Bank of Israel Governor Prof. Amir Yaron announced today (Monday) his decision to appoint Danny Hakhiashvili as Supervisor of Banks. Hakhiashvili will take office when the outgoing supervisor leaves office on June 22.
Hakhiashvili served in a wide range of positions at the Bank of Israel for over 20 years. He began his career as an economist in the Banking Supervision Department in 2002 and advanced to managing a unit in the Institutional Evaluation Division, where he was in charge of the unit that coordinates the handling of Bank Hapoalim and later served as Chief of Staff to then-Supervisor Dudu Zaken. He then served as Chief of Staff to then-Governor Prof. Karnit Flug from 2014 to 2018.
Photo: Contact // Bank of Israel Offices,
At the end of his term as Chief of Staff, Hakhiashvili returned to the Banking Supervision Department, where he established the Technology and Innovation Division and has headed it ever since, as one of the five deputy Supervisors of Banks. Hakhiashvili has extensive experience in the fields of supervision, regulation and banking, and over the years has been a partner in significant processes in these fields.
In his last position, Hakhiashvili promoted projects designed to increase competition and innovation in the financial system, including the implementation of the open banking reform in Israel and various reforms related to the activity of credit card companies. Hakhiashvili also promoted the use of payment applications in the banking system, alongside the development of banking regulation on cyber technology.
Bank of Israel Governor Amir Yaron, Photo: Oren Ben Hakon
Hakhiashvili received his academic education at the Hebrew University, where he earned a BA in economics and law and an MA in economics and business administration (both with honors). Danny Hakhiashvili lives in Jerusalem, is married with four children.
Bank of Israel Governor Prof. Amir Yaron said, "I congratulate Danny Hakhiashvili on his appointment to the important and challenging position of Supervisor of Banks. Danny took office at a time when various reforms we promoted to increase competition in the financial system are changing many of the rules of the game and thus may contribute to the welfare of customers. This is in addition to a higher interest rate and inflation environment, which also affects the banking system and its customers. The public's good requires continued professional and close supervision of the banking system, both in terms of ensuring the stability of the banking system and preserving the public's savings and deposits while optimally utilizing customers' money, in terms of preserving the rights of the system's customers from the consumer aspect, and in terms of continuing actions to increase competition and fairness, and in terms of continuing to promote innovation in the banking system."
Danny Hakhiashvili, Supervisor-designate: "I would like to thank the Governor for the trust he placed in me in choosing me as Supervisor of Banks. The magnitude of the excitement as the size of the responsibility and commitment to perform the job. I intend to contribute to the best of my ability and experience for the benefit of the Israeli public and to the continued development and stability of the banking system, to strengthen the welfare and confidence of customers and to increase competitiveness in it. This is during a particularly challenging period in which the system must continue to adapt its various products to the interest rate and inflation environment, while seeing the customer's best interest at the center, and continue to assimilate and integrate technological progress in banking in particular and the financial system in general."
The search committee established by the Governor received 13 nominations. After an exhaustive selection process, the committee recommended the most suitable candidates to the Governor, and after the Governor examined the nominations, he decided to appoint Danny Hakhiashvili to the position.
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