Former Supervisor of Banks has withdrawn her candidacy for the Israel Discount Bank (TASE: DSCT) board of directors. Ber was also a leading candidate to become chairperson of the bank at the end of the year after the current chairman Shaul Kobrinsky ends his term of office.
Ber said, “I informed the director appointments committee that I was withdrawing my candidacy as a director of Israel Discount Bank. This is due to my brother serving on the board of directors of Clal Insurance, which is a party in interest in Discount Bank, and in order not to restrict his ability to continue serving in the role at this stage.”
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Ber’s brother Yair Bar Touv serves on the board of Clal Insurance Enterprise Holdings, which holds a 6.57% stake in Israel Discount Bank. Israel’s regulations do not allow a person to serve on the board of a company which is a party in interest in a company where an immediate relative serves on the board.
The withdrawal of Ber’s candidacy is a second blow to the bank after last week CEO Uri Levin announced that he was stepping down to become CEO of real estate and construction company Tidhar Group.
Published by Globes, Israel business news – en.globes.co.il – on April 24, 2023.
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