Sagy Aseraf, President, Private Banking & Wealth Management of Israel Discount Bank New York; Dovi Frances, Founding Partner and Managing Director, Group 11; and Bob Diener, Co-Founder, Hotels.com, participated in a panel on investment at the Jerusalem Post Miami Summit on Tuesday.
The three panelists outlined the nature of their activities in the field. Aseraf shared that IDB Bank’s 2019 decision to shift its international business from New York to Florida was a major strategic move that created synergy among domestic US expansion, Latin American investment flows, and Israeli Business. “The area has experienced rapid technological growth, a trend that has accelerated since COVID-19 as leading companies relocated to Florida due to its business-friendly regulatory environment,” he said. “This has helped build a vast, diverse, and dynamic tech community. Additionally, it is the only place that can serve as a bridge between Latin America, the United States, and, for us, Israel. We offer a cultural and financial bridge that no other institution can. We speak the language of Israeli innovation, US commerce, and Latin American growth.”
He added that banks need to be a ‘one-stop shop’ for their customers, offering a wide variety of services, without requiring them to visit different branches or offices. “We offer private banking, tech banking, and commercial banking services under one roof,” said Aseraf.
Diener, who now heads the Travel Funders Network, said, “As an entrepreneur, you always look for opportunities, and we saw opportunities in the wholesale space, where hotels can promote their products at much better pricing without impacting their mainstream business.”
Frances, the founding Partner and Managing Director of Group 11, the Los Angeles-based venture capital firm, explained that he is now working in business-to-government investing, helping nations become more resilient and proficient in AI. “Trying to transition Israel from Startup Nation to AI Nation is something that I’ve been focused on and working on with the prime minister and other ministers as well,” he said.
Aseraf, Frances, and Diener also discussed the issue of what it means for Jews and Israelis to be taking part in high-level businesses and investments around the world.
Aseraf explained that IDB New York’s position as the only Israeli-owned bank in the US assigns it a unique degree of responsibility. “It’s more than just a business,” he shared.” Aseraf stated that the events of October 7 brought back many clients who wanted to do business with people who shared their values. “We see clients coming back who want to understand that your values are eye-to-eye with theirs.”
Frances pointed out that Israelis have played an outsized role in global financial success and cited NVIDIA’s acquisition of the Israeli company Mellanox, which led to substantially higher profits for the company.
Diener said that it is essential to run businesses with Jewish values. “Those are basic principles that we’ve embedded in every one of our businesses, from Hotels.com to Travels Funders Network, and all the other businesses that we’ve run,” he said.
Written in collaboration with Israel Discount Bank