of growth. By way of comparison, the main Hong
Kong equity index, which includes the shares of some
mainland Chinese companies, was up at its peak by only
19% during this period. In the middle of June, the market
trend reversed course and mainland Chinese shares began
plunging amidst heightened volatility. Only at the outset
of July did the markets begin settling down, thanks to
concerted intervention by the Chinese authorities, who
allowed almost two-thirds of all listed companies to suspend
trading in their shares. At the end of July, restrictions on
trading were lifted on some of those shares, leading to
volatile trading.
The economic data coming out of China indicate the current
slowdown is likely to continue over the near term. The
Market purchasing managers index, for example, indicates
that China’s manufacturing sector continues contracting.
Also, imports have fallen sharply. Based on these data points,
it appears the Chinese economy is slowing. Moreover,
investors have lost confidence in the government’s ability to
fuel sustainable improvement in the pace of growth.
ESPECIALLY FOR LEUMI PRIVATE BANKING CLIENTS
Fintech - The trend that everyone in the financial
markets is talking about
By: Itai Ben-Zeev, head of Leumi’s financial markets division, and Or Klier, head of the bank’s strategy division
What is Fintech?
Financial technology (fintech) is one of the hottest fields in
the tech world in recent years.
So what is fintech? It’s the creation of ‘innovative
technologies in the financial services industry either
through the introduction of new technology based
products and services, or by the adoption of innovative
technological approaches.
The innovations fintech offers are being implemented
in all aspects of the financial services industry. “Everyday
banking” has witnessed a host of innovations, including
advanced personal financial management tools, usage
of big data to generate targeted and personalized value
propositions and value proposals, alternative savings
products, and new client interfaces. In the area of
payments and money transfers, advanced technological
tools and platforms are being developed with the aim
of enhancing speed and convenience, to simplify the
process of transferring money, and to reduce the cost of
transactions. In this field you can find high-tech giants
like Apple and Google, in addition to firms like Ripple and
Transferwise, amongst others. Credit issuance is one area
where impressive progress is being made. P2P lending and
crowdfunding have continued growing rapidly. In addition
we experience impressive developments in the creation of
digital tools that are based on advanced risk management
capabilities in the area of lending to small and midsize
businesses.
Fintech in the financial markets: What’s happening
and where are things headed?
Two seemingly opposing trends are evident in the financial
markets, driven by technological advances. The first is the
increased use of algorithmic (algo) trading of various sorts,
which offers a significant advantage in terms of speedof-response times and the ability to calculate complex
mathematical functions in real time. The second is the
wisdom the of crowd, which empowers small investors,
assisting them in making investment decisions by improving
the availability of information, and by enabling them
to monitor and follow portfolios of successful investors.
Israeli entrepreneurs have established several successful
fintech companies in this area. One is eToro, which provides
a link between the worlds of social networks with that
of investment. TipRanks is another, which in addition to
aggregating stock recommendations of various analysts,
the company provides investors with information about
the quality of the analysts’ recommendations based on
their past performance regarding specific stock. Over the
PRIVATE BANKING Issue No. 126
August 2015
past year, Bank Leumi has successfully integrated TipRanks
solutions for the benefit of our clients.
More and more tools to improve the advisory services
of the bank are being introduced. Leveraging big data,
these solutions are highly significant, enabling advisors to
identify phases and turning points in clients’ lives, creating
order amidst the ocean of financial market information,
and offering investments tailored to clients’ personal
preferential needs.
In addition to these innovative tools aimed at enhancing
the work of financial advisors, automatic advisory tools are
being offered directly to clients with the aim of providing
simple, basic alternative to a financial advisor. Companies
such as Betterment and Wealthfront create services that
are designed mainly to automatically advise clients with a
relatively low level of savings. These companies offer tools
that provide fast, simple, solution and easy to understand
ways to customize the investment portfolios based on
the clients’ personal preferences under the guidance of a
digital investment advisor.
Over the past year, we’ve been following the impressive
activities around fintech developments at Fidelity,
the American financial services giant. As part of a
clear digital strategy focused on client needs and the
company’s knowledge of markets, Fidelity, which in the
past used to develop technologies almost entirely on its
own, established innovation labs and center aimed at
examining and experimenting with innovative external
services and products from the fintech industry. Fidelity
has acquired and integrated fintech startups designed to
provide advisory services and automatic digital trading,
in addition to developing apps for mobile, wearable
watches and layered-reality glasses (i.e., glasses that
simulate reality). Fidelity also launched financial education
initiatives, amongst other developments. But Fidelity isn’t
alone in its openness to innovation. Other financial-service
companies, worldwide, have expanded their operations
in these areas, actively testing and integrating innovative
tools, as well as linking up with players in the fast-growing
fintech industry. Financial markets by their very nature are
dynamic and prone to change. Technological innovation
is never-ending and can be expected to find new ways of
becoming more flexible and developing further in coming
years. Opportunities may exist in such areas as the analysis
of investor behavior, garnering insights from the wisdom
of the crowd, leveraging data, and even utilizing elements
of gaming (gamification). Taken together, all these
developments may even end up impacting the behavior
of the financial markets themselves.
3
(continuation from page 1)
LEUMI PRIVATE BANKING
CENTERS IN ISRAEL
monetary expansionary steps will be taken, among them being monetary
easing (via the foreign exchange market and not via the bond market). The
underlying conditions for any such move to occur are likely to include an
additional appreciation in the shekel vis-à-vis the currency basket; a decline in
the inflation environment to a rate that deviates from the target range; and a
lack of any tangible improvement in local economic activity (in particular in
light of the weakness in exports).
Over the longer-term, a change in the trend and a hike in the Israeli interest rate
are dependent also on the path of US interest rates – as long as a rate hike is
delayed in the US, then a delay in a change in the trend in local Israeli rates can
also be expected. In any event, the path of the interest rate hike, whenever it
begins, is expected to be moderate (moderate rates of increase) and gradual in
the coming years.
PRIVATE BANKING FOR ISRAELI RESIDENTS
The composite state-of-the-economy index: no improvement in economic
activity and with a bias towards import-based private consumption, and
weakness in most other areas of activity
The composite state-of-the-economy index increased 0.4% in June, compared
to the preceding month. June’s figure reflects a high rate of growth compared
to the average monthly growth rate in recent years. Looking over the longer
term, this index increased 3.7% in June this year compared to June last year (the
highest growth rate since June 2012), which strengthens our estimate that the
growth rate of the business sector has returned to a level of around 3%, similar
to the rates of growth prevalent up until the beginning of 2014.
