Zalicha on Approval of Revolut Bank: It Won't Tickle the Concentration of Banks

Prof. Yaron Zalicha stated that the digital bank that received a conditional license from the Bank of Israel will not challenge the concentration of banks or threaten the dominance of the veteran banks in the market. He said the five largest banks are expected to earn 8 billion shekels in the coming quarter, and he promised that when he reaches the Finance Ministry, a bank will be established through an international tender, half owned by the state and half by a large foreign bank.

Prof. Yaron Zalicha addressed the conditional license granted by the Bank of Israel to the digital bank Revolut, stating that it will not challenge the concentration of banks in Israel or threaten the dominance of the veteran banks in the market. According to him, the five largest banks are expected to earn 8 billion shekels in the coming quarter. Zalicha, who heads the Economic Party, promised that when he reaches the Ministry of Finance, a bank will be established through an international tender, half owned by the state and half by a large foreign bank.