Israeli tech hub thrives in London
ANK LEUMI has expanded LeumiTech, its tech subsidiary, by opening a London operation. It already has branches in America, Silicon Valley and New York. With clients ranging from startups to mature technology companies, LeumiTech provides services that include working capital, acquisition and bridging finance. It also offers letters of credit and guarantees, currency and interest rate hedging, deposits and a full online banking facility.
“London is Europe’s buzzing tech hub and Israel is a hot-spot for tech entrepreneurs,” says Yifat Oron, CEO of LeumiTech. “Already dozens of Israeli tech firms have opened offices in the city and LeumiTech is perfectly positioned to help them. We know the Israeli tech sector like the back of our hands and Bank Leumi has been operating in London for more than a century. I have no doubt that our new London operation will be of great help both to Israeli tech companies that seek to operate in Europe and European tech companies doing business with Israel.”
Shalhevet Mandler, who will be managing LeumiTech’s London offering as well as heading the UK Israeli desk, says: “As one of the leading finance providers in the high-tech sector, it is obvious that we need to be in London. We will be working with our sister offices in the US and Israel to continue promoting the financing and development of the hi-tech industry in Israel and around the world.”
“Companies in the Israeli high-tech industry are recognised for their overseas view,” says Idan Shapira, deputy chief corporate finance officer at Bank Leumi UK. “From the outset, they see the international market, especially the US but also Europe, as their main target. It’s one of the industry’s major strengths. Our experience of working with these companies has taught us what others, based outside Israel, really need.”
The Israeli and British governments are working together to bring more Israeli high-tech companies into the UK, and London is already the most popular base for Israeli tech start-ups outside of Israel. Technology accounts for 20 per cent of Israel’s GDP and 30 per cent of its exports, so the booming Israeli tech sector has a real potential to add growth to the domestic UK tech sector.
Over the past year LeumiTech has expanded into four of the seven main high-tech hubs in the world, which suggests that LeumiTech and London will be the perfect partnership. More information from Shalhevet Mandler, 020 3772 1794. smandler@bankleumi.co.uk