The main factors that contributed to the increase in June’s composite index include:
the import of consumption goods, the import of manufacturing inputs, and the
revenue of trade activities. On the other hand, the main factors that offset the
growth rate of the composite index include: goods exports, which declined 5%
compared to the preceding month and by a cumulative rate of 20% since the
beginning of the year; industrial production; and the revenue of services activities.
It is worthwhile to emphasize that the increase in the composite index in June
was supported primarily by an increase in import factors, which do not account
for a portion of total economic production (local), whereas in the indices on
real activity declines were registered. The increase in the index does not reflect
an improvement in overall economic activity, and in particular there is a strong
degree of inconsistency in the composition of activity, with a bias towards
private consumption, which is based on imports, and weakness in most other
areas of activity.
An analysis of the quarterly data shows that in the second quarter of this year
the composite index indeed increased by a rate above the quarterly average
from the last three years; however, the rate is slightly below that from the
preceding quarter (3.6% compared to 3.8%, in annualized terms). Therefore, it
can be expected that the national accounts data for the second quarter, which
will be published in August, will indicate continued moderate growth (possibly
at a rate below that of, or similar, to that from the preceding quarter) in business
sector activity.
In this regard, we note that also during the third quarter a moderate increase
is expected in the economic activity of the business sector, led by the services
and construction sectors, as can be seen in the most current companies’ survey
of the Bank of Israel (BoI). This is alongside continued weakness in the industrial
and the accommodations sectors, in which a main part of activity is directed
towards overseas demand, and consequently these activities are more sensitive
to external shocks and to changes in the exchange rate.
Local manufacturers are expecting a sharp decline in export orders, together
with a more moderate decline in sales to the local market. Local hotels are
also expecting a continued decline in reservations from overseas tourists in the
coming quarter, in light of the moderation in the trend of recovery in tourist
entries and in overnight hotel stays by foreigners.
In summary, the data does not indicate a tangible improvement in local economic
activity in the second quarter of the year (and also not in the expectations for
the third quarter of 2015), but instead primarily indicate an increase in import
activity, which occurred against the backdrop of an expansion in private
consumption influenced by, among other things, the continuing appreciation
of the shekel vis-à-vis the currency basket.
4
ESPECIALLY FOR LEUMI PRIVATE BANKING CLIENTS
TEL AVIV - Tel: 972-76-8668699
HAIFA - Tel: 972-76-8668599
Horev Private Banking, Tel: 972-76-8671511
Rehovot - Private Banking - Tel 972-76-8679911
HERZLIYA - Tel: 972-76-8668899
JERUSALEM - Tel: 972-76-8678066
PRIVATE BANKING FOR FOREIGN RESIDENTS
TEL AVIV - Tel: 076-866-0600, 076-867-1899
JERUSALEM - Tel: 972-76-8678066
Disclaimer: The contents of this review, including
the data, information, estimations, opinions and
forecasts (the "Information") was prepared in
reliance upon general information known to the
public and / or information received, wholly or
partially, from third parties ("Information Providers")
and is provided solely as general information. The
Information should not be relied upon, nor should
it be viewed as a recommendation or substitute
for your independent discretion, or as an offer
or solicitation, or advice whether general or as it
pertains to your data and special needs, regarding
the acquisition or execution of investments and/or
any other transactions or dealings whatsoever.
It is hereby clarified, that Information regarding
investment counseling services and securities
trading services, are not directed towards nor are
they offered in the U.S. or to U.S. Persons as defined
in Regulation "S" of the U.S. Securities Act.
Please note, Leumi has not carried out any
independent reviews for purposes of verifying
the Information supplied by the Information
Providers. You should take into account that the
Information is subject to change from time to time
and is provided "As Is". The Information may contain
mistakes and may be given to modification after it
has been published including as a result of market
changes. Furthermore, since the estimations
and forecasts in general and regarding shares
especially, by their nature, involve uncertainty and
risks of error, substantial errors may be discovered
between the estimations and forecasts expressed
in the framework of the Information and the actual
results. Leumi has no obligation whatsoever, to
provide any notification whatsoever regarding the
aforementioned changes and / or to update the
Information in advance or retroactively.
The products appearing in this review are
presented solely in a general manner and are
intended for Leumi customers exclusively. The
binding conditions regarding said products are
conditions that shall be agreed upon with each
customer, according to the discretion of Leumi.
Prior to investing in any product whatsoever, it is
recommended that all necessary evaluations be
performed, including examination of the issue
regarding appropriateness of the product to fit your
needs, the possible profitability and rate thereof
and the possibility of alternative investments.
Leumi is permitted to change products or to
cease selling them completely, according to its
discretion.The Leumi Group and/or the controlling
parties and or interest holders as the case may be,
may have an interest in the Information from time
to time, including in financial assets, securities and
Provident Funds (the "Financial Assets") presented
within such framework, and they may, according
to their discretion, hold, buy or sell the various
Financial Assets mentioned and/or reviewed in the
Information framework. In this review publications
may appear regarding structured deposits.
Concerning structured deposits, the Bank deals with
marketing investments, has an interest in relation
to such deposits and has a financial interest in the
marketing thereof. Therefore, it's possible that such
deposits will be given priority over similar products
with respect to their suitability for customers. It
is further clarified that structured deposits are
defined as transactions entailing a special risk.The
Information may be protected by copyright laws
in Israel or abroad and/ or include confidential
details. The Information may not be used in a
manner which infringes upon such copyright and
it is forbidden to copy, modify, distribute or make
any commercial use of the Information or any part
thereof. Any distribution or copying of this review
is strictly forbidden. If you received this review in
error, you are requested to notify us by phone or
e-mail and to delete this review immediately.
4
Going Further - Bank Leumi (UK) plc
Leumi Private Banking
Leumi Jersey
Leumi Private Banking is proud to protect and enhance the wealth of its
international clients and their families through a comprehensive range of
private banking, investment and trust services.
Jersey is located in the Channel Islands, and is a secure and stable
environment, with an excellent reputation. We have an experienced team
who are able to provide a flexible and focused approach to meeting a client’s
individual needs.
