Bank Leumi, Israel's leading lender, announced on Thursday evening the launch of its Shanghai representative office, a move aimed at expanding business in China.

The Shanghai representative office aims at assisting Israeli enterprises to operate in China and helping Chinese companies investing in Israel. It is also the first office of an Israeli lender in China.

"We are following our clients who are?doing more business?in China, and we see that the close ties between Isreal and China in many aspects, including investment and trade, are bringing more opportunities to clients and financial sector," says David Brodet, Chairman of Leumi Group.

Bank Leumi's Shanghai representative office will focus on bridging investment and trade opportunities as well as advising financial solutions. The office is likely to be upgraded into a branch in future, and may enter commercial and investment banking sectors with focus on corporate business.

The lender will not operate retail or private banking in the near future, according to Brodet.

Eyal Shimoni, Chief Representative of Ban Leumi Shanghai Representative Office, said Bank Leumi will leverage the group's global network to help Israeli and Chinese business to locate proper partners in investment.

By the end of 2013, the group's Assets Under Management reached $313 billion, and its total assets were $108 billion. It has more than 320 branches around the world.

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