Rakefet Russak-Aminoach

On May 1, 2012, Russak-Aminoach was appointed CEO of Bank Leumi.[2] Six years after her appointment, Leumi established itself as the leading bank in Israel in terms of profits, market cap, and innovation.[17] To reach this landmark, Russak- Aminoach led a turnaround within the Leumi Group, focusing on digital transformation and enhancing efficiency.

These steps included an extensive streamlining program across the Group, which resulted in a reduction of about 20% in the Group's workforce, merging of branches and business lines, exiting the Bank's global private banking operations. All this led to a significant decrease in the Bank's total expenses.[18] In addition, Russak-Aminoach led major steps to improve the Bank's capital adequacy. During this period, Leumi attained a credit portfolio with minimal credit loss expenses, one of the best of its kind.[13]

During Russak-Aminoach's tenure the bank received certain alleviations throughout the US tax evasion investigation because of the complete cooperation it demonstrated, concluding the investigation already at the end of 2014. In comparison, Poalim bank paid the regulators massive amount of $500 million more than Leumi, and the total difference of $750 million (including consultants’ fee) was due to the US regulators’ realization that Poalim is buying time and does not cooperate fully with them.[19]

In May 2014, Russak-Aminoach decided to significantly expand Leumi's high-tech banking operations with the establishment of LeumiTech, the Group's high-tech banking arm, which provides tailor-made financial services to Israeli high-tech companies operating around the globe.[20] Based in Tel Aviv, LeumiTech also operates in London, New York and Palo Alto.[21] In August 2018, LeumiTech announced it would expand its activity in the US to include non-Israeli related companies.[22]

In October 2014, the Israeli social activist Barak Cohen began to coordinate the "Ba'im LaBanka'im" ("Coming to the Bankers") protest against senior officials in the banking system, including Russak-Aminoach. As part of the activity, Cohen read slogans in condemnation of Russak-Aminoach near the high school where she studies and scattered posters condemning her in the school yard. The court issued a restraining order to Cohen and his teammates from Russak-Aminoach and Zion Kenan, for stalking.[23] In May 2019, Cohen pleaded guilty in a plea bargain to invasion of privacy as part of the "Ba'im LaBanka'im" protest actions,[24] and in November 2019 he was sentenced to six months probation and a fine of 20,000 NIS.[25]

In early 2017, in light of the Bank's results, Bank Leumi announced a new dividend policy of 40% of profits, following a long period with no dividend payouts.[26] Since Russak-Aminoach took office as CEO, and until the end of the third quarter of 2018, Leumi's share price has more than doubled.[27]

In January 2018, Russak-Aminoach led a strategic investment into Bank Leumi USA, a fully owned subsidiary of the Leumi Group, with the sale of 15% of Bank Leumi USA to Endicott Capital Management and MSD Capital L.P. The agreement reflected a net worth value of approximately USD 1 billion for Bank Leumi USA, 20% above its equity capital.[28]

Six months later, Russak-Aminoach promoted an agreement with US private equity fund Warburg Pincus for the sale of Leumi Card, Leumi Group's credit card subsidiary, for NIS 2.5 billion, 30% above its equity capital.[29] The agreement positioned Leumi as the first bank in Israel to implement the recommendations of the Government Committee for Increasing Competition in the Banking Industry ("The Strum Committee").[30]

In July 2019, she announced that she was stepping down as CEO.[31]

Russak Aminoach is considered a pioneer in the global digital banking arena. Under her leadership, Bank Leumi began executing a business strategy that focuses, among others, on digital innovation and implementation of advanced technologies across all the Bank's business lines.[32]

In early 2016, she established Leumi's 'Digital Banking Division', which was responsible for setting up Israel's first fully digital bank, alongside spearheading the Bank's digital transformation, marketing, innovation and Big Data activities.[8]

In February 2017, Leumi launched Pepper Pay, a P2P mobile payments app.[33] Five months later, Leumi officially launched Pepper, a unique, fully digital bank, enabling complete current account management via mobile only.[34]

In light of its achievements in the digital field, Bank Leumi has won several prestigious awards in recent years, including "Best Corporate Digital Bank in Israel" (Global Finance Magazine, 2016),[35] and "Best Digital Bank in Israel" (Global Finance Magazine, 2017).[36]    

In May 2018, Leumi won the Dell Technologies "Innovator Award" for the foundation of Pepper.[37] Several months later, Russak-Aminoach announced her plans to expand Pepper to the US.[38]

In December 2018, Leumi was named "Bank of the Year in Israel" by The Banker magazine, mainly due to the Bank's ongoing commitment to digital innovation.[39]