Services
from(Jersey)
Bank
Leumi
(Jersey)provides
Limited
Bank
Leumi
Limited**
a full
range
ofof
private
banking
Bank
Leumi
(Jersey)
Limited**
provides
a full
range
private
banking
require
a aChannel
Island
location
with
security
requireprovides
Channel
Island
location
with
security
Bank
Leumi
(Jersey)
Limited**
a
full
range
of
private
banking
Deposit
Taking
and
confidentiality,
and
confidentiality,
require
a provides
Channel
Island
location
with
Bank
Leumi
(Jersey)
Limited**
a
full
of private
banking
We
provide
accounts
where
capital
and income
arerange
segregated.
This,security
and
confidentiality,
Bank
Leumi
(Jersey)
Limited**
provides
ashould
fullIsland
range
of
banking
require
a Channel
location
with
security
combined
with
our attractive
interest
rate,needs.
prove
toprivate
be particularly
approach
to
meeting
individual
approach
to
meeting
individual
client›s
needs.
and
confidentiality,
require
aclient›s
Channel
Island
location
with
security
beneficial
to
clients
who
are
UK
resident,
but
not
UK
domiciled
there.
approach
to meeting individual client›s needs.
and
confidentiality,
It may also be attractive in other circumstances.
approach to meeting individual client›s needs.
Bank
Leumi
Ltd
is a participant
in the
Jersey Bank Depositors
From
Bank
Leumi
(Jersey)
Limited
From
Bank
Leumi
(Jersey)
Limited
approach
to(Jersey)
meeting
individual
client›s
needs.
Banking
for
Non-Domiciliaries
Compensation
Scheme.
The
Scheme
offers
protection
for eligible deposits
Banking
for
Non-Domiciliaries
From Bank Leumi (Jersey) Limited
We
routinely
accounts
where
capital
and
income
areare
segregated.
ofWe
up
to Bank
£50,000.
The maximum
total
amount
of
compensation
is segregated.
capped at
routinely
provide
accounts
where
capital
and
income
Banking
for provide
Non-Domiciliaries
From
Leumi
(Jersey)
Limited
This,
combined
with
our
attractive
interest
rate,
should
prove
toto
bebe
This,
combined
with
our
attractive
interest
rate,
should
prove
£100,000,000
inNon-Domiciliaries
any
5 accounts
year
period.
Full details
of
the
Scheme
and
banking
We
routinely
provide
where
capital
and
income
are
segregated.
Banking
for
From
Bank
Leumi
(Jersey)
Limited
groups
covered
are
available
on provides
the
States
website
www.gov.je/
Bank
Leumi
(Jersey)
Limited**
a of
fullJersey
range
of private
banking
This,
combined
with
our
attractive
interest
rate,
should
prove
to be
We
routinely
provide
accounts
where
capital
and
income
are
segregated.
Banking
for
Non-Domiciliaries
there.
may
also
bebe
attractive
ina in
other
circumstances.
there.
It
may
also
attractive
other
circumstances.
require
Channel
Island
location
security
dcs,
orIton
request.
This,
combined
with
our attractive
interest
should
prove
to be
We
provide
accounts
where
capital
andrate,
income
arewith
segregated.
androutinely
confidentiality,
there.
It may alsowith
be attractive
in other
circumstances.
This, combined
our attractive
interest
rate, should prove to be
Custody
there. It may
also be individual
attractive client›s
in otherneeds.
circumstances.
approach
to meeting
t rtur sutsst, s ,
We
areItable
toalso
provide
global
custody
arrangements
for trusts,
companies
there.
may
beindividuals,
attractive
in other
circumstances.
trusts,
companies
and
individuals,
whose
planning
include
trusts,
companies
and
individuals,
whose
planning
include
companies
and
whose
planning
include
companies
and
individuals,
whose
planning
include
such
t r usuch
ssuch
tsuch
s,
and
individuals, whose planning include such requirements.
requirements.
requirements.
requirements.
requirements.
trusts,
companies
and
individuals,
whose
planning
include
usts,
companies
and (Jersey)
individuals,
whose planning includet rsuch
such
From Bank Leumi
Limited
Banking
for Non-Domiciliaries
requirements.
trusts, companies
and individuals,
whoseplanning
planning include
include
Executive
Mortgages
t r u s tsuch
s,
companies
and accounts
individuals,
whose
such
requirements.
We
routinely
provide
whereto
capital
and
income
are
segregated.
requirements.
This
product
is is
most
likely
toour
betoindividuals,
ofattractive
attraction
individuals
who
are
either
non-resident
trusts,
companies
and
whose
planning
include
such
This
product
most
applicable
for
UK
residents
who
are
not
domiciled
product
most
likely
be
of
interest
to
individuals
who
are
either
nonThis
product
isis
most
likely
to
be
of
attraction
to
individuals
who
are
either
non-resident
companies
and
individuals,
whose
planning
include
requirements.
This
product
is
most
applicable
for
UK
residents
who
are
not
domiciled
This, combined
with
interest
rate,
should
prove
tosuch
be
requirements.
or
nondomiciled,
whose
planning
allows
the
use
of
a non
– UK
loan.
for
tax
purposes
in
the
and
who
have
foreign
earnings.
clients
or
nondomiciled,
whose
planning
allows
the
use
of
a non
–use
UK
loan.
resident
or
non-domiciled,
whose
planning
allows
the
of
aThese
non-UK
loan.
for
tax
purposes
in
the
UK
who
have
foreign
earnings.
These
clients
requirements.
This
product
is most
likely
toUK
be
of and
attraction
to
individuals
who
are
either
non-resident
This
product
is most
applicable
for
UK
residents
who
are
not
domiciled
there.
It may may
be
attractive
in otheror
may
purchase
residential
investment
property
the
UK
using
athe
Bank
may
purchase
residential
or
investment
property
in
the
UK
using
a Bank
These
clients
purchase
residential
investment
property
in
UK
or
nondomiciled,
planning
the
use
of
a non earnings.
–inUK
loan.
This
product
isalso
most
likely
toor
be
ofallows
attraction
tocircumstances.
individuals
who
are
either
non-resident
for
tax
purposes
in
the
UK
and
who
have
foreign
These
clients
This
product
iswhose
most
applicable
for
UK
residents
who
are
not
domiciled
using
a Bank
(Jersey)
Limited
flexible
five
only
mortgage
or
nondomiciled,
whose
allows
the
use
of year,
a non
–the
UK
loan.
may
purchase
residential
or
investment
property
ininterest
UK
using
a Bank
This
is Leumi
most
likely
toplanning
be
of
attraction
to
individuals
who
areare
either
non-resident
forproduct
tax
purposes
in
the
UK
and
who
have
foreign
earnings.
