Leumi Named 2020 Bank of the Year in Israel by The Banker Magazine
This is the third consecutive time and the ninth time in total
Bank Leumi (TASE: LUMI) has been awarded Bank of the Year in Israel for 2020 by the prestigious magazine The Banker, part of the Financial Times Group. This is the third consecutive time and the ninth time in total that Leumi has won the distinguished title. Leumi was selected by a professional panel of judges who examined the Bank's financial results, business achievements, investment in technology, strategic initiatives and response to COVID-19.
“Congratulations to Bank Leumi for scooping the accolade for Israel in The Banker’s Bank of the Year Awards 2020,” says Joy Macknight, managing editor of The Banker. “In addition to the bank’s strong performance during a tumultuous period, Bank Leumi’s quick and innovative response to the COVID-19 pandemic, including launching a completely digital mortgage process, impressed the judges. It clearly demonstrates that the efforts and resources the bank has made in its digital transformation are reaping results.”
Leumi President & CEO, Hanan Friedman said: "The win is further acknowledgement of the professionalism and dedication of Leumi's employees, and their commitment to providing the best response to our customers' needs even in the complex environment in which we operate. As COVID-19 started to spread in early 2020, Leumi was determined to provide a continuous response to all of our customers' need. In this context, it swiftly migrated to working remotely on all fronts. Our main goal was to allow customers to perform complex transactions from home, even during lockdown. The new reality led to a leap in digital adoption across all customer segments, even by those considered to be non-digital oriented. As such, our 'Total Digital Mortgage' service was embraced by many customers, providing Leumi clear competitive edge. Prior to COVID-19, we prepared Leumi for tomorrow's banking, but the pandemic has significantly shortened the transition period. We have swiftly adapted our operating model in terms of customer experience, technological capabilities and banker skills, in order to maintain Leumi's position at the forefront of Israeli banking".
Bank Leumi (TASE: LUMI) is Israel's leading banking corporation, providing comprehensive financial services and holding an approximate 30% domestic market share. Headquartered in Tel Aviv, Leumi has a presence in key financial centers such as London and New York. For the quarter ended September 30 2020, Leumi reported a net profit of NIS 750 Million ($218 million), with total assets reaching NIS 528.1 billion ($153 billion).
The data in this press release has been converted into US dollars solely for convenience purposes, at the representative exchange rate published by the Bank of Israel on September 30, 2020, NIS 3.441.