Menachem Weber will manage Leumi Credit Risk and receive a share in the company.
Bank Leumi today announced the founding of a new company – Leumi Credit Risk. Bank Leumi will be the controlling shareholder, while CEO-designate Menachem Weber will have a small share. The exact share Weber will hold has not yet been determined.
Leumi Credit Risk will organize special syndicates for providing credit to large companies in the business sector. The bank, not the subsidiary, will grant the credit. The subsidiary will find customers, organize the credit, and handle relations with other banks in the consortium.
Leumi Credit Risk will also develop credit products, some of which are considered new for Israeli banks. These involve derivatives of credit risks for Bank Leumi’s large business and institutional customers.
Leumi Credit Risk will be subordinate to Bank Leumi’s corporate division, headed by Ehud Shapira. The company chairman will be deputy head of Bank Leumi’s corporate division Binyamin Naveh. Bank Leumi corporate division deputy head Yossi Yalon will serve as a director in Leumi Credit Risk. CEO Menachem Weber is a former CEO of the Maritime Bank of Israel and the former manager of Bank Mizrahi’s London branch.
Published by Israel's Business Arena on January 22, 2001