HSBC Israel Chief Steps Down

HSBC Israel’s CEO Yehuda Levi is stepping down, Calcalist has learned.

Levi, who has headed HSBC Israel since its inception in 2001, agreed on the terms of his resignation after feeling there was nothing more for him to do at the bank.

He will likely be replaced by Michael Israel, head of investment banking at HSBC Israel. Before joining HSBC, Michael Israel held senior positions at Edmond Safra’s Republic National Bank of New York and The First International Bank.

Levi is highly regarded by Israel’s financial community following HSBC’s success under his leadership; however, the bank has been hit by a wave of resignations in it senior ranks, in favor of positions in recently opened local branch of Julius Baer and in UBS’s Israeli desk.

The Israeli branch of HSBC, a leviathan global banking group which manages $2.6 trillion for over 100 clients, is the Israel’s largest and most active foreign company.

It finances some of the economy’s largest companies (such as the Tamar offshore gas license) and is the only foreign bank in Israel which allows private account management, focusing on managing the funds of Israeli tycoons.

Ynetnews