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Revolut gets initial approval for an Israeli bank, not an opening date

The report examines whether the London-based fintech can change borrowing costs and deposit returns in Israel's concentrated banking market.

Channel: Kan News Hebrew channel ·

IsraelStory of November 12, 2026Trari Newsroom

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בנק חדש בדרך לישראל: הענקית הבינלאומית קיבלה אישור להקמת בנק בארץ

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0:00Revolut receives approval in principle to establish an Israeli bank; Governor Amir Yaron welcomes the investment.
1:02The report says newer banks One Zero and Esh have not fundamentally changed conditions for consumers.
2:02Kyzer contrasts major banks' quarterly profits with the gap between borrowing charges and returns paid to savers.
2:51Strum argues that customers' reluctance to switch banks is a central barrier to greater competition.
3:22The approval is limited: customers still face a wait before they can open accounts.

Revolut has received approval in principle to establish a bank in Israel, but customers cannot open accounts yet, according to Kan News, the Israeli Public Broadcasting Corporation's news service.

Liel Kyzer's November 10 report presents the decision as a first step toward a potentially significant new entrant, rather than the launch of a working bank. Revolut, headquartered in London, provides financial services primarily through a mobile app.

Bank of Israel Governor Amir Yaron describes the company's investment as a vote of confidence in Israel's economy, banking system and banking supervision. Former competition commissioner Dror Strum emphasizes a different point: an established international financial company is entering an industry he says has suffered years of stagnation.

The consumer question is whether that arrival could narrow the gap between what banks charge borrowers and what they pay savers. Kyzer reports that Israel's five largest banks collectively earned about eight billion shekels in a quarter. The report contrasts high interest charges on loans and mortgages with low or negligible returns on deposits and current-account balances.

It also revisits One Zero and Esh, newer banking entrants that, according to the report, have not fundamentally changed conditions for consumers. Strum argues that competitive pressure depends not just on another banking license, but on customers' willingness to move their money. He identifies Israeli consumers' reluctance to switch as the industry's greatest obstacle.

The upload is titled "בנק חדש בדרך לישראל: הענקית הבינלאומית קיבלה אישור להקמת בנק בארץ", meaning "New bank coming to Israel: International giant receives approval to establish a bank in the country." Its closing qualification is important: the authorization is limited, and opening accounts will take more time.

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