The doomsday predictions regarding Bank Hapoalim some fear may have been optimistic. The bank, which in 2007 reported a cool net profit of NIS 2.68 billion is showing a different reality today, a NIS 895 million loss. The last quarter of 2008 proved worse than expected, NIS 363 million.

On Wednesday, CEO Zvi Ziv unexpectedly resigned, and was replaced by deputy CEO and head of corporate banking Zion Keinan.

(Yechiel Spira – YWN Israel)