Rami Levy, owner of the "Rami Levy Shivuk Hashikma" retail chain, is working to expand his activities into banking and credit.
According to a report by Calcalist, his private subsidiary, "Rami Levy Financial Services," has submitted applications to the Capital Market Authority and the Securities Authority for a license as an "expanded financial services provider," which allows non-bank companies to operate as lenders and offer a range of financial services.
According to the report, in the first stage the company is expected to receive approval to operate a digital wallet, and later to provide credit services-both to the general public and to businesses.
It was also reported that Levy is conducting advanced talks with the Bank of Israel regarding the possibility of obtaining a "narrow bank" license, subject to approval of the narrow banking reform, which would allow non-bank entities to accept deposits and operate like a bank-without offering mortgages-under a lighter regulatory framework.
Calcalist reported that the creation of the credit company is intended to precede the reform’s implementation, giving Levy an early foothold in the financial market.
Currently, the company engages in a limited credit club activity in partnership with Isracard. In the past, Levy attempted to acquire the CAL credit company but withdrew after failing to reach an agreement with Bank Discount.