The Bank Leumi (TASE: LUMI) board of directors has elected David Brodet as the bank's next chairman. He will replace Eitan Raff, who is retiring after 15 years.

Brodet won in the first round of voting, with seven votes. Ehud Shapira received three votes, and Moshe Dovrat received two votes. The former Ministry of Finance director general and chairman of Mizrahi Tefahot Bank was elected to a three-year term in a full-time position.

Brodet's formal appointment will come only after the chair of Bank Leumi's appointments committee Margalit Nof presents the candidate for a "fit and proper" examination at the Bank of Israel, a procedure that should be completed within a few days. She is also required to consult Minister of Finance Yuval Steinitz and Supervisor of Banks Rony Hizkiyahu. Since Brodet is known to be acceptable to both the Bank of Israel and the Ministry of Finance, no problem is expected over confirmation of the appointment.

Published by Globes [online], Israel business news - www.globes-online.com - on July 22, 2010

© Copyright of Globes Publisher Itonut (1983) Ltd. 2010