These
clients
This
product
is
most
applicable
for
UK
residents
who
not
domiciled
multi-currency
option.
multi-currency
option.
t rclients
u as tBank
s,
with
a multi-currency
option.
may
purchase
residential
orallows
investment
in loan.
the UK
using
or
nondomiciled,
whose
planning
use
ofproperty
a non
– UK
for
tax
purposes
in
the
UK individuals,
and
whothe
have
foreign
earnings.
These
trusts,
companies
and
whose
planning
include
such
companies
and
individuals,
whose
planning
include
such
multi-currency
option.
Services
from
Leumi
Overseas
Trust
Company
Limited
may
purchase
residential
or
investment
property
in
the
UK
using
a
Bank
From
Leumi
Overseas
Trust
Corporation
Limited***
requirements.
From Leumi Overseas Trust Corporation Limited***
requirements.
multi-currency
option.
Fiduciary
Services
Fiduciary
Services
From
Leumi
Overseas
Trust Corporation Limited***
Fiduciary
Services
multi-currency
option.
The
formation
administration
ofUK
Trusts,
Foundations
and
Companies
This
product
is most
likely
to be
of attraction
toTrusts,
individuals
who
either
non-resident
The
formation
and
administration
of
Foundations
and
Companies
This
product
isand
most
applicable
for
residents
whoare
are
not
domiciled
Fiduciary
Services
From
Leumi
Overseas
Trust
Corporation
Limited***
The
formation
and
administration
of
trusts,
foundations
and
companies
or
nondomiciled,
whose
planning
the
use
of
agoal
non
–isUK
for
tax
purposes
in
the
UK
andallows
who
have
foreign
earnings.
clients
is Fiduciary
atformation
the
core
ofofour
service.
Whether
the
toloan.
isand
toThese
provide
anan
is
at
the
core
our
service.
Whether
the
goal
is
to
is
to
provide
Services
The
and
administration
of
Trusts,
Foundations
Companies
From
Leumi
Overseas
Trust
Corporation
Limited***
may
purchase
residential
or
investment
property
in
the
UK
using
a
Bank
is
at
the
core
of
our
service.
Whether
the
goal
is
to
provide
an
orderly
orderly
transfer
of
assets
to
future
generations,
maximise
returns
to
manage
wealth
orderly
transfer
of
assets
to
future
generations,
to
maximise
returns
to
manage
wealth
formation
of Trusts,
Foundations
and
Companies
is The
at the
core
ofand
ouradministration
service. Whether
the goal
is to is to
provide
an
Fiduciary
Services
transfer
ofefficient
assets
to
future generations, to manage wealth through
efficient
international
through
structuring,
efficient
structuring,
multi-currency
option.
isthrough
at the
core
of
our
service.
Whether
the
goalto
to
isinternational
to
provide
orderly
transfer
assets
to future
generations,
tois maximise
returns
manage
wealthan
The
formation
and
administration
of Trusts,
Foundations
and
Companies
international
planning,
we
can
assist
in
the
establishing
and
managing
structuring,
or
any
other
aspect
of
international
planning,
we
can
assist
in
the
international
planning,
we
can
assist
in
the
establishing
and
managing
planning,
we
can
assist
in
the
establishing
and
managing
the
most
planning,
we
can
assist
in
the
establishing
and
managing
the
most
international
orderly
transfer
of assets
future generations,
to ismaximise
returns
to
manage
wealth
through
efficient
is
atmost
the
core
of structuring,
our
service.
Whether
theLimited***
goal is to
to provide
an
From
Leumi
Overseas
Trustto
Corporation
the
appropriate
holding
vehicle.
the
most
appropriate
holding
establishment
and
ofvehicle.
thegenerations,
most
holding
vehicle.
appropriate
holding
vehicle.
appropriate
holding
vehicle.
international
Fiduciary
Services
international
planning,
we
can
assist
in
theappropriate
establishing
and
managing
through
efficient
structuring,
planning,
we
canofmanagement
assist
into
the
establishing
and to
managing
the
most
orderly
transfer
assets
future
to
maximise
returns
manage
wealth
The
formation
and
administration
of
Trusts,
Foundations
and
Companies
international
planning,
weincan
in the establishing
and managing
the
most
appropriate
holding
vehicle.
planning,
we
can
assist
theassist
establishing
and managing
the most
international
through
efficient
structuring,
appropriate
holding
Family
Office
Services
is at the
core
of ourvehicle.
service. Whether the goal is to is to provide an
theidea
most
appropriate
holding
vehicle.
international
planning,
we
can
assist
in
the for
establishing
andofmanaging
planning,
canofone
assist
inoverall
establishing
and
managing
the
most
The
ofwe
having
one
overall
focal
point
many
areas
planning
appropriate
holding
vehicle.
The
idea
of
having
one
focal
point
for
many
areas
of
planning
orderly
transfer
assets
tothe
future
generations,
to
maximise
returns
to
manage
wealth
The
idea
of
having
overall
focal
point
for many
areas
of
planning
and
the
most
appropriate
holdingto
inter
nat
ional
and
investment
is structuring
appealing
many
clients
and
wewe
are
able
to
provide
through
efficient
, vehicle.
and
investment
is
appealing
to
many
clients
and
are
able
to
provide
appropriate
holding
vehicle.
The
idea
of
having
one
overall
focal
point
for
many
areas
of
planning
investment
is
appealing
to
many
clients
and
we
are
able
to
provide
this
international
in the establishing
and managing
planning
, weplanning,
can assistweincan
theassist
establishing
and managing
the most
The
idea
ofone
having
one
overall
focalclients
point
for we
many
ofprovide
planning
and
investment
is
appealing
tovehicle.
many
are
able to
the
most
appropriate
holding
service
from
office.
As
an
enhancement,
weand
are
able
toareas
provide
Private
appropriate
holding
vehicle.
