December 1, 2019 / 10:39 AM / 4 months ago

Israeli banking regulator to step down in April when term ends

JERUSALEM, Dec 1 (Reuters) - Israel’s Supervisor of Banks Hedva Ber plans to step down when her five-year term ends on April 15, 2020, the Bank of Israel said on Sunday.

During her tenure, Ber helped to implement a number of changes in the banking system including promoting competition through a law that separated credit card companies from banks, easing regulatory requirements for new banks and working to strengthen mid-sized banks.

“I complete my term with a sense of satisfaction in view of the fact that we have advanced many infrastructural changes, the benefits of which can already be felt by households and businesses, and some of which will come to fruition and be felt gradually over the coming years,” Ber said in a statement.

She said the banks are better equipped to manage the new developing risks, such as cyber and technology risks.

Bank of Israel Governor Amir Yaron said that as banking regulator, Ber “knew how to skilfully and professionally balance the needs of all participants in the system, and to serve the public interest in the best way possible.” (Reporting by Steven Scheer; Editing by Tova Cohen)

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