Kahlon vows end to 3 banks controlling 70% of market

My new committee aims to introduce “real competition in one of the most centralized sectors of Israeli economy – the banking system, ” Kahlon.

“A situation where three banks are holding more than 70% of the sector is not logical. If we learned anything, it is that over-centralization costs each and every household hundreds or thousands of shekels a year. Competition is the best friend of the consumer, it is good for companies and it is good for citizens and this is why we aim to promote it in every sector,” he says.

Kahlon said his next targets for reform are insurance and pension plans.

Bank of Israel Governor Karnit Flug says that “in recent years supervision of banks has brought about significant steps to increase competitiveness, and the Bank of Israel is part of the effort to continue to improve this sector.”