The board of Bank Leumi (UK) plc has appointed Lawrence Weiss as CEO. He is replacing Menachem (Miki) Friedman, who was ousted in June. Bank Leumi chairman Eitan Raff is also the chairman of the British unit. The appointment has to be approved by the UK regulatory authorities.
Bank Bank Leumi (TASE: LUMI) said, "In view of Weiss's extensive experience in risk management, he is well positioned to navigate the bank's activity in this challenging period of instability in international financial markets."
Friedman was fired following an embezzlement scandal in which he is accused of stealing NIS 30 million from the main branch of Bank Leumi between 2005 and 2007.
Weiss is an American who resides in the UK. He has an MA in international affairs from Columbia University. He is currently head of the energy group credit risk management at Glencore UK Ltd. Prior to joining Glencore in 1990, he served as VP at Chase Manhattan Corporation.
Bank Leumi (UK) is headquartered in London, and has a branch in Manchester, offshore subsidiaries Bank Leumi (Jersey) Ltd. and Leumi Overseas Trust Corporation Ltd., and a Brighton-based subsidiary, Factoring and Invoice Discounting Ltd. The core business of Bank Leumi (UK) is the financing of international trade, especially with Israel, and the financing of real estate transactions and business activity in the UK.
Published by Globes [online], Israel business news - www.globes-online.com - on October 16, 2008
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