Revolut Receives Conditional Banking License in Israel
Translated & summarized from Maariv by baba
Global financial group Revolut has received a conditional license from the Bank of Israel to establish a new bank, aiming to boost competition. Governor Amir Yaron initiated discussions in late 2022 to encourage Revolut's entry into the Israeli market. While the license is conditional, Revolut must meet further requirements before full operation, with the Bank of Israel overseeing the process. This move is seen as a significant step for competition and a vote of confidence in Israel's economy.
The story in 6 lines · by baba
- Revolut has been granted a conditional license by the Bank of Israel to establish a new bank.
- The move is intended to increase competition within the Israeli banking sector.
- Governor Amir Yaron met with Revolut leadership in late 2022 to encourage market entry.
- The license is conditional, requiring Revolut to meet further milestones before full operation.
- The Bank of Israel will supervise the establishment process and compliance.
- Revolut's investment is viewed as a sign of confidence in Israel's economy.
Global financial group Revolut has been granted a conditional license by the Bank of Israel to establish a new bank in the country. This marks the third such license issued since 2019, signaling a move to increase competition within the Israeli banking sector. The Governor of the Bank of Israel, Professor Amir Yaron, views this development as a significant step towards fostering greater competition.
Professor Yaron revealed that the process began with a meeting in London in late 2022, where he urged Revolut's leadership to enter the Israeli market. He described the granting of the license as the culmination of this effort, stating that "The completion of the review process for granting the bank license today represents the closing of a circle."
"Throughout the years, I have often stated that the main way to increase competition is by bringing in additional players to the industry," Yaron added. "In recent years, we have worked to remove entry barriers and create the conditions for new players to enter the banking system. The conditional license granted to Revolut and other players currently in the process reflect the success of these steps."
Revolut, an international financial group serving numerous clients worldwide, has now chosen to establish a bank in Israel. This is considered a preliminary step toward the new bank's establishment, with the Bank of Israel providing guidance to complete the process. The investment by Revolut is seen as a vote of confidence in Israel's economy, its banking system, and its regulatory oversight. Professor Yaron wished Revolut success in establishing its new bank.
However, the path to full operation requires Revolut to meet further milestones. The Bank of Israel's banking supervision department will oversee the establishment and assess compliance with the requirements for operating under the conditional license and removing its restrictions. The Governor reiterated that this is "a first step on the way to establishing the new bank."
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