Two days before the deadline set, First International Bank of Israel (TASE:FTIN1; FTIN5), led by CEO Eli Cohen, has decided to join Israel Discount Bank (TASE: DSCT) and sell its stake in the ICC-CAL credit card company to a consortium of George Horesh's Union Investments and Harel Insurance and Finance (TASE: HARL).
Discount Bank signed an agreement on September 21 to sell its 72% stake to the consortium at a company valuation of NIS 4 billion. First International Bank had been given 60 days to decide if it wanted to join the deal and sell its 28% stake for NIS 1.1 billion.
First International Bank said it expects to receive a consideration of approximately NIS 1.06 million, which will be paid in full in cash upon completion of the deal. In addition, there is a contingent payment component that may reach up to an additional 70 million shekels, so in total it should receive NIS 1.1 billion.
The deal is subject to approval from the Israel Competition Authority, which has already disqualified Harel from taking over Isracard. Approval is also needed from Bank of Israel, which is rigorous in its scrutiny and could take many months.
If the transaction is completed, First International Bank will record a net profit, after tax, of about NIS 143 million, and an additional future net profit, after tax, of up to NIS 52 million (if CAL meets conditional targets).
Published by Globes, Israel business news - en.globes.co.il - on November 19, 2025.
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