The Israel Competition Authority has declared the country's major banks—Hapoalim, Leumi, Mizrahi-Tefahot, Discount and International—a 'concentration group' in the retail banking services sector and imposed four binding directives in the deposit sector that will take effect in one year: The first prohibits discrimination in deposit interest rates and mandates full transparency between the published rate and the rate actually given. The second requires banks to proactively contact customers near the deposit renewal date, present alternatives and allow simple transfers. The third prohibits major banks from unlawfully refusing to engage with financial entities that consolidate retail funds for deposit. The fourth mandates online deposit transfers between banks in a convenient and free manner.
Israel Competition Authority Declares Major Banks a 'Concentration Group'
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