Sources believe that the next CEO of Bank Massad will apparently come from within the bank, in order to limit shocks following the transfer of ownership and to maintain continuity. The top candidate for the post is the retail division head, Kobi Malchin.
However, it cannot be ruled out that First International Bank CEO Smadar Barber Zadik may decide to appoint an executive from First International to lead the new subsidiary, Bank Massad.
First International Bank said in response, "No decision has been taken yet regarding the appointment of a CEO for Bank Massad. A decision will only be taken following consultations with Histadrut Teachers Union chairman Yossi Wasserman when he comes back from vacation."
Bank Massad specializes in providing banking services for teachers. Bank Hapoalim (TASE: POLI; LSE:80OA) sold its 51% controlling interest in the bank to First International in October 2007 for NIS 236 million. The Histadrut Teachers Union owns the other 49%.
Published by Globes [online], Israel business news - www.globes-online.com - on February 12, 2008
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