First International Bank of Israel (TASE: FTIN1;FTIN5) subsidiary Bank Otsar Hahayal is expected to obtain a full pension advisory license in a few weeks, at which point it will become Israel's fourth bank to provide pension advice.
The first three banks to obtain a pension advisory license were Union Bank of Israel (TASE: UNON), Mizrahi Tefahot Bank (TASE:MZTF), and First International Bank.
Supervisor of Capital Markets, Insurance and Savings Yadin Antebi grants the licenses to banks meeting the conditions mandated in the Bachar capital market reforms, including no conflict of interests and the sale of certain assets. Bank Otsar Hahayal's pension advisory license was delayed because Hever (the IDF and security forces servicemen and pensioners NGO), the bank's minority shareholder, owned insurance agencies until recently. By law, a financial institution may not produce financial instruments and own the distributor as well.
Bank Otsar Hahayal has trained 50 pension advisors and will provide pension advice on the basis of First International Bank's pension advice platform.
Published by Globes [online], Israel business news - www.globes-online.com - on February 12, 2008
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