The Postal Bank is continuing to develop and expand its financial services. Today it announced that it was entering the credit sector for the first time, and that as of this week, small and mid-sized business owners will be able to obtain business credit services at Postal Bank counters.
The Postal Bank is part of government owned Israel Postal Company Ltd.
Small and mid-sized business owners with accounts at the Postal Bank will be able to obtain credit through Peninsula Financial Ltd., which provides non-bank credit. Migdal Insurance and Financial Holdings Ltd. (TASE: MGDL) is a partner in Peninsula. Suitable credit applications will be approved within two business days, a record pace in Israel's credit market.
Israel Post general manager Avi Hochman said, "The Postal Bank is constantly acting to expand its services, in order to increase the public's access to financial services. In this context, and because of the restrictions imposed on the Postal Bank, which do not allow it to provide credit directly, we are pleased to collaborate with Peninsula Financial, which is a non-bank institution, in order to provide credit to our customers."
Published by Globes [online], Israel business news - www.globes-online.com - on July 6, 2010
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