Mizrahi Tefahot is now negotiating with Israel Credit Cards and Leumi Card.
Talks between Bank Hapoalim (LSE: 80OA; TASE: POLI) and Mizrahi Tefahot Bank (TASE:MZTF) on the issue of a Mizrahi Tefahot branded credit card have failed to produce an agreement, after being extended two times.
The two banks have therefore agreed to extend the existing contract between Hapoalim subsidiary Isracard and Mizrahi to 10 years under the same terms. It was also agreed that Bank Hapoalim will transfer a 1.87% holding worth an estimated NIS 54 million in Isracard Ltd. for no charge, at a value for the subsidiary of NIS 3 billion.
Mizrahi Tefahot has now commenced negotiations on the issue of a branded credit card with Israel Credit Cards-Cal Ltd. (ICC-Cal) and Leumi Card Ltd.
Published by Globes [online], Israel business news - www.globes-online.com - on April 10, 2008
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