Denomination is a proper description of a currency amount for coins or banknotes. Denominations may be used with other means of payment like gift cards. For example, five euros is the denomination of a five euro note. In a currency, there is a main unit, a subunit, a fraction of the main unit. In some countries, there are multiple levels of subunits. In the former Ottoman Empire, 1 lira = 100 kuruş = 4000 para = 12000 akçe. Today, only a few places have more than one subunit, notably the Jordanian dinar is divided into 10 dirham, 100 qirsh/piastres, or 1000 fils. Many countries where Western European languages are spoken have their main units divided into 100 subunits; some currencies that had subunits no longer do, because inflation has rendered the subunit useless. A prominent example is the Japanese yen, divided into 100 sen or 1000 rin. Both subunits were demonetized at the end of 1953. A super unit is used as a multiple of the main unit. Examples include Korean won = 5 yang in Iranian toman 10 rials.
In the Ottoman Empire and kuruş were super units at some point before becoming the main unit. A decimal currency is a currency where the ratio between the main unit and the subunit is an integral power of 10. Non-decimal currencies had some advantages in daily life transactions. For example, 1 South German Gulden = 60 Kreuzer. 60 can be divided into 2, 3, 4, 5, 6, 10, 12, 15, 20 or 30 parts that are still integers, making pricing easy. This advantage and the lack of widespread accurate weighing apparatus coupled with tradition were the reasons why non-decimal currencies were used. In theory, two countries use non-decimal currency: Mauritania and Madagascar. In practice, the value of the main unit in each case is so low that the sub-unit is not of any practical use and is seen in circulation. In the case of the iraimbilanja, this is a carryover of the Madagascar's previous currency, the Malagasy franc, which had the ariary as a super unit worth 5 francs, iraimbilanja was an alternate term for the franc.
The last major countries to use non-decimal currencies in practice were the United Kingdom, Ireland and Nigeria. The "optimal denomination problem" is a problem for people who design new currencies: What denominations should be chosen for the coins in order to minimize the average effort required to make change -- i.e. the average number of coins needed to make change? As of 2014, most decimal currencies use a 1-2-5 series of coins, but some other set of denominations would require fewer denominations of coins or a smaller average number of coins to make change or both, it is common to name a unit with a unit of weight, such as pound and baht. In most cases, these currencies were defined as that amount of some precious metal. Another choice of name is some form of derivative of the political entity; the Afghan afghani and European euro fall into this category. Sometimes the name is the name of the metal of which the coins were or are made, such as Polish złoty and Vietnamese đồng, or its geographical origin, e.g. Joachimsthaler.
Face value Devaluation Chronic inflation Hyperinflation Denomination Redenomination
Bronze is an alloy consisting of copper with about 12–12.5% tin and with the addition of other metals and sometimes non-metals or metalloids such as arsenic, phosphorus or silicon. These additions produce a range of alloys that may be harder than copper alone, or have other useful properties, such as stiffness, ductility, or machinability; the archeological period in which bronze was the hardest metal in widespread use is known as the Bronze Age. The beginning of the Bronze Age in India and western Eurasia is conventionally dated to the mid-4th millennium BC, to the early 2nd millennium BC in China; the Bronze Age was followed by the Iron Age starting from about 1300 BC and reaching most of Eurasia by about 500 BC, although bronze continued to be much more used than it is in modern times. Because historical pieces were made of brasses and bronzes with different compositions, modern museum and scholarly descriptions of older objects use the more inclusive term "copper alloy" instead. There are two basic theories as to the origin of the word.
Romance theoryThe Romance theory holds that the word bronze was borrowed from French bronze, itself borrowed from Italian bronzo "bell metal, brass" from either, bróntion, back-formation from Byzantine Greek brontēsíon from Brentḗsion ‘Brindisi’, reputed for its bronze. Proto-Slavic theoryThe Proto-Slavic theory reflects the philological issue that in the most of Slavonic languages word "bronza" corresponds to "war metal" while at the early stages of the Bronze working it was used exclusively for military purposes; the discovery of bronze enabled people to create metal objects which were harder and more durable than possible. Bronze tools, weapons and building materials such as decorative tiles were harder and more durable than their stone and copper predecessors. Bronze was made out of copper and arsenic, forming arsenic bronze, or from or artificially mixed ores of copper and arsenic, with the earliest artifacts so far known coming from the Iranian plateau in the 5th millennium BC, it was only that tin was used, becoming the major non-copper ingredient of bronze in the late 3rd millennium BC.
