May 7, 2020 / 7:07 AM / 20 days ago

Mobileye CEO Shashua to take control of Israel's Digital Bank

TEL AVIV, May 7 (Reuters) - Amnon Shashua, the chief executive of Intel's autonomous car unit, will become the sole controlling shareholder of Israel's soon-to-be-launched Digital Bank after buying out his partner's share, the bank said on Thursday.

Shashua, co-founder and CEO of Mobileye, will buy all of Marius Nacht's holdings and committed to doubling his investment in the online bank to $60 million. The arrangement is pending Bank of Israel regulatory approval.

Nacht, co-founder and chairman of network security provider Check Point Software Technologies, has opted to focus on healthcare and biomed ventures.

Israel's banking regulator in September approved Digital Bank as the country's first new bank in 40 years and plans to launch operations in the second half of 2021.

Digital Bank will not have branches and will focus on retail services including extending credit to households and accepting deposits.

It noted that the bank continues to evolve despite the coronavirus crisis, recruiting employees mainly for software development and data positions and is in the process of completing Tel Aviv Stock Exchange membership while working towards allowing customers to trade in global stock exchanges.

"Digital Bank offers a unique opportunity for implementing a significant transformation of the economy," Shashua said. (Reporting by Steven Scheer; Editing by Tova Cohen)

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