First International Bank of Israel (TASE: FTIN1;FTIN5) chairman Jack Elaad and CEO Smadar Barber-Tsadik met the heads of the bank's managers committee and clerks committee at 10 am today at the order of the Haifa District Labor Court. Last night, the court ordered the parties to open intensive negotiations to settle the crisis, which has disrupted business at the bank and its subsidiary Bank Otsar Hahayal for the past month.
At the end of yesterday's court hearing on the labor dispute between First International Bank's management and employees, the court ruled in favor of the employees. The court ruled that the strike can continue in parallel with intensive negotiations to settle the dispute.
The parties will submit a progress report to the court on Wednesday.
In accordance with a request by Supervisor of Banks Rony Hizkiyahu and in line with a compromise proposed by First International Bank's workers committee, the court also ruled that the bank's emergency center will be substantially reinforced to at least 105 staffers, up from the current 70.
First International Bank's workers committee claims the strike is the longest ever in the banking system.
First International Bank's share price fell 0.9% in morning trading today to NIS 62, only the second time that the share has fallen since the strike began.
Published by Globes [online], Israel business news - www.globes-online.com - on July 12, 2010
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