Rakefet Russak-Aminoach
Rakefet Russak-Aminoach | |
|---|---|
| Born | February 1, 1966 Tel Aviv, Israel |
| Occupation(s) | Banker, business executive |
| Years active | 1992–present |
| Known for | CEO of Bank Leumi (2012–2019), Managing Partner at Team8, Chairperson at Hailo Technologies |
Rakefet Russak-Aminoach (; born February 1, 1966) currently serves as a Managing Partner at Team8, a global venture capital fund, and holds the position of Chairperson at Hailo Technologies. She was the President and CEO of Bank Leumi from May 2012 until October 2019. In 2024, Russak-Aminoach joined the board of directors at BNY Mellon.
She has been recognized three times in Fortune Magazine’s "100 Most Powerful Women in Business" list (2015, 2016, 2018) and was named among the 2024 Most Influential Women in Fintech by American Banker. Renowned as a trailblazer in digital banking, she is credited with launching Pepper, Israel’s first mobile-only banking platform.
Early life and education
Born and raised in Tel Aviv, Israel, Russak-Aminoach is the daughter of Rachel and Shmuel Russak, a certified public accountant. Following high school, she enrolled at Tel Aviv University through the Atuda military Academic Reserves Program, where she graduated summa cum laude with a B.A. in economics and accounting.[1] She subsequently earned an M.B.A. in Finance with honors (cum laude), during which time she also lectured in accounting, and later completed an LLB degree. Her service in the Israel Defense Forces included a role as an instructor at the IDF Command & Staff College, teaching courses in Operations Research and Project Management.[2]
Career
Between 1992 and 1994, Russak-Aminoach worked as a personal assistant to Galia Maor,[3] who was then Deputy CEO of Bank Leumi. In 1995, she became a partner at Somekh-Chaikin CPA firm (KPMG Israel), eventually rising to CEO by July 2000.[4]
In January 2004, she was appointed head of Bank Leumi’s Corporate Division, becoming its youngest member of senior management.[5] She advanced to Senior Deputy CEO on July 1, 2011.[6]
CEO of Bank Leumi
Russak-Aminoach took over as CEO of Bank Leumi on May 1, 2012. Over the next six years under her guidance, the bank emerged as Israel’s most profitable institution with leading market capitalization and innovation achievements by spearheading digital transformation initiatives and enhancing operational efficiency.
Her strategic overhaul involved streamlining processes by cutting about 40% of staff, consolidating branches and business units, and withdrawing from international private banking activities. These steps significantly reduced operational costs. She also strengthened capital adequacy ratios while maintaining a loan portfolio with minimal credit losses. Her tenure was documented in a Harvard Business School case study.
During her leadership period, Bank Leumi fully cooperated with U.S. tax evasion inquiries and resolved these investigations by the end of 2014. This contrasted with Poalim Bank’s approach which led to an additional $500 million payment due to less cooperation.
In May 2014, Russak-Aminoach launched LeumiTech to expand high-tech banking services for Israeli technology companies on a global scale. Headquartered in Tel Aviv, LeumiTech maintains branches in London, New York City, and Palo Alto.
Reflecting improved financial performance in early 2017, Bank Leumi introduced a dividend policy committing to distribute 40% of profits after several years without dividends. From her appointment until late 2018, the bank’s stock price more than doubled.
In January 2018, she orchestrated a strategic investment into Bank Leumi USA by selling a combined 15% stake to Endicott Capital Management and MSD Capital for nearly $1 billion—approximately a 20% premium over book value. Six months later, she oversaw the sale of Leumi Card—the Group’s credit card division—to Warburg Pincus for NIS 2.5 billion—30% above equity value—making Bank Leumi the first Israeli bank to adopt government recommendations aimed at fostering competition.
Russak-Aminoach announced her resignation as CEO in July 2019.
Digital banking
Russak Aminoach is widely acknowledged as a trailblazer in the realm of global digital banking. During her tenure, Bank Leumi emphasized the importance of digital advancement and the integration of cutting-edge technologies throughout its various business sectors.
In early 2016, she initiated Leumi's Digital Banking Division, tasked with launching Israel’s inaugural fully digital bank and steering the institution’s efforts in digital transformation, marketing strategies, innovation, and Big Data utilization.
By February 2017, Leumi unveiled Pepper Pay, a peer-to-peer mobile payment application. Shortly thereafter, in July 2017, the bank introduced Pepper—a completely digital banking platform that allows users to fully manage their current accounts via mobile devices.
