JTA NEWS
24 February 2018 - 10 Adar 5778 - י' אדר ה' אלפים תשע"ח
JTA NEWS :
Japanese firm might buy an Israeli credit card company E-mail

According to Globes, Credit Saison, one of Japan’s largest credit card companies, is interested in purchasing either Leumi Card or Isracard.

The two firms are the largest credit card companies in Israel. Officials from Credit Saison visited Israel late last year. The two credit card companies are up for sale as the result of a law passed by the Knesset in 2017 that requires the banks that own them – Hapoalim for Isracard and Leumi for LeumiCard – to sell the companies.

The banks have three years to find buyers, and have begun shopping around. Credit Saison is the first major international firm to take an interest in the Israeli firms.

Many foreign credit firms have long attempted to enter the Israeli market, but have been unsuccessful. Israeli consumers pay among the highest levels of consumer credit, with interest rates ranging between 8% and 12%.

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