Bank Leumi (TASE:LUMI) board of directors has agreed to give outgoing chairman Eitan Raff, 68, a severance package of NIS 5 million. Raff has served as chairman of Leumi since 1994.

Raff's severance pay has been calculated according to 200% of his basic monthly salary of NIS 133,000 as well as a special bonus of 7.5 salaries, which amounts to just over NIS 1 million. Raff is expected to step down in May. However, these retirement conditions must be approved by a shareholders meeting.

In addition, Raff will also receive a bonus related to the bank's financial results for 2009. He earned NIS 2.27 million in 2008 when no bonuses were distributed. In 2007, Raff earned NIS 6.34 including a bonus. Raff is a former accountant general at the Ministry of Finance.

Published by Globes [online], Israel business news - www.globes-online.com - on February 1, 2010

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