Israel Credit Cards-Cal will provide a credit line of up to NIS 200 million.
Israel Credit Cards-Cal Ltd. (ICC-Cal) (Visa) and Psagot Financing and Factoring Ltd. (TASE:PSFN) are setting up a joint factoring venture. Cal will own 75.01% of the company and provide a short-term credit line of up to NIS 200 million at its sole discretion.
Psagot Financing will own 24.99%. Cal will also finance a NIS 1 million payment by the joint venture to Psagot Financing for goodwill and fixed assets.
Avihai Stolero owns 69.6% of Psagot Financing, which is run by Shimon Hybloom and Reuven Salter.
Cal, Israel's second largest credit card company, is owned by Israel Discount Bank (TASE: DSCT) with a 71.8% stake, and First International Bank of Israel (TASE: FTIN1;FTIN5), with a 28.2% stake.
Published by Globes [online], Israel business news - www.globes-online.com - on January 6, 2009
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