The FINANCIAL -- London Stock Exchange Group (LSEG) on September 22 announces that ELITE, its international programme for ambitious high growth businesses has signed a Memorandum of Understanding (MoU) with Bank Hapoalim, Israel’s leading financial services group.
ELITE and Bank Hapoalim will collaborate to support the development of Israeli high growth businesses and promote ELITE in Israel, according to London Stock Exchange.
The MoU is announced as LSEG hosts its first Capital Markets conference in Israel, bringing together UK and Israeli senior politicians, business bodies, the advisory and investment community, along with the CEOs of some of the fastest growing Israeli companies. The event highlights LSEG’s capacity to support high growth Israeli companies.
Three Israeli companies are already part of ELITE’s vibrant community of more than 400 companies from across 23 countries. These are social trading platform, eToro, peer-to-peer lender, Blender and the world’s first cloud-based video creation and production company, Showbox.
ELITE facilitates company access to a full range of funding options; increases company profile; promotes relationships and opportunities with potential investors, and supports management best practice and entrepreneurship.
London has an active and fast growing community of Israeli companies on its markets. 29 Israeli businesses are listed on London Stock Exchange across the Main Market and AIM, with a combined market capitalisation of $10.2 billion. This includes well known names such as spread-betting company, Plus 500, gaming software supplier, Playtech, mobile advertising company, Taptica and tech firm, Telit Communications.
Reinforcing the importance of the Israeli market to LSEG, the Group also announces it has hired Justine Zwerling as Head of Israel for Equity and Debt Primary Markets. Justine brings more than 20 years of senior level experience working across the EMEA region, helping businesses grow and succeed in new geographical markets.
Nikhil Rathi, CEO, London Stock Exchange plc & Director of International Development, London Stock Exchange Group:
“Israel is the start-up nation of the world, a powerful hub for entrepreneurial ambition, innovative investment activity and wealth creation. Today we are excited to announce the partnership between ELITE and Bank Hapoalim and host some of Israel’s fastest growing businesses and sophisticated investors at LSEG’s Capital Markets conference, strengthening the long history of business and friendship ties between our two countries.
“London Stock Exchange has always been a market open to the world, home to the deepest pool of international investor capital. We have seen listings in excess of $10 billion from Israeli companies in London, underlining the exceptional investor interest in building exposure to the country’s dynamic economy through equity, debt and exchange traded fund products. And through ELITE, we believe we can play a significant role in supporting Israel’s best, brightest and fastest growing private businesses, driving their individual growth and the economic ties between Israel and the global financial markets.”
Avi Kochba, Head of Innovation, Bank Hapoalim:
“Bank Hapoalim is excited to partner with London Stock Exchange Group’s ELITE programme today to support innovation and entrepreneurship across Israel. Through our recently launched innovation division, we are looking for strategic partners who share our vision for the future of Israel and understand the importance in supporting Israel’s fastest growing companies. Working with ELITE will allow us to do just this, for the benefit of the Israeli economy and the promotion of innovation within Bank Hapoalim.”
Mark Garnier, UK Parliamentary Under-Secretary of State:
“The UK and Israel are both open, dynamic and entrepreneurial societies, making us natural partners. Today’s conference hosted by London Stock Exchange Group is another example of our two countries working together to promote business growth, innovation and job creation across both of our economies. Congratulations on the expansion of LSEG’s business support programme, ELITE, partnering with one of Israel’s leading banks, Bank Hapoalim, to expand ELITE across Israel. It is inspiring to see 29 Israeli companies listed on London Stock Exchange, testament to the UK’s ability to support Israel’s growth story. As the world’s most international financial centre, always open for business, London is committed to backing Israel’s ambitious companies.”
Amit Lang, General Director, Israel Ministry of Economy and Industry:
“Israel and the UK continue to enjoy flourishing trade and business relations, especially in the financial arena – specifically Fintech. There are currently 29 Israeli companies being traded on the London Stock Exchange and today’s launch of the ELITE programme in Israel is a testament to the strong economic bond between our countries’ financial ecosystems. The ELITE network throughout Europe will enable high growth companies in Israel gain access to investors and opportunities across the continent. This is indeed an exciting partnership.”
Ziva Eger, Head of Foreign Investment and Industrial Cooperation, Ministry of Economy and Industry:
“Foreign direct investment in Israel is more than just investing in companies – it is investing in the future of global innovation. The London Stock Exchange ELITE programme joins hundreds of other multinationals that have established a presence in Israel – whether for investment, R&D or advanced manufacturing. This amazing partnership is proof that it is not enough just to invest in innovative technologies - you have to be sitting at the heart of innovation. And that is why we are so excited ELITE is here.”
Yoni Assia, CEO, eToro:
“ELITE offers businesses an unbeatable opportunity to help them scale fast. It is a fantastic programme that brings together an international network of like-minded entrepreneurs with business schools, advisers and investors, creating an environment where companies can share challenges, opportunities and ultimately learn about the different forms of funding available to them, helping them to keep on growing and competing on the world stage.”
Saul Klein, Founder, Entrepreneur & Investor:
“I’m very excited to see London Stock Exchange actively engaging with the tech community in Israel. I see LSEG’s Capital Markets Conference in Tel Aviv as the next step in building an ever closer connection between the Israeli and UK tech communities. Israel is home to a hugely dynamic and competitive tech scene and should companies decide to IPO in London they will find a boldly international partner in London Stock Exchange.”
Gal Haber, Co-Founder & Managing Director, Plus500:
’We joined AIM in 2013 with the intention of increasing the profile of the Group to attract new customers, whilst providing a market for our shares. The new funds we raised enabled us to invest in additional marketing to increase brand awareness internationally, penetrate new markets and accelerate growth in existing markets.
“Since joining AIM, our share price has risen from 115p at IPO to over 700p today, and we have paid out more in dividends than the original market cap. Our involvement with AIM and the London Stock Exchange has therefore been a great success story and has enabled us to fulfil our initial ambitions. This is only the start of our journey, as we expect to continue to use the London markets to leverage our growth story.”
Further LSEG Israel highlights
In 2016 so far, $2 billion in Israeli stocks has been traded on London Stock Exchange and $330 million on Turquoise
In 2015, the Israeli Securities Authority granted authorisation for London Stock Exchange plc and Turquoise to admit Israeli member firms, subject to certain limitations
MTS, LSEG’s electronic fixed income trading platform, provides the designated wholesale electronic trading system for Israeli Primary Dealers
The Tel Aviv Stock Exchange is MTS’ technical partner in Israel for connectivity infrastructure and provides clearing to MTS Israel with the Tel Aviv Clearing House