Israeli bank spreads its wings

摘要

Israel's banking system is in robust health, despite the uncertainties spreading through the international banking sector. Controversial reforms were introduced five years ago, after a crisis that left the banking system near bankruptcy. This resulted in the sale of mutual and provident funds of the country's banks to reduce conflicts of interest. The changes, known as the Bachar reforms after the former director general of the Ministry of Finance who chaired the committee, were designed to create and consolidate a more competitive and efficient capital market and to provide alternative sources of business financing.