First Int'l Bank appoints Rony Hizkiyahu as chairman

Sources inform ''Globes'' that former Supervisor of Banks Rony Hizkiyahu has been appointed chairman of First International Bank of Israel (TASE: FTIN). He will succeed Jack Elaad, who has held the position since 2006.

First International Bank is controlled by Zadik Bino, who will have to decide by 2016 whether to keep the bank or Paz Oil Company Ltd. (TASE:PZOL), pursuant to the recommendations of the Committee on Concentration in the Economy.

Bino denies that he sought to replace Elaad when his five-year term expired last year. Bino offered the bank's chairmanship to Hizkiyahu several months ago, but Hizkiyahu wanted to run for the CEO position at Bank Leumi (TASE: LUMI). That race ended six weeks ago with the appointment of Rakefet Russak-Aminoach to succeed Galia Maor.

First International Bank's share price rose 0.6% by mid-afternoon today to NIS 42.24, giving a market cap of NIS 4.2 billion.

Published by Globes [online], Israel business news - www.globes-online.com - on March 27, 2012

First Int'l Bank appoints Rony Hizkiyahu as chairman

The will former Supervisor of Banks succeed chairman Jack Elaad, who has held the position since 2006.