Bank Hapoalim chair Shlomo Nehama today announced Finance, Information Systems and Risk Management head Eliezer Yones's appointment as CEO of the bank. The appointment was approved by the board of directors and will take effect April 18.

Yones said upon being appointed, "The new generation of management needs the older generation and hopes those people will stay with the bank in the coming years."

Nehama presented the bank management's new structure, including a leaner board of management with only eleven members as opposed to the previous fifteen. Moshe Amit was appointed to replace Yones and his contract was extended two years. Avi Harel was appointed head of finance, Yones¿s previous central responsibility. Shai Talmon was appointed head of corporate banking, to replace Amit.

Zvi Ziv, head of retail banking, will take on additional duties in charge of marketing, direct banking, Internet banking, Isracard and Mishkan bank. Jacob Elinav will continue in his position as head of holdings in subsidiaries and affiliates.

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Under the restructuring, the marketing division will be phased out and its activities will be taken over by the retail banking division. Marketing head Amnon Herzig will be appointed to another senior position in the bank which will be announced later.