Tin bronze was superior to arsenic bronze in that the alloying process could be more controlled, the resulting alloy was stronger and easier to cast. Unlike arsenic, metallic tin and fumes from tin refining are not toxic; the earliest tin-alloy bronze dates to 4500 BC in a Vinča culture site in Pločnik. Other early examples date to the late 4th millennium BC in Egypt and some ancient sites in China and Mesopotamia. Ores of copper and the far rarer tin are not found together, so serious bronze work has always involved trade. Tin sources and trade in ancient times had a major influence on the development of cultures. In Europe, a major source of tin was the British deposits of ore in Cornwall, which were traded as far as Phoenicia in the eastern Mediterranean. In many parts of the world, large hoards of bronze artifacts are found, suggesting that bronze represented a store of value and an indicator of social status. In Europe, large hoards of bronze tools socketed axes, are found, which show no signs of wear.
With Chinese ritual bronzes, which are documented in the inscriptions they carry and from other sources, the case is clear. These were made in enormous quantities for elite burials, used by the living for ritual offerings. Though bronze is harder than wrought iron, with Vickers hardness of 60–258 vs. 30–80, the Bronze Age gave way to the Iron Age after a serious disruption of the tin trade: the population migrations of around 1200–1100 BC reduced the shipping of tin around the Mediterranean and from Britain, limiting supplies and raising prices. As the art of working in iron improved, iron improved in quality; as cultures advanced from hand-wrought iron to machine-forged iron, blacksmiths learned how to make steel. Steel holds a sharper edge longer. Bronze was still used during the Iron Age, has continued in use for many purposes to the modern day. There are many different bronze alloys, but modern bronze is 88% copper and 12% tin. Alpha bronze consists of the alpha solid solution of tin in copper.
Alpha bronze alloys of 4–5% tin are used to make coins, springs and blades. Historical "bronzes" are variable in composition, as most metalworkers used whatever scrap was on hand; the proportions of this mixture suggests. The Benin Bronzes are in fact brass, the Romanesque Baptismal font at St Bartholomew's Church, Liège is described as both bronze and brass. In the Bronze Age, two forms of bronze were used: "classic bronze", about 10% tin, was used in
De La Rue
De La Rue plc is a British banknote manufacturing, security printing of passports and tax stamps, brand authentication and paper-making company with headquarters in Basingstoke, England. It has a factory on the Team Valley Trading Estate in Gateshead, other facilities in Loughton and Bathford. There are overseas offices in Sri Lanka and Malta, it is listed on the London Stock Exchange. The company was founded by Thomas de la Rue, who moved from Guernsey to London in 1821 and set up in business as a'Leghorn' straw hat maker as a stationer and printer. In 1831 he secured his business a Royal Warrant to produce playing cards. In 1855 it started printing postage stamps and in 1860 banknotes. In 1896, the family partnership was converted into a private company. In 1921, the de la Rue family sold their interests; the company was first listed on the London Stock Exchange in 1947. Called Thomas De La Rue & Company, Limited, it changed its name in 1958 to The De La Rue Company Limited. A takeover bid for De La Rue was made by the Rank Organisation in 1968, but this was rejected by the Monopolies commission as being against the public interest.
In 1991 the company's name was changed again – this time to De La Rue plc. In 1965 De La Rue established a joint venture with the Italian printer and inventor Gualtiero Giori called De La Rue Giori. Based in Switzerland, the company specialized in building banknote printing equipment; the company printed banknotes for the Central Bank of Iran during the 1960s. In 1995, the company acquired Portals Limited, listed on the London stock market since 1904. For 300 years Portals had been regarded as the leading banknote paper manufacturer in the world, having manufactured banknote paper for the Bank of England since 1724. In 1997, De La Rue acquired Harrison and Sons, the stamp and banknote printers based in High Wycombe; the factory closed permanently in 2003. In early 2002, De La Rue purchased Smurfit Diamond Packaging Corporation of Sequoia Voting Systems, a California based company, a large provider of electronic voting systems in the United States, for $23 million. After losing money for three years in a business way out of the company's traditional lines, on March 2005 Sequoia was sold to Smartmatic, a multi-national technology company which had developed advanced election systems, voting machines included.
