Embattled Israel Discount Bank (TASE: DSCT) chairman Shlomo Zohar has called a meeting of the bank's board of directors for tomorrow. Zohar does not intend to announce his resignation, but to update the board on developments that led the bank's controlling shareholders to seek his ouster.
Bank system sources expect that Zohar will not resign, and that the controlling shareholders the Bronfman and Schron families will have to end his employment according to all the rules of corporate governance.
Yesterday, Discount Bank said that the chairman had been asked by the controlling shareholders to step down.
Shares in Discount Bank fell 2.9% yesterday to NIS $7.05, and were up 0.3% by early today.
Published by Globes [online], Israel business news - www.globes-online.com - on November 2, 2009
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