Israel’s Bank Leumi and Ping An, China’s largest insurance group, signed a strategic cooperation agreement earlier this week to promote the entry and integration of Israeli high-tech companies into the Chinese market. The agreement was signed as part of Israeli Prime Minister Netanyahu’s visit to China, marking the 25th anniversary of diplomatic relations between the two countries.
As part of the agreement, Leumi-Tech, Leumi Group’s high-tech banking arm, will constitute a bridge between Leumi Group customers and the Ping An Group. Israeli technology companies with potential and interest in the Chinese market will be introduced to Ping An, which will assist these companies either through establishing relationships with Ping An subsidiaries, integrating suitable companies in high-tech complexes built by Ping An’s real estate company, or by getting them acquainted with relevant Chinese entities. Ping An will also aid in the process of obtaining financial and tax benefits allocated by the Chinese government for the benefit of technology companies in general and startups in particular.
This international agreement stems from the Leumi Group’s desire to leverage Leumi-Tech’s capabilities in assisting Israeli high-tech companies that wish to penetrate the Chinese market, through cooperation with a major Chinese entity. This cooperation will constitute a foundation for these companies and is necessary for them to succeed in China.
The cooperation agreement was spearheaded by Leumi-Tech, led by Yifat Oron, and Leumi’s representative office head in China, Eyal Shimoni. The representative office was established in Shanghai in 2013, with the aim of assisting Israeli companies operating or wishing to operate in China, as well as helping Chinese companies operating or planning to operate in Israel. Leumi is currently the only Israeli bank operating in China and it employs a team that is deeply familiar with the business and financial sectors in that country. The office has established close working relationships with leading Chinese organizations, including banks, investment houses, commercial entities, government officials and others.