Bank Hapoalim (TASE: POLI) chairman Yair Seroussi, in his first major speech since taking up the post in August, warned of quick reforms and urged a move "back to basics".
Seroussi spoke at the opening plenum of the second day of the "Globes" Israel Business Conference at the David Intercontinental Hotel in Tel Aviv.
Referring to the landmark Bachar committee capital market reform, Seroussi said, "If there is one clear conclusion, it is that there is a need to be careful of the unbearable ease and speed of major reforms. Therefore, the last thing we need to speak about now is a new reform in the financial market. Now we need to check how we carefully improve the running of the institutional market and stabilizing it. How, with a few relatively simple rules, we guarantee that its risk level is reasonable."
Seroussi also spoke about the future direction of Bank Hapoalim, saying, "Bank Hapoalim's strategy will be based on "back to basics" a return to the historical sources of the bank's strength, combined with innovation. For example, renewing the "Dan the Saver" program, that emphasizes education about savings for the young generation, as well as financing solutions to advance technologies which generate solar energy."
In the executive's opinion, "back to basics" is a good idea for the government as well. "It is a strategy that combines the drive and the faith that so defined the early days of the State of Israel, together with a new and original vision, partnership, professionalism, and technological innovation."
Published by Globes [online], Israel business news - www.globes-online.com - on December 14, 2009
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