The ratings on Bank Leumi le-Israel B.M. (Leumi) are based on the bank's strong domestic banking franchise, with about 30% of the Israeli banking market, and reflect its stand-alone stable financial profile. Leumi's franchise covers all market and product segments, providing a window view of the Israeli economy. Recently, the government reduced its ownership of Leumi to less than 42%, in accordance with its long-standing position of privatization. Standard&Poor's understands that the Ministry of Finance will announce a new privatization proposal for banks in the near term. With consolidated assets of Israeli new shekel (INS) 204.5 billion at Sept. 30, 2000 ($50.7 billion at INS4.03 to $1.00), Leumi is the second-largest bank in the Middle East after its
