Bank Leumi (UK) plc - Compliance with the capital requirements directive ("CRD IV")
The Prudential Regulation Authority’s (“PRA’s”) Senior Management Arrangements, Systems and Controls (“SYSC”) manual, requires a firm that maintains a website to explain how it complies with the requirements of SYSC 4.3A.1R to SYSC 4.3A.3R and SYSC 4.3A.4R to SYSC 4.3A.11R relating to governance arrangements.
The governance arrangements of Bank Leumi (UK) are articulated in our internal Board and Committee governance documents. Bank Leumi (UK) plc (“BLUK”) confirms that it meets the current requirements.
SYSC 19D 3.13R of FCA’s Senior Management Arrangements, Systems and Controls (“SYSC”) manual, requires dual regulated firm that maintains a website to explain how it complies with the Remuneration Code. Details may be found in the Remuneration section of the latest Pillar 3 Disclosures. latest Pillar 3 Disclosures
BLUK maintains a remuneration policy which sets out the remuneration structures for Code Staff (those employees identified in the Remuneration Code as being material risk takers).
The policy is reviewed on an annual basis and approved by the Audit & Remuneration Committee.
BLUK confirms that it meets the current requirements.
Nature of activities and geographical
Bank Leumi (UK) Group operates within United Kingdom, together with its subsidiary, Leumi ABL and also through its Jersey subsidiary, Bank Leumi Jersey. Bank Leumi Jersey operates with their subsidiary, Leumi Overseas Trust Corporation.
For further information regarding the nature of activities and geographical locations, please refer to the “Strategic Report”, pages 3-5 of the 2016 Annual Report.
Number of employees as at 31 December 2016
|Bank Leumi (UK)||140||7||147*|
|Bank Leumi Jersey (including Leumi Overseas Trust Corporation)||3||0||3|
* Includes permanent & temporary staff, as well as contractors.
Financial Information as at end of December 2016
|Amounts £’000||Turnover||Profit/(Deficit) Before Tax||Tax|
|Bank Leumi (UK)||39,081||29,781||3,034|
|Bank Leumi Jersey||5,040||2,758||(47)|
BLUK and all of its subsidiaries do not receive any public subsidies.
For the latest developments on the Bank’s two Jersey incorporated subsidiaries, please refer to the Chairman’s Statement on page 2 of the 2016 Annual Report.