TEL AVIV, Oct 23 (Reuters) - Stanley Fischer, the former
vice chairman of the U.S. Federal Reserve, said on Friday he
would use his new role on the board of Israel's Bank Hapoalim
to help it grow as it deals with fallout from the
Hapoalim, Israel's largest lender, on Thursday elected
Fischer to a three-year term on its board of directors.
Fischer, who previously served as Governor of the Bank of
Israel, said: "The Israeli banking system faces many challenges,
not least of them resulting from the Coronavirus crisis."
"I intend to study the bank and its activities in depth, as
well as the competitive and regulatory environment, so that I
can contribute from my experience to the bank and its growth,"
he said in a statement.
Hapoalim's second-quarter profit fell sharply after it set
aside a 1.13 billion shekel ($335 million) credit loss
provision, which included 806 million shekels as an advance to
deal with the coronavirus pandemic.
Fischer said he was confident the bank's management could
navigate it through the crisis.
Fischer headed the Bank of Israel from 2005-2013 and is
widely credited with helping the country weather the 2008
He served as vice chairman of the U.S. Federal Reserve's
Board of Governors from 2014-2017.
($1 = 3.3769 shekels)
(Reporting by Rami Ayyub and Steven Scheer; Editing by Mark