Menora Insurance Group Expands Consumer Credit Arm
Translated & summarized from TheMarker by baba
Menora Insurance Group is expanding into unsecured consumer credit with its subsidiary Menora ERN, aiming to compete with credit card companies. The new service will launch in a few months and carries higher risk than traditional banking. Yaron Gil, formerly of Leumi, is joining the venture.
The story in 5 lines · by baba
- Menora Insurance Group is launching an unsecured consumer credit service via Menora ERN.
- The new service aims to compete directly with credit card companies and non-banks.
- The consumer credit sector is profitable but carries higher credit loss risks.
- Yaron Gil, ex-Leumi banking executive, is joining Menora ERN.
- The service is expected to launch within the next few months.
Menora Insurance Group is expanding its consumer credit operations through its wholly-owned subsidiary, Menora ERN. The company plans to launch a new, unsecured, all-purpose consumer credit service within the next few months. This move aims to directly compete with credit card companies and other non-banking financial institutions.
While this sector is considered profitable, it also carries a higher risk of credit losses compared to traditional banking. To bolster its new venture, Menora ERN is bringing on board Yaron Gil, who previously served as the Deputy Head of the Banking Division at Leumi.
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