Investment house Altshuler Shaham announced today that the group's public company, Altshuler Shaham Finance (TASE: ALTF), headed by Yair Levenstein, has signed an agreement to purchase the business of Credit Team, which holds a license from the Capital Markets, Insurance and Savings Authority to provide credit.
Under the agreement, Altshuler Shaham will pay NIS 27 million to purchase the platform from its founders, Gil Topaz, who was in the past CEO of Bank of Jerusalem, and Hagar Peretz Dayan, former vice president of digital and strategy at Bank of Jerusalem and director of strategic cooperation and corporate development at Bank Hapoalim. The business will be managed through a new company, Altshuler Shaham Credit, where Altshuler Shaham Credit will own 80%, and Topaz and Peretz Dayan 10% each.
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Altshuler Shaham's decision to enter the non-bank credit space at this time may seem surprising. High interest rates and the Iron Sword War, now in its ninth month, have led to a significant decline in demand for credit.
However, an encouraging sign is that banks are not increasing their provisions for credit losses, and some are starting to reduce them. In addition, Altshuler-Shaham is looking to the Bank of Israel, which is pushing for bank competition, and to NIS 1.2-1.3 trillion in total credit for the economy, and believes a major credit explosion is possible.
Published by Globes, Israel Business News – en.globes.co.il – on June 10, 2024.
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