The banking competition reform moves one step further as IsraCard becomes a public company with 65 percent of its shares held by the public in Israel
Supervisor of Banks Dr. Hedva Ber said, "The reform to promote competition in banking has moved another step forward, with the transfer of ownership of 65 percent of IsraCard to the broad public in Israel. The company's offering and raising of tradable equity was accompanied by very high demand, which reflected the Israeli public's high level of trust in the reform to enhance competition, and in IsraCard itself. The successful raising of equity has created a good liquidity buffer for the company, which will enable it to grow in the coming years. And the issuance of IsraCard shares also contributes to deepening the capital market and strengthening the stock exchange in Israel.
"I am pleased with the results of the separation of the two credit card companies and having them become independent financial entities in a way that creates variety and competition. One company, LeumiCard (now Max), was sold in full to an ownership core, while the second company, IsraCard, has been issued publicly and most of its shares are held by the broad public. The Banking Supervision Department has, in the past two years, provided close guidance for the separate of the two credit card companies from the banks, while adapting many regulatory directives, examining the paths to separation, providing various approvals, and creating "infant industry protections" to the separated companies with the aim of allowing them to gain strength and become independent and competitive financial bodies."