Bank Leumi Enters Trust Services Market, Challenging Incumbents
Translated & summarized from Calcalist by baba
Bank Leumi and Aspire have launched a joint trust company to manage employee stock options and shares, entering a market where Israeli tech workers realized NIS 75 billion in 2025. The new venture will compete with established firms like IBI Capital and Phoenix ESOP, offering trust services for M&A deals. While Leumi's existing client base is an advantage, the company must build specialized expertise and technology to succeed in a competitive landscape.
The story in 6 lines · by baba
- Bank Leumi and Aspire launched a joint trust company to manage employee stock options and shares.
- Israeli tech workers realized NIS 75 billion from stock options and shares before taxes in 2025.
- The new company will compete with established players like IBI Capital, Phoenix ESOP, and Altshare.
- The venture will offer trust services for mergers and acquisitions in addition to stock option management.
- Hana Hollander stated the company aims to be a significant player by combining knowledge, connections, and technology.
- Leumi's existing client base is seen as a key advantage in attracting new business.
Bank Leumi and the new investment house Aspire have announced the establishment of a joint trust company, in which Leumi will hold a 51% stake and Aspire 49%. This move signifies Bank Leumi's entry into the market managing employee stock options and shares, a sector where Israeli tech workers realized NIS 75 billion before taxes in 2025. The new company, to be managed by Advocate and CPA Vanesa Monovitz, will handle stock and option allocations for companies and provide trust services for mergers and acquisitions (M&A), including holding funds during the period between deal signing and completion.
The venture is set to begin operations by the end of the year and will compete with established players like IBI Capital, Phoenix ESOP, and Altshare, who have developed significant technological infrastructure, specialized tax and operations teams, and extensive industry connections over many years. Hana Hollander, CEO and founder of Aspire, stated that the new company aims to be a significant player by leveraging a combination of knowledge, connections, and technology.
Bank Leumi's advantage lies in its existing client base, which could attract companies already banking with them, thereby expanding the bank's financial services offering rather than seeking to become a primary profit engine. While the tech sector drives much of this market, the trust services are intended for a broader range of companies and business entities. The trust company's work involves managing allocations, tracking vesting, and handling tax aspects, with significant revenue potential arising from exits, IPOs, or secondary transactions.
Competitors like IBI have reported substantial revenue growth from these services, with IBI's option management revenues reaching NIS 74 million in 2025. The market's growth is closely tied to the health of the high-tech sector, but also extends to other industries. The trust company will offer M&A trust services, a natural extension of managing employee stock plans during company sales. However, the new entrant faces the challenge of building expertise and advanced technology to compete effectively, as the industry values professionalism and service quality alongside price.
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