Sources inform "Globes" that <A target=new href=http://www.bankleumi.co.il/>Bank Leumi</a> (TASE: <a href=Javascript:viewInstrument('604611',45,'EN')>LUMI</a>) will end its business with the high-tech industry in most of its branches and concentrate it in a new center to be set up in Herzliya. In the last quarter of 2016, the bank will open the LeumiTech Business Center, as part of LeumiTech, the bank's high-tech business subsidiary, managed by CEO Yifat Oron. The center's manager will be Shirit Turgeman-Mashat, an expert in finance for the high-tech inudstry.
<p>While Bank Leumi founded LeumiTech two years ago, it has been working with the high-tech industry for about 15 years via dedicated bank teams, specializing in high-tech, in regular branches. These teams reported to the bank's Corporate and Commercial Division.
<p>Following this development, relevant activity from eight Bank Leumi branches in central Israel will be concentrated in the Herzliya high-tech center. High-tech departments in Haifa, Beersheva and Jerusalem branches will remain in place, while becoming subordinate to LeumiTech, a change aimed at improving expertise in working with the high-tech sector.
<p>"This move shows that we are constantly developing," Oron told "Globes".
<p>About a month ago, Bank Leumi's Head of Corporate and Commercial Division Koby Haber was appointed chairman of LeumiTech, replacing Dani Tsiddon, who resigned. Haber's appointment might bolster interaction and synergy between LeumiTech and the Commercial Division. Oron said that while this move constitutes a merger, no layoffs are expected. On the contrary, she claims that LeumiTech growth will lead to a trend of expansion.
<p>Oron added that at present, Leumi has about 4,000 high-tech sector clients. Bank credit in the sector amounts to about NIS 2 billion, matching the target set when Leumi initiated these operations.
<p><em>Published by Globes [online], Israel business news - <a href=" http://www.globes-online.com "> www.globes-online.com</a > - on July 18, 2016</em></p> <p><em>© Copyright of Globes Publisher Itonut (1983) Ltd. 2016</em></p>