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Leumi Switzerland Net Profit up by 65CLASS=required SIZE=48 % in 2004
02-03-2005 / source: PeppeR

Dividend of 25% on share capital is proposed for distribution

Net profit after tax amounted to CHF 12 mil. versus CHF 7,2 mil. in 2003.

Total income amounted to CHF 62,6 mil. an increase of 4% versus 2003. This increase is explained mainly by a 10% increase in commissions' income, which off set a decline of 2% in net interest income and in trading income. Structured products' income contributed CHF 11.4 mil. compared with CHF 12.9 mil. in 2003.


During 2004 Leumi Switzerland distributed approx. CHF 1 billion in structured products including credit derivatives and strengthened its infrastructure to support this activity. Leumi Switzerland focused during 2004 on investment opportunities in the credit market in light of the improving credit cycle mainly in the USA. Leumi Switzerland was successful in establishing expertise and track record in the CDO (Collateralized Debt Obligations) market. Leumi Switzerland developed its activity with institutional investors mainly from Israel through providing innovative products and portfolio management expertise, mainly within the alternative investment arena. Also in 2004 Leumi Switzerland developed its Portfolio Management business offering discretionary managed accounts under five different investment strategies. All strategies performed well in comparison with market benchmark. Leumi Switzerland increased its assets under discretionary management by 17% versus 2003 end. In 2004 Leumi Switzerland established a representative office in Budapest, Hungary and developed further the activity of its Israeli Rep. office. Leumi Switzerland will replace in 2005 its IT system with a new system (Globus-Temenos), which is expected to upgrade significantly the level of service and support the growth strategy of the Bank. The Board of Directors in its meeting Of Feb. 28th 2005 proposed to distribute a dividend of 25% of the share capital (of CHF 33 million). The dividend payment will amount to CHF 8.25 million. The Bank's equity capital is CHF 232 mil. Mr. Shouky Oren, CEO states that "this decision reflects the successful turnaround of Leumi Switzerland following a reorganization process into a business development focus. The success of our strategy is reflected in the professional reputation we gained in the area of sophisticated investments and in the acquisition of hundreds of new Private and Institutional clients world-wide".

For additional information please contact:

Shouky Oren, General Manager, Bank Leumi Switzerland, Claridenstrasse 34CH - 8002 Zurich, Phone: +41 44 207 92,

Andreas Hammer, Senior Consultant, Trimedia Communications AG, Zollikerstrasse 141, P.O. BoxCH - 8034 Zurich, Phone: +41 44 388 91,

Leumi is one of the two largest Banks in Israel with assets over 80 billion USD. Leumi Switzerland Private Bank manages over 6 billion CHF in assets from clients around the globe. The Bank distributed over the last 3 years over 4 billion USD of innovative structured products to its clients and financial institutions. The Bank is in a business development phase and acquired in 2004 hundreds of new private banking clients.


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