Yitzhak Tshuva has received a permit today from the Bank of Israel to control credit card company Isracard (TASE: ISCD). This is the last regulatory approval required for Tshuva to take over the company.
Tshuva will thus shortly become the controlling shareholder in Isracard through Delek Group (TASE: DLEKG), which he controls. Delek Group will buy 37% of the shares in Isracard at a valuation of NIS 3.56 billion. Together with the Isracard shares that Delek Group already owns, this will give it a 40% stake. Delek Group will pay NIS 1.3 billion, and Isracard will also distribute a dividend. The deal is expected to close within a week to ten days.
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The Bank of Israel stated: "The Supervisor of Banks Department has concluded the process of examining the application for a permit to control Isracard." The examination was required because Isracard is one of the three largest credit card companies in Israel, and because of Tshuva’s past, which includes a debt settlement in Delek Real Estate, giving rise to concerns at the Bank of Israel about financial stability.
Published by Globes, Israel business news – en.globes.co.il – on July 9, 2025.
© Copyright of Globes Publisher Itonut (1983) Ltd., 2025.
