Bronfman coming to Israel

Matthew Bronfman, the head of the Bronfman-Schron group owning the controlling interest in Israel Discount Bank, will be coming to Israel next week to meet with Supervisor of Banks Rony Hizkiyahu. Bronfman is coming "to hold a series of meetings to advance the issue of ending the term of Discount chairman Shlomo Zohar, one of his associates told TheMarker.

Bronfman is also expected to meet with Finance Ministry representatives, as the state still holds 25% of Discount shares. Hizkiyahu is expected to request explanations from Bronfman, including why Bronfman wants to fire Zohar as well as the owners' plans for Israel's third largest bank.

Zohar's contract runs out only in early 2011 and he has told the board of directors that he is staying until then. Nonetheless, sources close to the Bronfman-Schron group say they will not back down on their demand for Zohar's removal. They can either bring the matter to the board or call a special shareholders meeting.