The FINANCIAL — Leumi Mortgage Bank’s Board of Directors approved Mr. Shuki Bourstein’s candidacy for the position of CEO of the Bank, subject to BoI confirmation. Bourstein (48), a mathematics undergraduate from the Hebrew University, has been employed at the Bank for the past 19 years.
Over the past year, he functioned as manager of the Bank’s central branch after previously serving in a number of senior managerial positions, including head of the Bank’s Corporate Division.
Bourstein will be replacing current CEO, Mr. Yuval Gavish, who announced his decision to retire from the Bank last night.
Leumi Mortgage Bank Chairperson of the Board, Mr. Avi Zeldman, announced that, after obtaining the BoI’s approval Bourstein could take up the position. He added that, reliant on his acquaintanceship with Bourstein, he was convinced that the latter would continue the Bank’s current momentum. Zeldman thanked Gavish for his substantial contribution to the Bank and for expanding its market share, while increasing profitability and facilitating working processes with customers.
Leumi Mortgage Bank closed 2007 with unprecedented net earnings of NIS219 million and an 11.6% net earnings return on equity capital.
Mr. Dannie Gitter, the current deputy head of Leumi’s Commercial Division, will be replacing Bourstein as manager of the central branch. In the past, Gitter served as the manager of the Northern Commercial District and performed diverse managerial functions in the branch setup. Gitter (51), a Social Sciences undergraduate, has been employed by the Bank for the past 27 years.
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