Strong market position and franchise as one of the two largest banking groups in Israel, with a sound presence in all key business lines and digital banking. Efficiency ratios on an improving trend. Large domestic customer deposit base that underpins good funding and liquidity metrics. Sound asset quality indicators. Regulatory attempts to limit market share, as exhibited by forced divestment of credit card subsidiary. Concentration in real estate sector. Limited ability to diversify fee income or raise fees. S&P Global Ratings' positive outlook on Bank Leumi le-Israel B.M. indicates the possibility of an upgrade over the next 12-24 months if Israel's economic and operating environment becomes more supportive, ultimately resulting in a higher anchor for Israeli banks. That aside, we
