US private equity firm Warburg Pincus has been granted permission to take control of Leumi Card, the credit card company spun off from Bank Leumi, in a major step forwards for Israel's efforts to diversify its financial services market.
The announcement, which was made on Wednesday, marks the conclusion of an assessment carried out by the Bank of Israel, the country's central bank and financial regulator.
It was found that Warburg Pincus possessed the necessary financial strength and governance, and was able to present a credible business plan for its management of Leumi Card.
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