Bank Leumi (TASE: LUMI) president and CEO Galia Maor is considering her next step in her campaign to become chairwoman of the bank. She is reviewing her legal standing and available options, and she will decide what to do in a few days.
Maor is today attending a Bank Leumi seminar for executives. People say she looks tense.
Yesterday, Israel Securities Authority released an opinion that raises doubts the legal grounds for allowing Maor to submit an independent candidacy under the provisions of Article 87 of the Banking Regulations, because there was no proper disclosure in the prospectus, and because the article contradicts the Companies Law (5759-1999) with regard to the date for submitting a candidacy. The Securities Authority has no position on the validity of Article 87. It says that if Bank Leumi regards the article as valid, then the bank must convene a new general shareholders meeting and explain its position in an immediate notice to the Tel Aviv Stock Exchange (TASE).
Bank Leumi's share fell 0.4% by midday today to NIS 16.32.
Published by Globes [online], Israel business news - www.globes-online.com - on February 15, 2010
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