The head of the international and private banking division at Bank Leumi, Zvi Itskovitch, is to retire after 33 years at Israel’s largest financial institution.

Itskovitch, also deputy chief executive officer of the group, set up and has headed the international and private banking division for the past 12 years. He is also chairman of Bank Leumi’s units in the UK, Romania and Luxembourg, as well as being a director of Bank Leumi Switzerland.

Previous roles at the bank also include those of chief auditor, head of the subsidiary companies division, head of the private customers department in the banking division and manager of the Chicago branch of Bank Leumi USA.

Itskovitch is reportedly to leave during the third quarter of next year, and it is understood that his successor will be named over the course of the next few weeks. His decision to retire early closely follows the appointment of Rakefet Russak-Aminoach as the group’s new CEO, to replace Galia Maor.

Maor’s decision to retire emerged at the start of January, at which time a statement said: “the bank's management has completed the group's preparation of the multi-year work plan and at this time she feels that she can retire in confidence knowing that the current management team will implement the plan successfully.” Maor is to remain in role until the second quarter of 2012.

In addition to the senior management changes happening at the group, Leumi has also been in the news for its December acquisition of Swiss private bank Banque Safdié for SFr143 million ($156 million).

Safdié, with SFr3 billion in client assets, has operations in Geneva, Zurich, Lugano and Luxembourg and a representative office in Israel.