The board of directors of Israel Discount Bank (TASE: DSCT) last night reached agreement with George Horesh’s Union Investments and Harel Insurance and Finance (TASE: HARL), controlled by the Hamburger family, on the sale of its 72% stake in ICC-CAL credit card company. The deal was agreed at a company valuation of NIS 3.75 billion for ICC-CAL, prevailing over a higher bid estimated at more than NIS 4 billion by Moti Ben-Moshe. Union and Harel will need to pay NIS 2.7 billion for Discount’s stake.
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First International Bank (TASE: FIBI), which owns the remaining 28% of ICC-CAL has the option of joining the deal, which means Union Investments and Harel would need to pay a further NIS 1 billion for a 100% stake in the credit card company. First International Bank could hold onto its stake but such a move would prevent ICC-CAL from receiving a “small banking” license as part of the Bank of Israel’s reforms to encourage more competition in the banking sector.
Published by Globes, Israel business news – en.globes.co.il – on September 19, 2025.
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