Israel's Bank Leumi names new CEO

Credit: REUTERS/NIR ELIAS

Bank Leumi, one of Israel's largest banks, on Tuesday named Hanan Friedman as its new chief executive officer, replacing Rakefet Russak-Aminoach, who said in June she would step down.

Adds details, background

JERUSALEM, Aug 27 (Reuters) - Bank Leumi LUMI.TA, one of Israel's largest banks, on Tuesday named Hanan Friedman as its new chief executive officer, replacing Rakefet Russak-Aminoach, who said in June she would step down.

Friedman, whose start date has yet to be decided, currently heads the bank's strategy and regulation division and has been with the bank for about five years.

Leumi said its board had approved the appointment, but it still needed confirmation from Israel's banking regulator.

Leumi, which named a new chairman in June, is one of three big banks in Israel going through major changes in its top ranks. In July rivals Hapoalim POLI.TA and Israel Discount Bank DSCT.TA named new CEOs.

The wave of senior management resignations followed Israel's 2016 law that capped bank executive compensation at 2.5 million shekels ($712,697) a year. Before this came into effect, remuneration for senior bank officials had risen to as much as 8 million shekels a year.

($1 = 3.5078 shekels)

(Reporting by Ari Rabinovitch; Editing by Tova Cohen and Jane Merriman)

((ari.rabinovitch@thomsonreuters.com; +972-2-632-2202; Reuters Messaging: ari.rabinovitch@thomsonreuters.com@reuters.net))

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