The approval allows the founders to complete the necessary mechanical, operational, and regulatory preparations for the bank's launch. This process is expected to take around a year and a half and will include the development and testing of new technology as well as the hiring of a management team and bank staff. Esh Bank Israel will be the second new addition to the highly concentrated Israeli banking sector in three years, following the regulatory approval of One Zero Digital Bank in January.
Highly Concentrated Israeli Banking Sector Set to Welcome New Entrant
Esh Bank Israel is set to become the second new addition to the highly concentrated Israeli banking sector in three years, following the regulatory approval of One Zero Digital Bank in January. The Bank of Israel has granted a conditional license and control permit to a group of entrepreneurs to establish the new digital bank, which is expected to take around a year and a half to launch. During this time, the founders will complete the necessary mechanical, operational, and regulatory preparations, including the development and testing of new technology and the hiring of a management team and bank staff. Esh Bank Israel's chairman, Shmuel Hauser, has stated that the bank will offer attractive interest rates and banking services without commissions.
