The Governor of the Bank of Israel and the Supervisor of Banks announced today (Sunday) that a new bank - to be called 'Israel Fire Bank' - will be established in Israel, after receiving all the necessary approvals.
Behind the bank are entrepreneurs Yuval Aloni, Nir Tzuk, Alex Liberant and Alon Shine.
The Governor of the Bank of Israel, Prof. Amir Yaron, gave the entrepreneurs' representatives a conditional license to establish a bank and permits to control it.
In addition, the Governor granted a holding permit in the bank to Prof. Shmuel Hauser, who is expected to serve as the new chairman of the bank.
The bank's establishment period will last about a year and a half.
This is the second license granted to a new bank in the system within a three-year period.
Receiving the control permits and the conditional bank license will allow the entrepreneurs to move forward and complete the mechanical, operational and regulatory preparations required to begin the bank's operations, including completing the development and testing stages of the new technology, completing the recruitment of the management team and additional personnel required to establish the bank, and building the policies, procedures and processes in its main areas of activity.
According to the business plan that the entrepreneurs presented to the Banking Supervision Department, they intend to establish a branchless bank, based on innovative, self-developed technology, and focus on providing banking services to households and micro and small businesses, including, among other things, providing credit, managing deposits, and providing advanced payment services.
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