In 2003, the company acquired the Debden based banknote printing operations of the Bank of England. In 2003 and 2004 the company supplied banknotes to Iraq; the company was recognised by Hermann Simon as a role model for other small- to medium-sized businesses in his book Hidden Champions. The Highest Perfection, a history of De La Rue was published in 2011. Written by Peter Pugh for De La Rue, it covered the years 1712–2003. In August 2014, the company announced the appointment of Martin Sutherland as chief executive officer. In 2016, the Cash Handling division was sold to Privet Capital. In September 2016, the Bank of England issued its polymer five pound note, the first note from the bank to be printed on polymer. In December 2016, the company announced. In March 2018, the company sold the paper business. De La Rue retained a 10 % share in Portals. In April 2018, the company decided to appeal against the decision of the British government to manufacture passports in France, it subsequently decided against appealing.
De La Rue sells high-security printing technology for over 150 national currencies. De La Rue produces a wide range of other secure documents, including: Bank cheques Driving licences Passports Postage stamps Tax stamps Traveller's cheques Vouchers In 1843 De La Rue established its first overseas trade, as de la Rue's brother Paul travelled to Russia to advise on the making of playing cards. Thomas de la Rue's designs for playing cards are the basis for the modern standard design; the playing card business was sold to John Waddington in 1969. The company has printed postage stamps for the United Kingdom and some of its colonies, for Italy and for the Confederate States of America; some famous stamps such as the Cape of Good Hope triangulars were printed by De La Rue & Co. after Perkins Bacon fell out of favour with the postal authorities of the time. The first 50 years of postage stamp production were chronicled in John Easton's The De La Rue History of British and Foreign Postage Stamps 1855–1901.
De La Rue claims to have developed the first practical fountain pen in 1881 and was a leading manufacturer of fountain pens in Britain. Products were marketed under the "Onoto" brand. Production of fountain pens by De La Rue ceased in Britain in 1958 but continued for a few more years in Australia. During the 1930s De La Rue created a number of board games; these included a cricket game, produced in a number of different editions, Round The Horn, a game which re-created the annual race of grain-laden, square-rigged sailing cargo ships from Australia to London. The games used playing cards as part of the component set. List of mints Banknotes of the pound sterling Commonwealth banknote-issuing institutions Gemalto - a competitor Giesecke & Devrient – a competitor based in Munich Hong Kong Note Printing – founded in 1984 by Thomas De La Rue Official website History of De La Rue’s playing cards A research website with more detail of De La Rue company history Article and images of 1930s De La Rue Board Game, Stumpz
The United Kingdom the United Kingdom of Great Britain and Northern Ireland, sometimes referred to as Britain, is a sovereign country located off the north-western coast of the European mainland. The United Kingdom includes the island of Great Britain, the north-eastern part of the island of Ireland, many smaller islands. Northern Ireland is the only part of the United Kingdom that shares a land border with another sovereign state, the Republic of Ireland. Apart from this land border, the United Kingdom is surrounded by the Atlantic Ocean, with the North Sea to the east, the English Channel to the south and the Celtic Sea to the south-west, giving it the 12th-longest coastline in the world; the Irish Sea lies between Great Ireland. With an area of 242,500 square kilometres, the United Kingdom is the 78th-largest sovereign state in the world, it is the 22nd-most populous country, with an estimated 66.0 million inhabitants in 2017. The UK is constitutional monarchy; the current monarch is Queen Elizabeth II, who has reigned since 1952, making her the longest-serving current head of state.
