Bank Leumi (TASE: LUMI) and Leumi Card, its credit card company, have signed a distribution agreement with American Express (NYSE: AXP) for American Express International cards in Israel. Up until now, Bank Hapoalim’s (LSE: BKHD; TASE: POLI) Isracard company has had the exclusive right to issue American Express cards in Israel.
American Express will directly issue the new cards, which will be offered to customers of Bank Leumi in Israel and of Bank Leumi’s overseas branches.
Four types of American Express credit cards will be offered to Bank Leumi customers: Green, Gold, Platinum, and Centurion.
In response to the report, Poalim American Express Israel said, “Poalim American Express is the sole franchise holder for American Express in Israel, and issues only American Express shekel card for use in Israel and overseas.
”The card being distributed by Leumi Card is a foreign currency card issued by American Express International before Bank Hapoalim obtained its franchise, distribution of which also continued after the franchise took effect.”
Published by Globes [online] - www.globes.co.il - on February 9, 2004