The Bank of Israel granted Revolut Group a conditional license on Tuesday to establish a bank in Israel. The planned entity will be called Revolut Bank Israel (in formation). Revolut serves more than 80 million customers worldwide.
License details
The central bank also granted a control permit to Nikolay Storonsky. The license is the third issued to a new bank in Israel since December 2019. Revolut must complete regulatory, technological, and operational preparations.
Leadership and hiring
The Israeli bank will be led by Uri Nathan, former CEO of Pepper. Shmuel Ben Zvi has been appointed chairman. Revolut has expanded hiring in credit, risk, compliance, collections, and banking operations.
Products and fees
Revolut provides payment, foreign exchange, credit, and deposit services in other markets. The Bank of Israel did not specify which products Revolut will offer in Israel. It also did not disclose planned fees.
Launch timing has not been announced. The Banking Supervision Department will monitor progress against required milestones. Bank of Israel Governor Amir Yaron said the approval is only the first step toward establishing the bank.