The United Kingdom's capital and largest city is London, a global city and financial centre with an urban area population of 10.3 million. Other major urban areas in the UK include Greater Manchester, the West Midlands and West Yorkshire conurbations, Greater Glasgow and the Liverpool Built-up Area; the United Kingdom consists of four constituent countries: England, Scotland and Northern Ireland. Their capitals are London, Edinburgh and Belfast, respectively. Apart from England, the countries have their own devolved governments, each with varying powers, but such power is delegated by the Parliament of the United Kingdom, which may enact laws unilaterally altering or abolishing devolution; the nearby Isle of Man, Bailiwick of Guernsey and Bailiwick of Jersey are not part of the UK, being Crown dependencies with the British Government responsible for defence and international representation. The medieval conquest and subsequent annexation of Wales by the Kingdom of England, followed by the union between England and Scotland in 1707 to form the Kingdom of Great Britain, the union in 1801 of Great Britain with the Kingdom of Ireland created the United Kingdom of Great Britain and Ireland.
Five-sixths of Ireland seceded from the UK in 1922, leaving the present formulation of the United Kingdom of Great Britain and Northern Ireland. There are fourteen British Overseas Territories, the remnants of the British Empire which, at its height in the 1920s, encompassed a quarter of the world's land mass and was the largest empire in history. British influence can be observed in the language and political systems of many of its former colonies; the United Kingdom is a developed country and has the world's fifth-largest economy by nominal GDP and ninth-largest economy by purchasing power parity. It has a high-income economy and has a high Human Development Index rating, ranking 14th in the world, it was the world's first industrialised country and the world's foremost power during the 19th and early 20th centuries. The UK remains a great power, with considerable economic, military and political influence internationally, it is sixth in military expenditure in the world. It has been a permanent member of the United Nations Security Council since its first session in 1946.
It has been a leading member state of the European Union and its predecessor, the European Economic Community, since 1973. The United Kingdom is a member of the Commonwealth of Nations, the Council of Europe, the G7, the G20, NATO, the Organisation for Economic Co-operation and Development and the World Trade Organization; the 1707 Acts of Union declared that the kingdoms of England and Scotland were "United into One Kingdom by the Name of Great Britain". The term "United Kingdom" has been used as a description for the former kingdom of Great Britain, although its official name from 1707 to 1800 was "Great Britain"; the Acts of Union 1800 united the kingdom of Great Britain and the kingdom of Ireland in 1801, forming the United Kingdom of Great Britain and Ireland. Following the partition of Ireland and the independence of the Irish Free State in 1922, which left Northern Ireland as the only part of the island of Ireland within the United Kingdom, the name was changed to the "United Kingdom of Great Britain and Northern Ireland".
Although the United Kingdom is a sovereign country, Scotland and Northern Ireland are widely referred to as countries. The UK Prime Minister's website has used the phrase "countries within a country" to describe the United Kingdom; some statistical summaries, such as those for the twelve NUTS 1 regions of the United Kingdom refer to Scotland and Northern Ireland as "regions". Northern Ireland is referred to as a "province". With regard to Northern Ireland, the descriptive name used "can be controversial, with the choice revealing one's political preferences"; the term "Great Britain" conventionally refers to the island of Great Britain, or politically to England and Wales in combination. However, it is sometimes used as a loose synonym for the United Kingdom as a whole; the term "Britain" is used both as a synonym for Great Britain, as a synonym for the United Kingdom. Usage is mixed, with the BBC preferring to use Britain as shorthand only for Great Britain and the UK Government, while accepting that both terms refer to the United K
Israel the State of Israel, is a country in Western Asia, located on the southeastern shore of the Mediterranean Sea and the northern shore of the Red Sea. It has land borders with Lebanon to the north, Syria to the northeast, Jordan on the east, the Palestinian territories of the West Bank and Gaza Strip to the east and west and Egypt to the southwest; the country contains geographically diverse features within its small area. Israel's economic and technological center is Tel Aviv, while its seat of government and proclaimed capital is Jerusalem, although the state's sovereignty over Jerusalem has only partial recognition. Israel has evidence of the earliest migration of hominids out of Africa. Canaanite tribes are archaeologically attested since the Middle Bronze Age, while the Kingdoms of Israel and Judah emerged during the Iron Age; the Neo-Assyrian Empire destroyed Israel around 720 BCE. Judah was conquered by the Babylonian and Hellenistic empires and had existed as Jewish autonomous provinces.