Bank Leumi’s accomplishments in the digital space garnered multiple accolades, such as "Best Corporate Digital Bank in Israel" awarded by Global Finance Magazine in 2016 and "Best Digital Bank in Israel" in 2017 from the same publication. Additionally, in May 2018, Dell Technologies honored Leumi with its "Innovator Award" for the Pepper platform. Later that year, in December 2018, The Banker recognized Leumi as "Bank of the Year in Israel," highlighting its dedication to pioneering digital innovation.
Founding Team8 Fintech
Together with two partners at Team8, Rakefet Russak-Aminoach co-founded Team8 Fintech, a venture creation fund dedicated to developing groundbreaking fintech enterprises designed to revolutionize and scale the financial services industry.
Other work
In March 2020, Russak-Aminoach joined the board of semiconductor startup Hailo Technologies and was appointed Chairperson in May 2024.
In April 2024, she was elected to serve on the Board of Directors at BNY Mellon.
Public work
Since March 2017, Russak-Aminoach has served as a mentor within SHESHE, Meta’s mentorship initiative supporting women in Israel.
In July 2023, she received the appointment as Honorary Consul of Norway to Israel.
By November 2024, she became a member of the Management Committee at the Hebrew University of Jerusalem.
Recognition
Russak-Aminoach first appeared on Fortune magazine's "The World's 100 Most Powerful Women in Business" list in September 2015, ranking 23rd across Europe, the Middle East, and Africa. Later that year, in December 2015, US fintech blog Bank Innovation named her among the "Ten Most Innovative CEOs in Banking."
She returned to Fortune’s list in September 2016 (placed 43rd globally) and again in October 2018 (also ranked 43rd). In November 2016, she was featured on BBC's "100 Women" list recognizing influential women worldwide. Bank Innovation once more acknowledged her as a leading innovative banking CEO in December 2016.
In May 2019, she was listed among Financial News’ "50 Most Influential Women in Middle East Finance." More recently, in 2024, American Banker included her on its “Most Influential Women in Fintech” roster.
Russak-Aminoach has been a keynote speaker at prominent industry conferences such as Financial Times Innovate (London, 2016), Money20/20 (Las Vegas, 2017), DLD Munich (2019), and Money20/20 Europe (Amsterdam, 2022), addressing topics related to digital banking innovation, fintech leadership, and promoting gender diversity.
Personal information
Rakefet Russak-Aminoach is married to Reem Aminoach, a businessman who previously served as a member of the IDF General Staff Forum. He also headed the Budget Department at the Ministry of Defence and acted as the chief financial advisor to the IDF Chief of Staff. The couple has two daughters and resides in Ramat Hasharon, Israel.
External links
- Launching A Fintech Platform For Growing Unicorns, Forbes, September 15, 2020
- Among the few female bank CEOs globally, she is now establishing a fintech venture group, Fortune, September 15, 2020
- Charlotte Clarke, Women in Business — Rakefet Russak-Aminoach, Financial Times, October 4, 2015
- Rakefet Russak Aminoach at Financial Times Innovate, November 12, 2016
- Rakefet Russak Aminoach at Money 20\20, October 23, 2017
- Israel’s Female Banking Revolution Led by Russak-Aminoach, Forbes, December 30, 2018
- Rakefet Russak Aminoach at DLD Munich, January 20, 2019
- The Future of Banking, Raconteur, May 1, 2019
- “Flanker” Banks Merging Tradition with Innovation, The Economist, May 2, 2019
- Tech’s Challenge to Banks, Money Talks Podcast, The Economist, May 7, 2019
- Rakefet Russak Aminoach at MPW London 2019: Embracing a Digital Banking Future, June 4, 2019
References
- ↑ Cite error: Invalid
<ref>tag; no text was provided for refs named:0 - ↑ "מנכ"לית לאומי רקפת רוסק-עמינח מדברת". mako. April 22, 2014. Retrieved January 2, 2019.
- ↑ פאר, עירן (March 31, 2011). "היורשת: רוסק עמינח – משנה בכיר למנכ"ל לאומי". Globes (in עברית). Retrieved January 2, 2019.
- ↑ "Rakefet Russak-Aminoach, Bank Leumi LE-Israel BM: Profile and Biography". www.bloomberg.com. Retrieved January 2, 2019.
- ↑ "Leumi Board of Directors Appoints Ms. Rakefet Russak-Aminoach as President and CEO, Subject to Bank of Israel Approval – Bank Leumi". March 4, 2016. Archived from the original on March 4, 2016. Retrieved January 2, 2019.
- ↑ "Galia Maor makes way for Rakefet Russak-Aminoach, Stella Korin-Lieber, Views". Globes (in עברית). January 2012. Retrieved January 2, 2019.