So Hedva Ber, the supervisor of banks within Israel’s central bank, is cutting red tape and spurring competition. That includes awarding the first new bank license since the 1970s, to a digital bank led by two tech entrepreneurs—Marius Nacht of cybersecurity company Check Point Software Technologies Ltd. and Amnon Shashua of Mobileye NV, which develops autonomous driving software. Ber said the new branchless bank, which will offer credit and brokerage services, will “lead a change in the market.” With a Ph.D. in economics from Hebrew University, she has spent more than two decades learning about the financial sector from positions within the Bank of Israel and Bank Leumi, the country’s biggest lender by assets. In an interview in Tel Aviv, Ber, 51, described the challenges of moving the industry away from its socialist roots while keeping risks under control.
IVAN LEVINGSTON: How did you get into bank regulation?
HEDVA BER: I started to work in the Bank of Israel at age 25. I fell in love with banking and bank regulation. And in the process of my career, all the different choices I made, I had in the back of my mind that I’d want to one day be the supervisor of banks, and 23 years later I received the position. Today I’ve been doing it for more than four years, and I can say it was the right dream. It’s a significant job—exciting, challenging, and I enjoy it.
IL: What specifically made it your dream job?
HB: The regulator has a very elevated influence on the banking system and via the banking system on the entire economy, on households, on who takes mortgages and who can’t get one and buy an apartment, on small businesses and big businesses, on economic growth, on financial stability. What’s exciting at the end is the people, that the regulation influences them.
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
See Which Countries Are Falling Behind On Climate Change
Under the Paris Agreement, 190 countries and the European Union pledged to take steps to hold the global temperature rise to less than 2C (3.6F) from preindustrial levels—and preferably 1.5C.
Billionaires Vie for the Future of Brazilian Finance
An escalating battle between two billionaires is upending the financial community in São Paulo, Latin America’s wealthiest city.
Ford Foundation's Darren Walker: ‘We Have to Get Uncomfortable'
DARREN WALKER, 62, disrupted his Wall Street life more than 25 years ago when he left what is now UBS Group AG to volunteer at a school and eventually pursue a career in community development and philanthropy. Since 2013 he’s been at the pinnacle of the philanthropic world as president of the Ford Foundation, created by the family of automaker Henry Ford during the Great Depression to advance human welfare.
Fueling the Ener Transition
I MAY BE BIASED, but some of the most important research and data on the Bloomberg terminal lies in one of its lesser-known functions: {BNEF }
Dig Into Analysts' Estimates for Disruptive Companies
THE PANDEMIC ERA generated a whole wave of disruptive companies as it accelerated the introduction of new products and services in areas including artificial intelligence, digitization, electronic payments, online meeting platforms, and virtual currencies.
Climate Risks Come for Sovereign Credit
FOR YEARS climate scientists have warned about the ferocious wildfires and hurricanes that are now overwhelming many communities. Today alarms are ringing about a related financial danger: risks lurking within government bonds, the biggest part of the global debt market.
Responsible-Investing Pioneer Lydenberg Says ESG Needs An Upgrade
STEVE LYDENBERG’S passion for social change was inspired by anti-Vietnam War demonstrations, consumer boycotts, and the movement to divest from apartheid South Africa. But he didn’t take to the streets. Instead, Lydenberg turned to the world of finance to help catalyze societal change.
Engine No. 1's Grancio: ‘People Will Appreciate an Economic Argument'
ENGINE NO. 1 sent shock waves across corporate America in May when the fledgling investment firm won a boardroom battle with Exxon Mobil Corp., securing three seats on the oil and gas giant’s board after purchasing only about $40 million of its stock.
Find Out Which Companies May Ramp Up Payouts After Covid
AS THE PANDEMIC DISRUPTED business last year, many companies cut or suspended dividends. Which will boost their payouts when economies pick up again?
Get Into the Minds of Central Bankers as They Navigate Shocks
HAVE YOU EVER WONDERED how central bankers forecast the impact of shocks on the economy?