The successful Maccabean Revolt led to an independent Hasmonean kingdom by 110 BCE, which in 63 BCE however became a client state of the Roman Republic that subsequently installed the Herodian dynasty in 37 BCE, in 6 CE created the Roman province of Judea. Judea lasted as a Roman province until the failed Jewish revolts resulted in widespread destruction, expulsion of Jewish population and the renaming of the region from Iudaea to Syria Palaestina. Jewish presence in the region has persisted to a certain extent over the centuries. In the 7th century CE, the Levant was taken from the Byzantine Empire by the Arabs and remained in Muslim control until the First Crusade of 1099, followed by the Ayyubid conquest of 1187; the Mamluk Sultanate of Egypt extended its control over the Levant in the 13th century until its defeat by the Ottoman Empire in 1517. During the 19th century, national awakening among Jews led to the establishment of the Zionist movement in the diaspora followed by waves of immigration to Ottoman Syria and British Mandate Palestine.
In 1947, the United Nations adopted a Partition Plan for Palestine recommending the creation of independent Arab and Jewish states and an internationalized Jerusalem. The plan was accepted by the Jewish Agency, rejected by Arab leaders; the following year, the Jewish Agency declared the independence of the State of Israel, the subsequent 1948 Arab–Israeli War saw Israel's establishment over most of the former Mandate territory, while the West Bank and Gaza were held by neighboring Arab states. Israel has since fought several wars with Arab countries, since the Six-Day War in 1967 held occupied territories including the West Bank, Golan Heights and the Gaza Strip, it extended its laws to the Golan East Jerusalem, but not the West Bank. Israel's occupation of the Palestinian territories is the world's longest military occupation in modern times. Efforts to resolve the Israeli–Palestinian conflict have not resulted in a final peace agreement. However, peace treaties between Israel and both Egypt and Jordan have been signed.
In its Basic Laws, Israel defines itself as a democratic state. The country has a liberal democracy, with a parliamentary system, proportional representation, universal suffrage; the prime minister is head of government and the Knesset is the legislature. Israel is a developed country and an Organisation for Economic Co-operation and Development member, with the 32nd-largest economy in the world by nominal gross domestic product as of 2017; the country benefits from a skilled workforce and is among the most educated countries in the world with one of the highest percentages of its citizens holding a tertiary education degree. Israel has the highest standard of living in the Middle East, has one of the highest life expectancies in the world. Furthermore, Israel ranked 11th in the UN's 2018 World Happiness Report. Upon independence in 1948, the country formally adopted the name "State of Israel" after other proposed historical and religious names including Eretz Israel and Judea, were considered but rejected.
In the early weeks of independence, the government chose the term "Israeli" to denote a citizen of Israel, with the formal announcement made by Minister of Foreign Affairs Moshe Sharett. The names Land of Israel and Children of Israel have been used to refer to the biblical Kingdom of Israel and the entire Jewish people respectively; the name "Israel" in these phrases refers to the patriarch Jacob who, according to the Hebrew Bible, was given the name after he wrestled with the angel of the Lord. Jacob's twelve sons became the ancestors of the Israelites known as the Twelve Tribes of Israel or Children of Israel. Jacob and his sons had lived in Canaan but were forced by famine to go into Egypt for four generations, lasting 430 years, until Moses, a great-great grandson of Jacob, led the Israelites back into Canaan during the "Exodus"; the earliest known archaeological artifact to mention the word "Israel" as a collective is the Merneptah Stele of ancient Egypt. The area is known as the Holy Land, being holy for all Abrahamic religions including Judaism, Christianity and the Bahá'í Faith.
Under British Mandate, the whole region was known as Palestine (Hebre
Wasif Jawhariyyeh was a composer, oud player and chronicler. He is known for his memoirs, The Diaries of Wasif Jawhariyyeh, that spans over six decades from 1904 to 1968, covering Jerusalem's turbulent modern history, including four regimes and five wars. Wasif Jawhariyyeh was born to Jiryis and Hilana Barakat on 14 January 1897 in Jerusalem; the Jawhariyyeh's practised Eastern Orthodox Christianity. His father was an active member of their community, as a member of Jerusalem's municipal council and served for a time as tax assessor, he would pursue a career as a silk farmer, cafe properietor, skilled icon maker. He was an amateur musician, his father, was the mukhtar of the Eastern Orthodox community in the Old City and a member of Jerusalem's municipal council, serving under the Mayors Salim al-Husseini and Faidy al-Alami. Trained as a lawyer he was well versed in Muslim Shari' law and commanded several languages, including Greek and Arabic, he worked as a government tax assessor, but turned to private business, becoming a successful silk farmer in Ezariyyeh and proprietor of a public café over the Jraisheh River.
