The board of administrators of Israel Low cost Financial institution (TASE: DSCT) final night time reached settlement with George Horesh’s Union Investments and Harel Insurance coverage and Finance (TASE: HARL), managed by the Hamburger household, on the sale of its 72% stake in ICC-CAL bank card firm. The deal was agreed at an organization valuation of NIS 3.75 billion for ICC-CAL, prevailing over the next bid estimated at greater than NIS 4 billion by Moti Ben-Moshe. Union and Harel might want to pay NIS 2.7 billion for Low cost’s stake.
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First Worldwide Financial institution (TASE: FIBI), which owns the remaining 28% of ICC-CAL has the choice of becoming a member of the deal, which implies Union Investments and Harel would want to pay an additional NIS 1 billion for a 100% stake within the bank card firm. First Worldwide Financial institution might maintain onto its stake however such a transfer would forestall ICC-CAL from receiving a “small banking” license as a part of the Financial institution of Israel’s reforms to encourage extra competitors within the banking sector.
Revealed by Globes, Israel enterprise information – en.globes.co.il – on September 19, 2025.
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