Bank Leumi opens first office in China

The office in Shanghai will serve as a financial bridge between Israel and China.

On Thursday, Bank Leumi (TASE: LUMI) inaugurated a representative office in Shanghai, the bank's first office in China. The office will serve as a financial bridge between China and Israel.

The representative office will help Israeli companies operating in China, or which are interested in entering the Chinese market, and Chinese companies seeking to do business in Israel. The opening of the office is Bank Leumi's first step in setting up a business banking branch to serve Israeli companies in China.

The representative office is located in the heart of Shanghai's financial district.

"Following the global economic crisis, the bank identified the increasing diversion of trade from Europe and Asia to the Far East, and found that more and more Israeli exporters are interested in turning to the Chinese market. In the past few years, China's economy has expanded beyond its borders to become a key player in the economies of more and more countries. The representative office will play a strategic role in deepening economic relations between China and Israel," said Bank Leumi chairman David Brodet at the inauguration.

Bank Leumi executive Eyal Shimoni will head the representative office.

Published by Globes [online], Israel business news - www.globes-online.com - on May 18, 2014

© Copyright of Globes Publisher Itonut (1983) Ltd. 2014

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