Barak Nardi, a long-time executive at Mercantile Bank, is the company’s new CEO, the Mercantile Bank Board of Directors announced on Monday.
He will be replacing Shuki Burstein, who announced in November that he would be stepping down as CEO of the bank after about nine years in the position.
Nardi, 50 years old, holds a BA in Economics and Accounting and an MBA from Tel Aviv University. He has been described as having “exceptional abilities,” having until now served as a member of the management and head of the holdings division at Discount.
In this role, he is responsible for managing the subsidiaries of Discount Group. He serves as Chairman of Mercantile and Chairman of Cal, as well as a director at Discount New York and Discount Capital.
Nardi has in-depth knowledge of the banking world and broad, multidisciplinary management and professional experience. In his last role, Nardi led significant strategic moves at Discount Group.
This includes the of part of the holding in Discount New York to the American investment fund Galtin Point, as well as the acquisition of all holdings in Paybox and preparations for the sale of the credit card company Cal.
Biography
Nardi joined Discount Group in 2010 and has since held senior management positions in the group. Prior to his current position, he served as CFO and Head of Planning, Strategy and Finance at Discount Bank.
In this role, he managed, among other things, local and international investor relations and was responsible for promoting innovation and business development and implementing prominent strategic moves.
Prior to his position at Discount Bank, he served as Deputy CEO of Cal and CFO, Head of Strategy and Resources at the company, CEO of Diners, and CFO of Microsoft Israel.
Nardi's appointment is subject to approval by the Bank of Israel, and the date of commencement of his term has not yet been determined.