The Bank of Israel has recommended separating Israel Discount Bank (TASE: DSCT) and Israel Credit Cards Cal. The committee formed by the Bank of Israel in June 2021 in order to examine the matter today recommended that its, “position is that the separation should be completed, and that the exclusion of Bank Discount from the reform should be canceled.”
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Discount Bank has a 72% stake in the credit card company and Minister of Finance Avigdor Liberman, or his successor, has until January 2023 to make a final decision on the matter.
Israel Credit Cards Cal is the only credit card company still owned by banks (Discount Bank 72% and First International Bank 28%) after Leumicard was separated from Bank Leumi (TASE:LUMI) and renamed Max It is now set to be sold onto Clal Insurance), and Bank Hapoalim (TASE: POLI) was separated from Isracard.
Published by Globes, Israel business news – en.globes.co.il – on October 18, 2022.
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