Jerusalem, 8 September, 2026 (TPS-IL) — Israeli nonprofit lender Ogen has applied to establish Israel’s first nonprofit bank, submitting a business plan to the Bank of Israel’s Banking Supervision Department. The application was filed in partnership with Ofek Credit Union, Israel’s first credit union.
If approved, the bank would operate without distributing profits or dividends to shareholders, instead returning operating surpluses to customers through improved financial terms, financial guidance and access to credit. It would offer uniform interest rates regardless of customers’ status and operate under Bank of Israel supervision. Ogen said it has more than NIS 1 billion ($300 Million in capital and aims to reach NIS 792 million ($238 million) in equity by the end of 2026.