Private
Trust
Company
services,
where
family
members
may
beto
closely
Private
Trust
Company
services,
where
family
members
may
be
closely
and
investment
is
appealing
to
many
clients
and
we
are
able
provide
The
idea
of
having
one
overall
focal
point
for
many
areas
of
planning
Trust
Company
services,
where
family
members
mayanbe
closely
involved
in
involved
in
the
trustee
decision
making
–
giving
element
of
control
involved
in
the
trustee
decision
making
–
giving
an
element
of
control
Private
Trust
Company
services,
where
family
members
may
be
closely
and
investment
is
appealing
to
many
clients
and
we
are
able
to
provide
The
idea of
havingmaking
one overall
focal
point forofmany
areas
of planning
the
trustee
decision
- giving
an element
control
if required.
if
required.
if
required.
Private
Trust
services,
where
may
closely
involved
in theCompany
trustee
decision
making
–family
giving
an element
ofbe
control
and
investment
is appealing
to many
clients
andmembers
we
are able
to
provide
involved
inCompany
theSolutions
trustee
decision
making
– giving
an element
control
if
required.
Private
Trust
services,
where
family
members
may beof
closely
Wealth
Planning
Wealth
Planning
Solutions
Wealth
Planning
Solutions
Private
Trust Company services, where family members may be closely
if
required.
involved
the
trustee
decision
making
–– we
giving
an
element
of
control
Working
in
conjunction
with
tax
advisors,
can
provide
a
wide
range
Working
in
conjunction
with
tax
advisors,
we
can
provide
a
wide
range
Working
in
conjunction
with
tax
advisors,
we
can
provide
a
wide
range
involved
in
the
trustee
decision
making
giving
an
element
of
control
Wealth
Planning Solutions
ifof
ifrequired.
required.
solutions
for families
orwith
companies
lookingwe
to can
efficiently
manage
Wealth
Planning
Solutions
Working
in
conjunction
tax advisors,
provide
a wideand
range
andprotect
protect
assets
whilst
planning
the
future.
Wherever
there
and
whilst
planning
forforthe
future.
Wherever
there
is is
protect
assets
while
planning
for
the future.
Wherever
is a requirement
Wealth
Planning
Solutions
Working
in assets
conjunction
with
tax
advisors,
we
canthere
provide
a wide
range
Wealth
Planning
Solutions
Working
in services
conjunction
with
tax advisors,
wefuture.
can
provide
aand
wide
range
for
fiduciary
fromwith
anplanning
experienced
in
a reputable
stable
and
protect
assets whilst
for team,
the
Wherever
there
is
Working
in
conjunction
tax
advisors,
we
can
provide
a
wide
range
reputable
and
stable
jurisdiction,
will
be
able
assist.
reputable
and
stable
jurisdiction,
wewe
will
be
able
toto
assist.
andprotect
protect
assets
whilst
planning
for
the
future.
Wherever
there
jurisdiction,
we
will
bewhilst
able
toplanning
assist.
and
assets
for
the
future.
Wherever
there
is is
reputable
and
stablewhilst
jurisdiction,
we for
willthe
be able
to assist.
and protect
assets
planning
future.
Wherever there is
reputable
will
bebe
able
toto
assist.
reputableand
andstable
stablejurisdiction,
jurisdiction,we
we
will
able
assist.
reputable and stable jurisdiction, we will be able to assist.
Going
GoingFurther
Further–
–Bank
BankLeumi
Leumi(UK)
(UK)plc*
plc*
Going
Further
–
Bank
Leumi
(UK)
plc*
Going
Further
–Bank
BankLeumi
Leumi
(UK)
plc*
Leumi
Private
Banking
Leumi
Jersey
Going
Further
–
(UK)
plc*
Leumi
Private
Banking
Leumi
Jersey
Leumi Private Banking
Leumi Jersey
We welcome new clients.
Leumi
enhance
the
wealth
ofof
itsits
LeumiPrivate
PrivateBanking
Bankingisisproud
proudtotoprotect
protectand
and
enhance
the
wealth
international
clients
their
through
a acomprehensive
international
clientsand
and
theirfamilies
families
through
comprehensive
range
Banking
Services
Leumi
Private
Banking
is proud
to
protect
and enhance
the wealthrange
of
its
of
private
investment
and
trust
services.
of
private
banking,
investment
and
trust
services.
We
offerPrivate
abanking,
full
range
ofand
banking
services
inthrough
all
major
currencies,
accept
deposits
international
clients
families
comprehensive
range
Leumi
Banking
istheir
proud
to protect
and aenhance
the
wealth
of its
for
sums
of
£50,000
and
(orand
equivalent
in other
and provide
of
private
banking,
investment
trustthrough
services.
Leumi
Private
Banking
isabove
proud
to
protect
and
enhance
the wealth
of
its
international
clients
and
their
families
a currencies),
comprehensive
range
We
welcome
new
clients.
We
welcome
new
clients.
payment
cheque
booksfamilies
and
cards.a comprehensive range
international
clients
and
their
through
of privateservices,
banking,
investment
andcharge
trust
services.
We
welcome
new
clients.
ofBanking
privateServices
banking,
investment and trust services.
Banking
Services
We welcome
new clients.
Investment
Services
Banking
Services
We
welcome
newfor
clients.
For
sums
of £250,000
and of
above
(or equivalent
in (or
other
currencies)
we
offer
accept
deposits
and
inin
other
accept
deposits
forsums
sums
of£50,000
£50,000
andabove
above
(orequivalent
equivalent
other
Banking
Services
both
Advisory
and
Execution
Only Services.
We cheque
can
offer books
investment
advice
on
currencies),
and
provide
services,
currencies),
and
provide
services,
cheque
booksand
and
charge
accept
deposits
for
sums payment
ofpayment
£50,000
and above
(or equivalent
incharge
other
Banking
Services
cards.
fund
choice and
and also
assetpayment
allocationservices,
and portfolio
valuations
inand
all the
major
cards.
currencies),
provide
cheque
books
charge
accept deposits
for sums ofBanking
£50,000 and above (or equivalent in other
Leumi
Private
currencies.
Invested
cash can
be
held inservices,
the above
currency
your
choice.
cards.
currencies),
and
cheque
books
and
charge
accept
deposits
forprovide
sums
ofpayment
£50,000
and
(orofequivalent
in other
Investment
services
Investment
services
Leumi
Private
Banking is proud to protect and enhance the wealth of its
cards.
currencies),
and
provide
payment
services,
cheque
books
and
charge
Wealth
Planning
Solutions
and
Fiduciary
Services
international
clients
and
their
families
through
a
comprehensive
range
For
sums
of
£250,000
and
above
(or
equivalent
in
other
currencies)
For
sums
of
£250,000
and
above
(or
equivalent
in
other
currencies)
Investment
services
cards.
of private
banking,
investment
and trust
services.
