September 24, 2019 / 7:34 AM / 20 days ago

Israeli regulator approves first new bank in 40 years

TEL AVIV, Sept 24 (Reuters) - The Bank of Israel has approved the establishment of the country's first new bank in 40 years, a digital bank to be established by the founders of two of Israel's leading high-tech companies.

Central bank Governor Amir Yaron and Supervisor of Banks Hedva Ber said on Tuesday they have notified the two entrepreneurs that they have completed an examination of their plans and are prepared to issue a banking license.

The project is led by Marius Nacht, co-founder and chairman of network security provider Check Point Software Technologies and Amnon Shashua, whose self-driving car technology firm Mobileye was acquired by Intel for $15 billion.

The digital bank will not have branches and will focus on retail services including extending credit to households and accepting deposits. (Reporting by Tova Cohen Editing by Steven Scheer)

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