Gama Phoenix Credit VP Michal Dan Resigns After 15 Months Amid Business Credit Revenue Decline
Michal Dan, the Vice President of Credit at Gama Phoenix, is stepping down from her role just 15 months after her appointment. Dan joined Gama Phoenix following a 25-year career at Bank Hapoalim, where she last served as head of retail credit and mortgages. At Gama Phoenix, she worked under CEO Bentzi Ediri and Chairman Erez Yosef, overseeing the expansion of the company’s business credit activities.
Gama Phoenix is a growing credit company that consolidates all credit operations for the Phoenix Group, Israel’s largest institutional entity managing assets exceeding 600 billion shekels. Historically known as an insurance company, Phoenix has been transforming into a broad financial group, with credit identified as a core business area. Gama’s main operations include credit card clearing, business credit provision, construction financing, and consumer credit. The company also holds a 20% stake in El Al’s frequent flyer club. Gama’s credit and guarantees portfolio totals 5.3 billion shekels.
Despite asset growth, Gama’s business credit income has been declining. Net financing income in this sector fell from 102 million shekels in 2023 to 95 million in 2024, and further to 89 million in 2025, marking a 13% drop over two years. Operating profit also decreased from 34 million shekels in 2023 to 25 million in 2024 and 23 million in 2025, a 32% decline over the same period.
Phoenix stated that Dan requested to end her tenure for personal reasons and expressed gratitude for her contributions. The company is actively seeking a replacement.
