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The
Bank of Israel said its banking supervision department had
completed the inspection process for the new institution named
Esh Bank Israel.
The approvals, it said, will allow the founders to move forward
and complete the mechanical, operational and regulatory
preparations required for the start of the bank's activities.
These include completing the development and testing phases of
new technology and hiring a management team and bank staff.
It will take about a year and a half to get the bank up and
running, the central bank said.
"We have a long way to go," said Shmuel Hauser, the chairman of
Esh, adding the bank would offer attractive interest rates and
banking services without commissions.
Last January, One Zero Digital Bank received final regulatory
approval for a full banking licence, becoming the first new
Israeli bank in 43 years.
Israel's banking system is highly concentrated and run by a
handful of banks, with the two largest controlling more than
half the assets in the sector.
"We see great importance in the entry of banks and additional
new players into the banking system in Israel, so that they
contribute to increasing competition and innovation in the
financial system," said Bank of Israel Governor Amir Yaron.
(Reporting by Steven Scheer; Editing by Andrew Cawthorne)
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