One Zero CEO steps down after halted expansion plans in Italy and layoffs due to war
Gal Bar Dea was designated to lead the Israeli bank’s plan to create a digital bank with Italy’s Banca Generali, which was frozen in the unfavorable geopolitical environment
Sharon Wrobel is a tech reporter for The Times of Israel.
Gal Bar Dea is stepping down as CEO of One Zero Digital Bank Ltd., the country’s first fully digital bank, after the bank froze its overseas expansion plans in Italy due to the uncertain environment during the ongoing war with the Hamas terror group.
Bar Dea, who was expected to lead One Zero’s expansion plans, including the launch of a digital bank in Italy, he took up his post in 2019. Eyal Gafni, who serves as co-CEO, will assume the role of sole CEO upon Bar Dea’s departure in May 2025.
Bar Dea was one of the main figures driving the launch of One Zero, the first new bank in Israel in over 40 years. The bank was founded and set up by serial tech entrepreneur Amnon Shashua, also the founder of autonomous driving systems company Mobileye (an Intel subsidiary).
“I always told my fellow colleagues that I was looking far ahead and what motivated me was to turn One Zero Bank into a global bank,” said Bar Dea. “But the reality imposed on us led to the delay of these plans and my decision to embark on a new path.”
Earlier this year, One Zero entered into a memorandum of understanding to create a joint venture with Italy’s Banca Generali to establish a digital bank in the country. The plan would have required One Zero to apply for a license as an Israeli bank to serve Italian customers.
In September, the Israeli digital bank decided to indefinitely postpone the plan due to the unfavorable geopolitical environment. In addition, the bank said it had to lay off about 6 percent of its workforce to streamline some of its operations.
Since its official launch of operations in January 2023, One Zero attracted over 110,000 customers and manages NIS 3 billion ($802 million) in assets and a credit portfolio of about NIS 350 million. The bank currently employs about 350 people.
One Zero was established as an independent bank to compete with the nation’s five largest banking groups, which dominate the market. To date, it has raised NIS 960 million in funds led by a group of prominent Israeli and global investors including Chinese tech conglomerate Tencent; Japanese financial company SBI Holdings (formerly part of Softbank); Swiss wealth management firm Julius Baer, one of Switzerland’s oldest banking institutions; OurCrowd; and Shashua.
