Globes report shows Israeli banks’ IT spending up by 28%

According to the report, Basel II and other regulations in the country have forced banks to spend NIS926 million in 2005, up from NIS725 million in 2004. Even this figure underestimates the actual cost, as one major bank does not include operating expenses in its computer expenditures item.

Globes reports that Bank Hapoalim spends the most on computers: NIS335 million in 2005, up from NIS278 million in 2004.

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