Shashua takes full control of Israel's first digital bank
The Bank of Israel announced in September 2019 that it had authorized Shashua and Nacht to establish the digital bank – the first banking license granted in over four decades.
By EYTAN HALONProf. Amnon Shashua, President and CEO, Mobileye, Senior Vice President, Intel Corporation(photo credit: JONATHAN HOFFNER)
Prof. Amnon Shashua, the founder and CEO of Mobileye, has taken sole control of Israel’s first digital bank after reaching an agreement to purchase fellow controlling shareholder Marius Nacht's holdings.The Bank of Israel announced in September 2019 that it had authorized Shashua and Nacht to establish the digital bank – the first banking license granted in over four decades. The authorization follows a string of reforms carried out by the central bank in recent years to reduce entry barriers into the industry.Shashua will become the sole controlling shareholder of the new bank, which plans to launch operations in the second half of 2021, and double his existing $30 million investment in the project. A statement from Nacht's office said that the Check Point founder plans to devote his energy to new healthcare and biomed ventures. The new arrangement is pending approval from the Bank of Israel."The past few months reinforced my passion for making technological revolutions that would shape the new financial-consumer reality post the COVID-19 crisis," said Shashua. "I am convinced that the Digital Bank offers a unique opportunity for implementing a significant transformation of the economy and take the financial industry to a better technological future for consumers."Over the past two months, the currently unnamed digital bank has recruited "tens of new employees," primarily focusing on software development and data. The bank said it has also entered into a mutual inter-bank recognition agreement, enabling its future customers to withdraw cash from ATMs belonging to all other Israeli banks.The bank is also completing the process of joining the Tel Aviv Stock Exchange, and concluding necessary agreements to allow customers to trade in stock exchanges abroad."We received with understanding Marius’ decision to end his role in the establishment of the Digital Bank. Marius, an accomplished entrepreneur, has contributed greatly to the founding of the bank," said Digital Bank chair Shuki Oren."Gladly, the joint decision was taken based on a mutual commitment to ensure the continued evolution of this important venture of a new digital bank for Israel. The upcoming change in the controlling structure of the Bank will have no impact on our work plan, which we continue to implement as planned. As previously communicated, the Bank expects to launch its operations in the second half of 2021."
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