Smotrich decides: Discount Bank must divest from CAL

• Published date: 19 January 2023
• Publication title: Globes (Rishon LeZion, Israel)

In the background, both of CAL's competitors happen to be in the process of being sold. The sale of Max (formerly Leumi Card) to Clal insurance is expected to close within the next few weeks, while Isracard is in talks with Harel, a competitor of Clal in the insurance market, after the period of time set for the negotiations was extended

The Ministry of Finance explained that as part of its policy of creating greater competition in the banking and credit market, the minister of finance had decided to exercise his authority and change the definition of a bank with a large scope of activity, and in effect to determine that Discount Bank must divest itself of CAL. The decision was made on the recommendation of a committee that was set up to examine the matter.

The committee was made up of representatives of the Bank of Israel, the Competition Authority, the Israel Securities Authority, and the Ministry of Finance itself. It recommended by...