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    LUMI   IL0006046119

BANK LEUMI LE- ISRAEL B.M.

(LUMI)
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Bank Leumi le Israel B M : First Digital goes live as Israel's first new bank since 1978

03/14/2021 | 09:54am EDT
FILE PHOTO: FILE PHOTO: Amnon Shashua, co-founder of Israeli start-up Mobileye, is seen in Jerusalem

JERUSALEM (Reuters) - First Digital Bank, the first new bank in Israel since 1978, started operations on Sunday on a trial basis, and said it planned to open to the public later in 2021.

The bank, which Israel's banking regulator approved last year, has 140 staff and has begun opening accounts and providing all banking services for a closed group of customers.

First Digital Bank was founded by Amnon Shashua, co-founder of Intel's autonomous car business Mobileye. Shashua has invested $60 million into the venture and the bank said it would raise additional funds to expand its operations.

Shashua said the bank will use artificial intelligence and other innovative technologies to meet customer needs.

The bank will have no branches and will focus on retail services, including extending credit to households and accepting deposits. Opening accounts will be done online.

In the third quarter, the bank will offer its services to 1,000 additional customers before opening to the general public towards the end of 2021.

Israel has five main banking groups, led by Hapoalim and Leumi, which together account for more than half of the market.

"We will offer a new model," said Gal Bar Dea, CEO of the First Digital Bank.

(Reporting by Steven Scheer. Editing by Jane Merriman)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
BANK HAPOALIM B.M. -0.15% 2629 Delayed Quote.19.74%
BANK LEUMI LE- ISRAEL B.M. -0.59% 2528 Delayed Quote.34.55%
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Financials
Sales 2021 14 242 M 4 434 M 4 434 M
Net income 2021 4 479 M 1 394 M 1 394 M
Net Debt 2021 - - -
P/E ratio 2021 9,36x
Yield 2021 3,00%
Capitalization 36 729 M 11 429 M 11 435 M
Capi. / Sales 2021 2,58x
Capi. / Sales 2022 2,55x
Nbr of Employees 9 740
Free-Float 95,3%
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Mean consensus OUTPERFORM
Number of Analysts 5
Last Close Price 25,28 ILS
Average target price 29,12 ILS
Spread / Average Target 15,2%
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Managers and Directors
Chanan Friedman President & Chief Executive Officer
Omer Ziv EVP, Chief Accounting Officer & Head-Finance
Samer Haj Yehia Chairman
Jaime Schcolnik Executive VP & Head-Technologies Division
Eyal Ben Haim Executive Vice President & Head-Operations