The firm was fined in recent months for improper clearing of gambling sites.
Israel Credit Cards-Cal Ltd. (ICC-Cal) (Visa) CEO Boaz Chechik has just notified management that he is resigning.
The resignation comes in the wake of flaws at the company uncovered by "Globes" over the past few months, related to the clearing of online betting, pornography, and purchases of nutritional supplements. Visa Inc. (NYSE: V) and MasterCard Worldwide Inc. (NYSE: MA) fined the company millions of dollars over the infractions.
Israel Discount Bank (TASE: DSCT) owns 71.8% of ICC and First International Bank of Israel (TASE: FTIN1;FTIN5) owns 28.2%. Chechik has served as ICC CEO since 2003.
Published by Globes [online], Israel business news - www.globes-online.com - on February 18, 2010
© Copyright of Globes Publisher Itonut (1983) Ltd. 2010
Eran Peer and Moshe Lichtman