After a prolonged delay in the approval process for the sale of credit card company Cal-Israel Credit Cards, because of differences between the Coopetition Authority and the buying group, consisting of George Horesh's Union Investments and Harel Insurance Investments & Financial Services, the seller, Discount Bank, is trying to reverse course and keep hold of Cal. The bank is obliged to sell its 72% stake in Cal by the middle of next year, under legislation separating the credit card companies from the banks.
In a letter to the Bank of Israel and the Ministry of Finance, Discount Bank CEO Avi Levi asks them to cancel the bank’s obligation to sell Cal and to be able to continue to control it. Bank Hapoalim and Bank Leumi have already sold their holdings in rival credit card companies.
Levi argues that Discount Bank will not be able to sell Cal while First International Bank, which holds the remaining 28% of the shares in Cal, can veto a flotation of the company on the stock exchange, and opposes such a move.
Levi says in the letter that the chances of finding an alternative buyer in the time remaining are not high, given that the existing sale deal was signed a year ago and still has not received approval from the Competition Authority.
No comment was forthcoming from Discount Bank.
Published by Globes, Israel business news - en.globes.co.il - on September 9, 2026.
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