Rami Levy Expands Beyond Retail Into Electricity and Digital Banking
Israeli businessman Rami Levy plans to expand his retail empire into the electricity sector and establish a digital bank to foster competition and lower consumer prices.
Israeli businessman Rami Levy is continuing to expand his business activities beyond supermarket chains, targeting new sectors to directly challenge consumers with competitive pricing. In an interview with the "Leaders Supplement" in Yedioth Ahronoth, Levy revealed that his group plans to enter the electricity market, explore electricity generation, and establish a financial entity to offer services to clients.
According to Levy, this expansion stems from a clear business philosophy: entering new fields allows the group to generate competition and offer better prices and conditions. "My guiding line is to operate wherever I can create synergy with the consumer, lower costs, and do good for those I serve," he said.
Entering the Electricity Sector and Generation
The central domain Levy highlighted is the electricity market. The group plans to supply electricity to households while also exploring the possibility of entering the production sector by competing for land tenders or partnering in power generation to cut intermediation gaps.
"We are going to offer electricity to consumers, but the goal is also to enter production. We want to reduce brokerage gaps and lower prices for the consumer," said Levy.
He pointed out the group's vast customer base as a major advantage, reaching 2.5 million customers monthly, translating to nearly 850,000 households with direct access.
Expanding Financial Services and Digital Banking
The move into electricity is not the only new initiative. The group is expanding its financial footprint, starting with the launch of the "SuperFly" credit card in cooperation with Israir and Isracard, bridging retail purchases and flight point accumulations.
However, Levy has set an even broader financial target: establishing a non-banking financial body or a digital bank that will offer customers more favorable and accessible loans.
"We want to establish a non-financial body or digital bank that will offer customers better and more convenient loans," Levy stated.
Combating the Cost of Living
Levy emphasizes that combating the high cost of living goes beyond grocery prices, pointing to housing, daycare, municipal taxes (arnona), electricity, water, and automobiles as major household burdens. Addressing imported goods and the dropping dollar exchange rate, he noted that currency hedging practices delayed immediate price drops, but with hedges ending at a 3.50 NIS per dollar rate, price decreases in imports are expected.
"The true power for change lies in the hands of the consumer who chooses where to invest their money," Levy concluded.
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