Another Israeli bank will need to look for a new CEO. Smadar Barber-Tsadik informed the board of directors of First International Bank this morning of her intention of stepping down after sixteen years as CEO, and altogether twenty years in senior management positions in the bank. Last month, Uri Levin, CEO of Israel Discount Bank announced his resignation to take up the position of CEO at real estate company Tidhar.
Barber-Tsadik told the First International board: "I have had the privilege, together with the bank’s management, of leading an exceptional strategic process of building a banking group through acquisitions of banks and mergers, enabling First International to more than double in size, to grow and strengthen its retail and private banking business, and to grow its credit portfolio.
"The bank’s growth has been accompanied by a streamlining process, by an appropriate risk management policy, and by long-term thinking. All these things have led to the impressive results that the bank has published and to confidence on the part of investors and customers as expressed in the bank’s high market capitalization," she added.
Barber-Tsadik’s announcement came just after the bank released its first quarter financials, showing a group net profit of NIS 631 million, 96% higher than in the corresponding quarter of 2022. The bank’s return on equity in the first quarter of this year was 23.6%, the highest reported by an Israeli bank so far. The two largest banks, Hapoalim and Leumi, are due to report their first quarter results next Tuesday.
Published by Globes, Israel business news - en.globes.co.il - on May 17, 2023.
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