He was a skilled icon maker and amateur musician—which accounts for his encouragement of Wasif to take on the'oud early in his youth. His mother, Hilaneh Barakat, descended from a leading Orthodox family from what became known as the Christian Quarter. —Salim Tamari, "Jerusalem's Ottoman Modernity: The Times and Lives of Wasif Jawhariyyeh" The Jawhariyyeh's position within Jerusalem's class system, "It is impossible, however, to understand the Jawhariyyehs placement in pre-Mandate Palestine without relating to their critical bonds as protégés of the Husseini family in Jerusalem: feudal landlords and patricians of the city‘s inner circle of ‘ayan. They were reliant on the Husseini family for appointments to positions on their lands and in civil service. Wasif's childhood was influenced by his father, his father oversaw Wasif's education, choosing instructors for his children. At the age of nine Wasif developed an interest in music the Jawhariyyeh's hosted a birthday celebration that featured a performance by Qustandi al-Sus.
He would soon after take up'oud lessons under the direction of Abdul Hamid Quttayna. Around the same time, Wasif's father had him apprenticed to a local barbershop among other apprenticeships that, "supplemented his formal education and furthered his evolving music career." Wasif's education provides an example of the cultural diversity of Jerusalem. The writings of Wasif reflected, "...a substantial degree of formal schooling... His polished language, rich poetic imagination." Among the schools and subjects he studied were: I. The Dabbagha School until 1909 and his studies included: basic Arab grammar, dictation and arithmetic. II; the Dusturiya Nation School - a progressive institution directed by Khalil al-Sakakini. Here he was introduced to the subjects of physical education, French, Turkish; as well as Qu'ranic studies, which he accredits to his, "...mastery of Arabic music and singing." III. The al-Mutran School, where he was encouraged by his benefactor Husseini to study English. Wasif's education important in the context of the degree of diversity within Jerusalem.
He was a Christian who attended both Christian and Muslim institutions, where he studied the languages of both the Middle East and Europe, the texts of the Bible and the Quran. The story of Jawharriyeh's education demonstrates the fluidity of boundaries in the Ottoman Empire during Jawhariyyeh's youth. In the contemporary world peoples' identities and social and political roles are fixed. In the world of Jawhariyyeh's youth, boundaries separating the lives of Christians or Jews from Muslims were more fluid, as were urban social boundaries and the boundaries separating so-called traditional modern ways of life. —Gelvin, The Modern Middle East: A History Wasif's music career was influenced from the young age of nine. He was tutored by various musicians of Jerusalem. Wasif's music career well as the West. Most important is the relationships formed with fellow musicians traveling from Lebanon, Syria and Russia, he played with and for Christians and Jews. The collaboration of artists transcended the ethnic and sectarian identities.
Wasif's education and musical career were marked by the growing influence of the culture of al-nahda The Diaries of Wasif Jawhariyyeh:, are the memoirs of Wasif Jawhariyyeh, a citizen of Jerusalem and a well known. Jahwariyyeh's memoirs chronicle a period marked by extensive political and socio-economic transformation within the city of Jerusalem; the turn of the twentieth century ushered in an era of modernity within Jerusalem, manifested by advances in: technology, government, the arts and education. Jawhariyyeh's writings serve as an invaluable primary source which have aided the study of the period; the city of Jerusalem, at the start of Jawhariyyeh's writing in 1904, was described as, "a relative backwater of the Ottoman Empire. As such, the city was a rather late entrant into what might be called the'great nineteenth-century transformation,' and Jawhariyyeh was a witness to that transformation." The modernization of Jerusalem resulted in the proliferation of new classes of society such as "absentee landowners" and "the establishment of municipal councils in cities around the Ottoman Empire, by the close of the nineteenth century."
