Bank of Israel: Hapoalim CEO can keep his job

State Prosecutor’s Office decides to close the case against Bank Hapoalim CEO Zion Kenan due to lack of evidence.

By GLOBES CORRESPONDENT
March 4, 2012 22:48
Bank Hapoalim

Bank Hapoalim 311. (photo credit: Ariel Jerozolimski )

Bank Hapoalim CEO Zion Kenan can keep his job, the Bank of Israel announced Sunday, after the State Prosecutor’s Office decided to close the case against him due to lack of evidence.

Supervisor of Banks David Zaken said there was no reason to change Kenan’s position.

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However, he found flaws in Bank Hapoalim’s approval of credit to then chairman Dan Dankner, when Kenan served as head of the bank’s corporate division.

In that capacity, Kenan was responsible for submitting Dankner’s requests to the board of directors. Zaken reprimanded Kenan on this point.

In October 2010, Bank Hapoalim fixed the flaws and updated its procedures to reflect the Bank of Israel’s proper banking procedures for the approval and granting of credit to affiliated parties.

“The supervisor’s announcement brings this matter to a close,” Bank Hapoalim said. “The bank will naturally continue to meticulously fulfill all orders of the banking supervisor.

The bank will promote its business in line with its strategic plans under the leadership of chairman Yair Seroussi and CEO Zion Kenan.”

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