We
structure,
establish
and
administer
trusts,
private
investment
companies
For
sums
of
£250,000
and
above
(or
equivalent
in
other
currencies)
Investment
services
investment
advice
fund
choice
and
also
asset
allocation
and
portfolio
We
newon
clients.
investment
advice
onlocations,
fund
choice
and
also
asset
allocation
and
portfolio
registered
in
various
and
foundations,
through
our
subsidiary
in
For welcome
sums in
of
£250,000
and
above
(orInvested
equivalent
in
other
currencies)
Investment
services
valuations
all
currencies.
can
held
inin
the
valuations
in
allthe
the
major
currencies.
Invested
cash
canbe
be
held
the
Jersey.
investment
advice
onmajor
fund
choice
and
also
asset cash
allocation
and
portfolio
For
sums
of
£250,000
and
above
(or
equivalent
in
other
currencies)
Banking
Services
currency
ofof
choice.
currency
your
choice.
valuations
inyour
all the
major
currencies.
cash
can be and
heldportfolio
in the
investment
advice
on
fund
choice andInvested
also asset
allocation
Treasury
and
Dealing
Services
accept
deposits
for
ofcurrencies.
£50,000
and
aboveallocation
(or
equivalent
in other
currency
of
your
choice.
valuations
in
all
the
major
Invested
cash
canand
be held
in the
investment
advice
onsums
fund
choice
and
also
asset
portfolio
Wealth
Planning
and
Fiduciary
Services
currencies),
and Solutions
provide
payment
services,
cheque
books
and
charge
Wealth
Planning
Solutions
and
Fiduciary
Services
Our
Private
Banking
Relationship
Managers,
in
conjunction
with
our
dealing
currency
of
choice.
valuations
in your
allestablish
the
majorand
currencies.
Invested
cashprivate
can be investment
held in
the
cards.
We
structure,
administer
trusts,
We
structure,
establish
and
administer
trusts,
private
investment
room,
are
able
to
provide
you
with
the
latest
market
information.
In
addition
Wealth Planning
Solutions and Fiduciary Services
currency
of your
choice.
companies
registered
in
various
locations,
and
foundations,
through
companies
registered
in
various
locations,
and
foundations,
through
they
canPlanning
offer
a range
of
future trusts,
and
derivative
strategies for
Investment
services
We
structure,
establish
andoptions,
administer
private investment
Wealth
Solutions
and
Fiduciary
Services
our
ininestablish
Jersey.
our
subsidiary
Jersey.
Forsubsidiary
sums
of
£250,000
above
(or equivalent
inprivate
other currencies)
companies
registered
inand
various
locations,
and
foundations,
through
We
structure,
and
administer
trusts,
investment
sophisticated
investors.
Wealth
Planning
Solutions
and
Fiduciary
Services
our
subsidiary
inestablish
Jersey.
companies
registered
inand
various
locations,
and
foundations,
through
We
structure,
administer
trusts,
private and
investment
investment
advice
on fund
choice
and
also asset
allocation
portfolio
Treasury
and
Dealing
Services
Treasury
and
Dealing
Services
Foreign
Exchange
Services
ourPrivate
subsidiary
Jersey.
companies
registered
in
various
locations,
and
foundations,
through
valuations
in
allinthe
major
currencies.
Invested
cash
can be held
inour
the
Our
Banking
Relationship
Managers,
in
conjunction
with
Our
Private
Banking
Relationship
Managers,
in
conjunction
with
our
We
offer and
immediate
competitive
Treasury
Dealing
Services pricing in all major currencies, covering
currency
of your
choice.
our
subsidiary
in Jersey.
Our
Private
Banking
Relationship
conjunction
ourof
Treasury
and
Dealing
Services
spot
and forward
periods
and swapManagers,
trades. Weinoffer
access to with
a range
Wealth Planning Solutions and Fiduciary Services
Our structure,
Private
Banking
Relationship
Managers,
in conjunction
with
our
Treasury
and
Dealing
Services
derivative
instruments
as investments,
or
for
protection
against
interest,
We
establish
and
administer
trusts,
private
investment
options,
future
and
derivative
strategies
for
sophisticated
investors.
options,
future
and
derivative
strategies
for
sophisticated
investors.
Our
Private
Banking
Managers,
inis conjunction
our
companies
registered
in various
locations,
and
foundations,
through
exchange,
and
equityRelationship
risk.
Our treasury
team
positioned
towith
facilitate
our subsidiary
in Jersey.
options,
future and
derivative strategies for sophisticated investors.
timely
execution.
options,Exchange
future and
derivative strategies for sophisticated investors.
Foreign
Services
Treasury
and Dealing
Services
Foreign Exchange
Services
options,
futureBanking
and derivative
strategies
for sophisticated
investors.
Our Private
Relationship
Managers,
in conjunction
with our
Foreign
Exchange
Services
Lending
Foreign
Exchange
Services
provide
lending
against
portfolios
of
securities,
bank
guarantees,
ofWe
instruments
as
oror
forforprotection
against
ofderivative
derivative
instruments
asinvestments,
investments,
protection
against
options,
future
andfacilities
derivative
strategies
for sophisticated
investors.
Foreign
Exchange
UK
properties,
cash Services
deposit,
andrisk.
on
a Our
back-to-back
basis
(aisloan
backed by
a
interest,
exchange,
and
team
toto
interest,
exchange,
andequity
equity
risk.
Ourtreasury
treasury
team
ispositioned
positioned
of
derivative
instruments
as
investments,
or for
protection
against
facilitate
timely
execution.
facilitate
timely
execution.
deposit
held
in the
same
or different
jurisdiction).
of
derivative
instruments
as
investments,
or
for
protection
against
interest,
exchange,
and
equity
risk.
Our
treasury
team
is
positioned
to
Foreign Exchange Services
interest,
exchange,
and equity
risk. Our treasury
is positioned
facilitate
timely
execution.
of
derivative
instruments
as investments,
or for team
protection
againstto
Executive
Mortgages
Lending
Lending
facilitate
timely execution.
interest,
exchange,
andfacilities
equity
risk.
