Under the terms of its new license, the bank will be authorized to provide a greater selection of services to a wider variety of customers.
Bank Otzar Hashilton Hamekomi today announced that it had obtained yesterday a new and more extensive financial institution license. Under the new license, the bank will be authorized to provide a greater selection of banking services to a wider variety of customers than it was under its previous license.
Among other things, the new license enables the bank perform the following transactions:
- Accept deposits in excess of NIS 1 million from individuals and corporations.
- Provide credit to corporations in which a local authority holds over 50% of means of control (municipal corporations).
- Manage the current accounts of local authorities, Mifal Hapayis - Israel National Lottery and Dexia Credit Local (DCL).
- Give financial consultation to local authorities, municipal corporations, and DCL.
The Supervisor of Banks also ruled that the bank’s minimum capital adequacy ratio would be 12%, compared with 15% at present.
Published by Globes [online] - www.globes.co.il - on June 24, 2003