Revolut Gets Green Light to Launch New Bank in Israel
Summarized from The Jerusalem Post by baba
The Bank of Israel has approved the establishment of Revolut Bank Israel (In Formation), a new bank by the global Revolut Group. This is the third new bank license granted in Israel since December 2019, following a 40-year hiatus. The approval allows Revolut to proceed with operational preparations, with ongoing supervision from the Bank of Israel. Officials believe Revolut's entry will increase competition and offer diverse financial services to the Israeli public.
The story in 5 lines · by baba
- The Bank of Israel approved Revolut's establishment of a new bank, Revolut Bank Israel (In Formation).
- This is the third new bank license issued in Israel since December 2019.
- Governor Amir Yaron had previously worked to convince Revolut to enter the Israeli market.
- Revolut's entry is expected to increase competition and diversify financial services.
- The Banking Supervision Department will oversee the bank's establishment until full activation.
The Jerusalem Post publishes in English. The key points are summarized above. Read The Jerusalem Post’s full report from the link at the top of the page.
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