Strong market position and franchise as one of the two largest banking groups in Israel, with a strong presence in all key business lines and digital banking Improving efficiency ratios 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 the forced divestment of the credit card subsidiary Concentration in the real estate sector Limited ability to diversify or raise fees The stable outlook on Bank Leumi indicates a limited likelihood of ratings upside or downside over the next 24 months. The ratings already take into account the benefits of our expectation of benign and stable operating conditions in Israel. Therefore, we expect the bank's
