Association of Banks CEO Eitan Madmon Resigns After Eight Years
Association of Banks CEO Eitan Madmon announced his resignation after eight turbulent years marked by high interest rates, excess-profit taxes, and regulatory scrutiny.
Eitan Madmon, CEO of the Association of Banks, announced his resignation on Tuesday after eight turbulent years in office, following previous attempts by bank executives to oust him.
Madmon's tenure coincided with a period of high interest rates that significantly boosted bank profits. This surge led the Ministry of Finance to impose excess-profit taxes costing billions of shekels, sparking behind-the-scenes disputes between bank heads and Madmon. In July, local media reported that chairmen of major banks sought to replace him, prompting the Israel Competition Authority to intervene over concerns of alleged collusion and request correspondence between the executives.
In the official announcement, Madmon informed the association's president and Bank Leumi Chairman, Eitan Avni, of his decision to step down by the end of the year. "We managed to protect the system from populist measures that threatened it," Madmon stated, highlighting that banks maintained financial resilience during the COVID-19 pandemic and the ongoing war while expanding customer assistance and war-effort contributions.
Bank Leumi Chairman Eitan Avni thanked Madmon for his dedication, noting that he navigated the association through a challenging era and shaped it into a professional body respected by regulators, the government, lawmakers, and financial leaders.
