First International Bank of Israel (TASE:FTIN1;FTIN5) announced a number of changes in its top management today. Smadar Barber, until now a director in the bank and CEO of FIBI Holdings (TASE:FIBI), will be appointed head of the bank's corporate division, with the rank of deputy CEO.
Barber, 41, a CPA by profession, is an associate of First International Bank controlling shareholder Zadik Bino, serving as his aide for many years. Barber once worked as a CPA at KPMG Somekh-Chaikin, and headed its economics-business division.
Barber met Bino while working at KPMG Somekh-Chaikin. She joined Bino Holdings ten years ago, serving in a number of senior positions, including CEO of Bino Holdings, CEO of Sahar Development and Investments Ltd., and CEO of FIBI Holdings.
Barber also serves as a director on several companies, including First International Bank, Paz Oil Company, InterGamma Investment Ltd., Shamir Optical Industries, and Elran Holdings (TASE:ELHD). In the past year, she has also served as chairperson of First International Bank's balance sheet committee board of directors, and as a member of the bank's credit, audit, strategy, salary and administration committee.
Barber's appointment as First International Bank deputy CEO, making her the number two person at the bank, means she will resign from the bank's board of directions and as CEO of FIBI Holdings. No decision has yet been taken on her replacements.
Following Barber's appointment, First International Bank's managers committee, which has 600 members and authorized signatories, declared its opposition to senior management appointments from outside the bank.
Barber will replace Zeev Ben-Asher, who was appointed as head of the bank's corporate division only a year ago, and is now resigning. He has served in a number of senior positions at Bank Hapoalim (LSE:BKHD; TASE:POLI). First International Bank stated that Ben-Asher was resigning for "personal reasons".
In another change, Israel Trau, 49, will be appointed assistant general manager and head of banking and marketing division. He is replacing David Ouziel, who is retiring after 40 years at the bank.
First International Bank CEO David Granot said the new appointments completed the bank's recent organizational and personal changes.
Banking sources believe that the appointment of Barber, one of Bino's closest associates, to a sensitive and important position at First International Bank, which has suffered from a problematic and low-quality credit portfolio for years, is a sign of a new era, in which Bino will intensify his involvement in the bank's management and future business direction.
Published by Globes [online], Israel business news - www.globes.co.il - on December 15, 2004