Meitav CEO Ilan Raveh Discusses Company Growth and Ownership Changes
Ilan Raveh, CEO of Meitav Investment House for 16 years, has given a rare interview detailing the company's significant growth and potential ownership shifts. When Raveh joined, Meitav was a mid-sized firm managing 30 billion shekels; it has since become Israel's largest investment house, managing 467 billion shekels and boasting a market value of nearly 11 billion shekels after a 900% stock return in three years. This expansion is attributed to numerous mergers and acquisitions, automatic pension contributions, and a booming capital market.
Raveh expressed surprise when BRM, a fund owned by Eli and Nir Bar-Katt, along with Yuval Rakavi, announced their intention to sell their 23.9% stake, acquired over 15 years ago. However, he understood their decision, noting BRM's typical investment horizon of three to seven years for exits. Raveh stated he would respect their decision, though he values them as shareholders. He anticipates knowing the outcome of the sale process within a few months.
The potential sale by BRM was met with relief by the other major shareholder, the Steifek family, who have no intention of selling their stake. "When Steifek announced that the family is not interested in selling, everyone breathed a sigh of relief, including Meitav's 1,000 employees," Raveh said, emphasizing the Steifek family's long-term commitment to the company.
Raveh also discussed Meitav's future growth strategies, including expansion into non-bank credit, alternative investments, and potentially acquiring a small bank. He highlighted the company's strong performance in attracting deposits for pension and mutual funds, outpacing competitors. Raveh also touched upon the impact of artificial intelligence on the financial sector, predicting significant changes in operations and customer service.
Reflecting on his career, Raveh, who previously worked at Bank of Israel and British Petroleum, expressed satisfaction with his role at Meitav, citing the company's positive work environment and potential for continued growth. He also shared personal insights, including his commute via light rail and his belief that his wife's role as a high school teacher is more demanding than his own.
