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.
Go deeper with GlobalData
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.
GlobalData Strategic Intelligence
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
