Credit firm Michman signs up ex-Midgal CEO as chairman
Yaniv Biton, founder of foreign banking credit company Michman Credit for Businesses, and accountant Doron Sapir signed a partnership agreement recently.
By JERUSALEM POST STAFFA Visa credit card is seen on a computer keyboard in this picture illustration(photo credit: REUTERS)
Yaniv Biton, founder of foreign banking credit company Michman Credit for Businesses, and accountant Doron Sapir signed a partnership agreement recently.Sapir, who previously served as CEO of Migdal Insurance and CEO of Visa Cal, will serve as active chairman and partner in the company.In addition, Sapir will be entitled to options in the company as well as the right to acquire its shares with a cumulative amount of up to 10% of Michman’s shares at a company value of purchase of NIS 120 million.Biton said: “Doron’s many years of experience in credit and finance and his knowledge will help and contribute to the prosperity of Michman company during this period where the importance of non-bank credit is growing.”Sapir said: “I thank Yaniv Biton for the trust, and I am ready for the new challenge. The field of non-bank credit, and especially for small and medium-sized businesses, is an especially important area during this challenging period and Michman has the infrastructure and the ability to be a significant and important player in this area.”Sapir will be appointed active chairman with a 60% job position (subject to approval by the Capital Market Authority, Insurance and Savings Authority).Michman is a private company that provides credit to small and medium-sized businesses in the economy, owned by Biton. The company was founded in 2011 upon obtaining a license from the Finance Ministry.
