Clal Insurance and Finance is expected to invest NIS 100 million and join as a shareholder in the new digital bank – esh. Two weeks after the announcement of receiving the Bank of Israel license, esh receives reinforcement from the institutional side: Clal Insurance and Finance will become the owner of approximately 5% of the shares. Completion of the transaction will reflect an aggregate value of 1.8 billion shekels for the esh group companies.
Prof. Shmuel Hauser, chairman of the esh bank board of directors, said with the report, “Clal Insurance and Finance’s decision, as a leading institutional body, to join us on the journey, is an expression of confidence of the institutional market in the esh group and its vision.”
This transaction comes about two weeks after the Governor of the Bank of Israel Prof. Amir Yaron and the Supervisor of Banks Yair Avidan granted Yuval Aloni, Nir Tzuk, Alex Lieberant and Alon Shein, the license to establish, manage and control a new bank in Israel named – esh, in which Prof. Shmuel Hauser (U “Former Securities Authority”, as the chairman of the new bank.
esh is based on unique technology and will offer current accounts for private, self-employed and corporate customers, as well as deposit products, loans, payments and credit cards. According to the bank’s management, this is the first time in Israel that a bank has been established with a completely new, highly efficient technology that contributes to a lean expense structure and enables new and attractive products for the benefit of the clientele.
The bank is headed by first class banking and technology professionals. As CEO of the bank will serve Mr. Kobi Malkin (CEO of Otzar Ha’ayil Bank and former Bank Masad). Dr. Nadine Budo-Trachtenberg (former Deputy Governor of the Bank of Israel) will serve as Deputy Chairman of the Board of Directors.
Barak Bansky, Senior Vice President, Manager of the Peer Investments Division in General Insurance and Finance, said: “We believe in the high-quality team with experience in the growth of companies in the world of technology, who have joined a very high-quality group from the financial world. We think that this is a different bank in the Israeli landscape, which will create value for its customers and that the investment will generate For my colleagues at Clal Insurance and Finance, the return is in excess of the alternatives. We will continue to look for quality partners to team up with, in order to continue to generate optimal returns for our colleagues.”
Yuval Aloni, CEO of the esh group, said about the investment: “We congratulate Clal Insurance and Finances, which is going to join the existing shareholders, who have so far invested over NIS 100 million. After the deal is completed, the total investment in the esh group will be over NIS 200m. This investment will allow us to develop the product in accordance with the group’s vision for our entry into the market.’
Comments to the article(0):
Your response has been received and will be published subject to the system policy.
Thanks.
for a new comment
Your response was not sent due to a communication problem, please try again.
Return to comment