Business Services Industry
Bank Leumi Loses Visa Credit Cards.(Brief Article)
Israel Business Today, February, 2000
Israel Discount Bank outbid its partner Bank Leumi to take sole control of Visa ICC Credit Cards in Israel. The banks had been instructed by the Israeli anti-trust commission to end their joint control over the credit card company. They entered into a two sided tender with each bank bidding for the other's stake by way of a valuation placed in sealed envelopes.
Israel Discount Bank's bid won and it will pay NIS 330 million for Leumi's stake. Bank Leumi now has lots of additional cash but no credit card company. Some would say with ICC Visa Cards earnings at NIS 30 million a year, Leumi didn't get a bad deal. Bank Leumi apparently does not see it that way and vowed to once again own a credit card company. The bank is casting an eye on First International Bank of...
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