Israel's Antitrust Authority and the central bank's Supervisor of Banks may take action against Bank Leumi Le'Israel Ltd. and Israel Discount Bank Ltd., the country's second- and third-biggest banks, if they don't end their Israel Credit Card-Visa joint venture by the end of the year, Ha'aretz reported, without citing sources.
One possibility for authorities is to name an independent trustee to manage the credit card unit if the banks don't find a solution. About six months ago, the Bank of Israel said one of the banks should sell its stake in the venture to the other before the end of the year, and the two have yet to come to an agreement, Ha'aretz said.
Published by Israel's Business Arena on December 23, 1999.