Supervisor of Capital Markets, Insurance and Savings Yadin Antebi today approved a pension advisory license for First International Bank of Israel (TASE: FTIN1;FTIN5). It is the third bank to get the license under the Bachar capital market reform.
Mizrahi Tefahot Bank (TASE:MZTF) obtained its pension advisory license four months ago, and Union Bank of Israel (TASE: UNON) obtained a pension advisory license for the self-employed a year ago. This license was expanded to cover salaried employees earlier this month.
Antebi said, "First International Bank's entry into the pension advisory market and the expansion of Union Bank's license to cover salaried employees, broaden consumers' access to objective advice for pension products. This is another stage in arranging Israel's pension market."
Antebi, "We will monitor the quantity and quality of advice is given by the banks to ensure verify if they are utilizing the advantage given them over the two big banks." (The reference is to Bank Hapoalim (TASE: POLI; LSE:80OA) and Bank Leumi (TASE: LUMI), which will enter the pension advisory market in 2010).
First International Bank CEO Smadar Barber Zadik said, "Pension advice is a new sector for Israel's banks, which was hitherto closed to them… The long-term savings market is currently valued at NIS 600 billion for pension products and several hundred billion for supplementary savings products."
Published by Globes [online], Israel business news - www.globes-online.com - on December 26, 2007
© Copyright of Globes Publisher Itonut (1983) Ltd. 2007