Mishap at Migdal: Ex-Discount Bank Chair Ousted From Investment Role

Shaul Kobrinsky, former chairman of Discount Bank, has been forced to resign from his position as chairman of the investment committee for the insurance company Migdal. Kobrinsky's abrupt departure, just months after his January appointment, follows intervention by the Israel Capital Markets Authority (ICMA). The authority determined that Kobrinsky's concurrent roles violated regulations.

According to "Calcalist," the ICMA's demand stems from Kobrinsky's simultaneous role as deputy chairman of the Strauss Group. Strauss was designated a "significant real corporation" in July after its sales exceeded NIS 7 billion. Israeli competition law and ICMA conflict-of-interest guidelines prohibit such overlapping directorships because Strauss is a major supplier to retail chains in which Migdal holds shares and must vote at their shareholder meetings.

Yael Kfir Mazar, a current committee member and former head of business at Bank Leumi, has been appointed to replace Kobrinsky. Kobrinsky's initial appointment at Migdal was approved in May, before Strauss was classified as a concentrated entity. However, after the official classification was published in the summer, Migdal's legal counsel sought guidance, and the ICMA clarified that Kobrinsky could not hold both positions.

Kobrinsky is a prominent figure in Israel's financial and business sectors. He led Discount Bank from 2018 to 2023, overseeing significant digital and structural changes. His past leadership roles include positions at Novolog, Cargal, and Jordan Industries. He also currently serves as chairman of the urban renewal company Beit VeGag.