Our
treasury
team
issecurities,
positioned
to
We
provide
lending
portfolios
securities,
bank
We
offer
a
flexible
5-year,
interest
only
mortgage
with
multi-currency
option
of
derivative
instruments
as against
investments,
or
foraof
protection
against
We
provide
lending
facilities
against
portfolios
of
bank
Lending
facilitate
timely
execution.
interest,
exchange,
and equity
risk.
treasury
team
is the
positioned
to
guarantees,
cash
deposit,
and
onona aback-to-back
basis
(a
guarantees,
UKproperties,
properties,
cash
deposit,
and
back-to-back
basis
(a
intended
forUK
UK
and
expatriate
high
netOur
worth
individuals
for
purchase
of
Lending
We
provide
lending
facilities
against
portfolios
of
securities,
bank
facilitate timely execution.
their
residential
property
in
the
UK.
We
provide
lending
facilities
against
portfolios
of
securities,
bank
guarantees,
UK
properties,
cash
deposit,
and
on
a
back-to-back
basis
(a
Lending
Lending
guarantees,
UK properties,
cash
deposit,
and on a of
back-to-back
We
provide lending
facilities
against
portfolios
securities, basis
bank(a
We provide lending facilities against portfolios of securities, bank
guarantees,
UK
properties,
cash
deposit,
and
on
a
back-to-back
basis
(a(a
guarantees,
UK
properties,
cash
deposit,
and
on
a
back-to-back
basis
Executive
ExecutiveMortgages
Mortgages
Executive Mortgages
option
intended
forUK
UKand
andexpatriate
expatriate
high
net
worth
individuals
the
option
intended
for
high
net
worth
individuals
forfor
the
Executive
Mortgages
Executive
Mortgages
purchase
their
residential
propertyin
inthe
the
UK.
purchase
ofof
their
residential
property
UK.
option
intended
for
UK and expatriate
high
net
worth individuals for the
Executive
Mortgages
option intended
intended
for UK
UKand
andproperty
expatriate
high
networth
worthindividuals
individualsfor
forthe
the
purchase
of their residential
inhigh
the net
UK.
option
for
expatriate
purchase
of their
their
residential
propertyhigh
inthe
the
UK.
purchase
of
property
in
UK.
option
intended
forresidential
UK and expatriate
net
worth individuals for the
purchase of their residential property in the UK.
LeumiPrivate
PrivateBanking
Banking
Leumi
LeumiJersey
Jersey
Leumi
Going Further – Bank Leumi (UK) plc*
*BankLeumi
Leumi(UK)
(UK)plc
plcisisauthorised
authorised
and
regulated
the
Financial
*Bank
and
bybythe
Financial
Bank
Leumi
(UK)
plc
authorised
byregulated
the
Prudential
Regulation
Services
Authority.
Services
Authority.
Authority
and
regulated
by the Financial
Conduct
Authority
and
*Bank
Leumi
(UK)
plcisisauthorised
authorised
andregulated
regulated
bythe
theFinancial
Financial
*Bank
Leumi
(UK)
plc
and
by
*Bank
Leumi
(UK)
plc is authorised
and regulated by the Financial
Services
Authority.
the
Prudential
Regulation
Authority
Services
Authority.
Leumi
Private
Banking
Services
Authority.
Leumi
Private
*Bank
Leumi
(UK)Banking
plc
is authorised and regulated by the Financial
Leumi
Private
Banking
BankLeumi
Leumi
(UK)plc
plc
Bank
(UK)
Services
Authority.
Leumi
Private
Banking
Bank
Leumi
(UK)
plc
0207907
79078008
8008
020
020
7907Private
8008
Leumi
Bank
Leumi
(UK) plc Banking
[email protected]
www.bankleumi.co.uk
[email protected]
www.bankleumi.co.uk
[email protected]
www.bankleumi.co.uk
Bank
Leumi
020
7907
8008(UK) plc
Leumi
Private
Banking
14
14
14
14
14
14
020 Leumi
7907 8008
[email protected]
www.bankleumi.co.uk
Bank
(UK) plc
[email protected]
www.bankleumi.co.uk
020
7907 8008
[email protected]
www.bankleumi.co.uk
Leumi Jersey
**Bank
Leumi
(Jersey)
Limited
regulated
the
Jersey
Financial
**Bank
Leumi
(Jersey)
Limited
is is
regulated
byby
the
Jersey
Financial
Bank
Leumi
(Jersey)
Limited
For more
phone:
01534
702 525
Services
Commission.
Services
Commission.
**Bank
Leumi
(Jersey)Limited
Limited
isinformation
regulated by
**Bank
Leumi
(Jersey)
is
regulated
the Jersey
Financial
For
more
information
phone:
01534
702
525
For
more
information
01534
702
525
Services
Commission.
**Bank
Leumi
(Jersey) phone:
Limited
is
regulated
by
the Jersey Financial
Services
Commission.
For
more
information
phone:
01534
702by
525
Bank
Leumi
(Jersey)
Limited
is
authorised
and
by the
Services
Commission.
**Bank
Leumi
(Jersey)
Limited
is
regulated
theregulated
Jersey Financial
For more information phone: 01534 702 525
Financial
Conduct
Authority
for the01534
provision
of
mortgages
***Leumi
Overseas
Trust
Corporation
Limited
regulated
the
***Leumi
Overseas
Trust
Corporation
Limited
is is
regulated
byby
the
For more
information
phone:
702 525
Services
***LeumiCommission.
Overseas Trust Corporation Limited is regulated by the
Jersey
Financial
Services
Commission.
Jersey
Financial
Services
Commission.
01534
702525
525
For
more
information
01534Limited
702
Jersey
Financial
Services
Commission.
***Leumi
Overseas
Trustphone:
Corporation
is regulated by the
For
more
information
phone:
01534
702
500
For
more
information
phone:
01534
702
500
***Leumi
Overseas
Trust
Corporation
Limited
regulatedbybythe
the
For
more
information
phone:
01534
702
500
Jersey
Financial
Services
Commission.
Leumi
Overseas
Trust
Corporation
Limited
isisregulated
Jersey
Financial
Services
Commission.
***Leumi
Overseas
Trustphone:
Corporation
Limited
is regulated by the
For
more
information
01534
702
500
Jersey
Financial
Services
Commission
[email protected]
www.leumijersey.com
[email protected]
www.leumijersey.com
[email protected]
www.leumijersey.com
For
more
information
phone:
01534 702 500
Jersey
Financial
Services Commission.
