Israel: Bank of Israel Releases Measures to Support the Separation of Credit Card Companies

On August 2, 2018, the Bank of Israel announced further measures that will help the separation process of the credit card companies. These measures follow a previous decision by the bank that two largest banks in the country, Bank Leumi and Bank Hapoalim, would have to divest the credit card companies they owned by January 2021 the latest.

According to the announcement, Bank Leumi, which belongs to the Leumi Group, was notified that it is not allowed to acquire up to 20 percent shares in the designated company that will purchase Leumi Card.

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