Israel’s Bank Hapoalim and Bank Leumi are set to offload their credit card operations, as part of a shake-up plan announced by the Israeli government to boost competition in the banking sector.
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Both the lenders will have to sell control of their credit card businesses within two years, and will get a third year to divest their remaining stake.
The move comes after the election of finance minister Moshe Kahlon in March who pledged to reshape the country’s highly-concentrated banking sector, hitherto dominated by three lenders namely Bank Hapoalim, Bank Leumi and Bank Discount.
These three banks currently control 73% of credit in the country.
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By GlobalData