[email protected]
www.leumijersey.com
For
more information phone:
01534 702 500
[email protected]
www.leumijersey.com
The data contained in and attached to this message has been prepared given the
research, knowledge and investment
views of Bank Leumi le-Israel BM or
[email protected]
www.leumijersey.com
on advice from the research facilities and data sources of third parties. It is intended solely for information purposes and not as an invitation to participate
The
data
contained
and
attached
tothis
thismessage
message
has
prepared
given
the
research,
knowledge
and
investment
views
Bank
Leumi
le-Israel
The
data
contained
ininand
attached
has
been
given
the
research,
knowledge
and
investment
of of
Bank
Leumi
le-Israel
BMBM
or or
in
any
particular
trading
strategy.
Itto
should
not
be used
asbeen
theprepared
primary
basis
for
trading
decisions.
No representation
or views
warranty
can
be
given
with
respect
onadvice
advice
fromthe
theresearch
researchfacilities
facilities
and
datasources
sources
third
parties.
intended
solely
information
purposes
and
not
invitation
participate
onto
from
and
data
ofof
third
parties.
It It
is is
intended
solely
forfor
information
purposes
and
not
asas
anan
invitation
to to
participate
the
accuracy
or
completeness
of the
information
herein.
The
data
contained
in and
attached
toshould
this message
hasas
been
prepared
given
research,
knowledge
and
investment
views
of Bank
Leumi
le-Israel
BM
or
inany
any
particular
trading
strategy.
notbebe
used
as
the
primary
basis
for
trading
decisions.
representation
or
warranty
can
be
given
with
respect
inThe
particular
trading
strategy.
It Itshould
not
used
the
primary
basis
forthe
trading
decisions.
NoNo
representation
or
warranty
can
be
given
respect
data
contained
in and
attached
to this
message
has
been
prepared
the
research,
and
investment
views
Bank
Leumi
le-Israel
BM or
on
advice
from
the
research
facilities
and
data
sources
of third
parties.
It isgiven
intended
solely
forknowledge
information
purposes
and
not
as of
an
invitation
towith
participate
tothe
the
accuracy
orcompleteness
completeness
ofthe
the
information
herein.
to
accuracy
or
of
information
herein.
on
advice
from
the
research
facilities
and
data
sources
of
third
parties.
It
is
intended
solely
for
information
purposes
and
not
as
an
invitation
to
participate
risk,
liquidity
risk
and
creditItrisk.
Themessage
value
investments
can fall
as well
as
rise and
an
investor
may
get back
the original
invested.
Any
inprice
any
particular
trading
strategy.
should
not
beofused
the prepared
primary
basis
forthe
trading
decisions.
No representation
or warranty
canamount
be
given
with respect
The
data
contained
in
and
attached
to this
hasas
been
given
research,
knowledge
andnot
investment
views
of Bank
Leumi
le-Israel
BM
or
anyaccuracy
particular
strategy.
should
not
be herein.
used
theparties.
primaryIt basis
for trading
No representation
or not
warranty
can be given
with respect
tointhe
or trading
completeness
of It
the
information
on
advice
from the
research
facilities
and
data
sources
of as
third
is intended
solelydecisions.
for information
purposes and
as an invitation
to participate
to
the
accuracy
or
completeness
of
the
information
herein.
inBefore
anyrisk,
particular
trading
strategy.
should
not
be
used
as thetoprimary
basis
foras
trading
decisions.
No representation
or
warranty
canamount
be
givenassessment
with
respect
entering
into
any
transaction
you
should
steps
ensure
that
you
understand
transaction
and
have
made
anoriginal
independent
of
price
risk,
liquidity
risk
and
creditIt
risk.
Thevalue
value
of
investments
can
well
as
rise
and
an
investor
may
not
get
back
amount
invested.
Any
price
liquidity
risk
and
credit
risk.
The
oftake
investments
can
fallfall
asas
well
rise
and
anthe
investor
may
not
get
back
thethe
original
invested.
Any
to the accuracy or completeness of the information herein.
4
transaction.You
also
seek risk.
advice
your
own adviserscan
in making
thisas
assessment.
price
risk, liquidityshould
risk and
credit
Thefrom
value
of investments
fall as well
rise and an investor may not get back the original amount invested. Any
price risk, liquidity risk and credit risk. The value of investments can fall as well as rise and an investor may not get back the original amount invested. Any
Beforeentering
enteringinto
intoany
anytransaction
transactionyou
youshould
shouldtake
takesteps
stepstotoensure
ensure
that
you
understand
the
transaction
and
have
made
independent
assessment
Before
that
you
understand
the
transaction
and
have
made
anan
independent
assessment
of of
price
liquidity riskisand
credit
risk. The value
investments
cancommunication
fall as well as rise
investor
mayusnot
get back the
original amount
invested.
Any
this risk,
communication
strictly
prohibited.
If you of
have
received this
in and
error,an
please
notify
immediately
by telephone
or e-mail
and delete
Before
entering should
into
anyalso
transaction
youfrom
should
take
steps
to ensure
that you
understand
the transaction and have made an independent assessment 4of4
this
message.
transaction.You
should
also
seekadvice
advice
your
own
advisers
in
making
this
assessment.
transaction.You
seek
your
own
advisers
making
assessment.
Before entering
into any
transaction
youfrom
should
take
steps
to in
ensure
thatthis
you
understand the transaction and have made an independent assessment of
4
transaction.You
seek advice
yourtake
ownsteps
advisers
in making
this assessment.
Before entering should
into anyalso
transaction
youfrom
should
to ensure
that you
understand the transaction and have made an independent assessment of4
transaction.You should also seek advice from your own advisers in making this assessment.
this
communication
is
strictly
prohibited.
If
you
have
received
this
communication
in
error,
please
notify
us
immediately
by
telephone
or
e-mail
and
delete
this communication is strictly prohibited. If you have received this communication in error, please notify us immediately by telephone or e-mail and delete
45
transaction.You
should
advice
thismessage.
message.
PRIVATE
BANKING Issue
No.also
126 seek
August
2015 from your own advisers in making this assessment.
this
this
communication is strictly prohibited. If you have received this communication in error, please notify us immediately by telephone or e-mail and delete
thismessage.
communication is strictly prohibited. If you have received this communication in error, please notify us immediately by telephone or e-mail and delete
this
thiscommunication
message.
this
is strictly prohibited. If you have received this communication in error, please notify us immediately by telephone or e-mail and delete
1313
13
13
13
13