Bank Leumi is an Israeli bank. It was founded on February 27, 1902, in Jaffa as the Anglo Palestine Company as subsidiary of the Jewish Colonial Trust Limited formed before in London by members of the Zionist movement to promote the industry, construction and infrastructure of the land hoped to become Israel. Today, Bank Leumi is Israel's largest bank, with overseas offices in Luxembourg, US, the UK, Uruguay, Romania and China. Though nationalized in 1981, now Bank Leumi is in private hands, with the government as the largest single shareholder, with 14.8% of the stock. The other major shareholders are Shlomo Eliyahu and Branea Invest, which each hold 10% of the stock, constituting the control core of the bank. Sixty percent of the bank's stocks are traded on the Tel Aviv Stock Exchange; the Jewish Colonial Trust, predecessor to the present Bank Leumi was founded at the Second Zionist Congress in Basel and incorporated in London in 1899 as the financial instrument of the Zionist Organization.
The initial capital raised—a total of £395,000—fell far short of the £8 million target. The bank's activities in Palestine were carried out by the Anglo-Palestine Bank, a subsidiary formed in 1902; the bank opened its first branch in Jaffa in 1903 under the management of Zalman David Levontin. Early transactions included land purchase and obtaining concessions. Branches were opened in Jerusalem, Hebron, Haifa and Gaza; the Anglo-Palestine Bank offered farmers long-term loans and provided loans to the Ahuzat Bayit association which built the first neighborhood in Tel Aviv. During World War I, the Ottoman government declared the bank, because it was registered in England, to be an enemy institution and moved to shut it down and confiscate its cash. After World War I, its operations expanded. In 1932, the main branch moved from Jaffa to Jerusalem. During World War II, the Anglo-Palestine Bank helped to finance the establishment of industries that manufactured supplies for the British army. After the founding of the state of Israel in 1948, the bank won the concession to issue new banknotes.
In 1950, the bank was renamed Bank Leumi Le-Israel. When the Bank of Israel was established in 1954, Bank Leumi became a commercial bank. In 1971, Bank Leumi acquired Arab Israel Bank, which serves the Arab Citizens of Israel in the north of the country. Ai Bank has 35 branches located in Israel's Triangle regions; the Government of Israel nationalized Bank Leumi in 1983, as a result of the Bank Stock Crisis. In 2007, the bank denied being in possession of funds deposited by Jews who had died in the Holocaust. Although denying any wrongdoing, in 2011 the bank agreed to pay out 130m NIS after a state inquiry claimed 300m NIS was being held in 3,577 dormant accounts; the bank was accused of refusing to cooperate with the investigation by refraining from disclosing information about the large amounts of unclaimed money. In 2011, Bank Leumi acquired Geneva-based Banque Safdie SA for CHF 143m. Bank Leumi merged Banque Safdie with Bank Leumi Switzerland Ltd to form Leumi Private Bank in early 2012. Leumi closed its representative office in Melbourne, Australia in October 2013 In July 2014, Bank Julius Baer announced that it had purchased the private banking assets of Bank Leumi.
Baer bought Bank Leumi S. A. Leumi's private bank in Luxembourg and Leumi will transfer the clients of Leumi Private Bank to Baer; the main branch of Bank Leumi on Jaffa Road, built during the British Mandate by the German Jewish architect Erich Mendelsohn, has been declared a landmark building. Another branch of Bank Leumi on the corner of Ramban Street in Jerusalem's Rehavia neighborhood, an example of Bauhaus architecture, was designed by the German Jewish architect Leopold Krakauer, it was built in 1935 as a private home, was renovated in 2007 to restore the original facade. Luxembourg – Due to the activities of Bank Leumi, David Almog; the bank paid a fine of $270 million and turned over more than 1,500 names of its U. S. account holders. Canada – Leumi has representative offices in Toronto and Montreal Romania – Bank Leumi Romania S. A. Switzerland – Leumi Private Bank UK – Bank Leumi plc Uruguay – Leumi SA US – Bank Leumi USA Economy of Israel Banking in Israel Official website Bank Leumi UK Bank Leumi USA