Yitzhak Tshuva eyes Isracard stake

After the Bank of Israel blocked non-banking credit finance company Nawi Brothers Group (TASE: NAWI) from purchasing Isracard (TASE: ISCD), Globes has learned Dilek Group Limited (level:Delicate) Controlling shareholder Yitzchak Tshuva is among those considering investing in the credit card company. Also interested in Isracard, which trades at a market value of NIS 2.5 billion, is businessman Jacob Engel.







Several months ago, it looked like Harel Insurance Investments and Financial Services (TASE: HARL) was set to buy Isracard for NIS 3.3 billion but the deal was canceled after opposition from the Israel Competition Authority over concerns about information sharing between the two companies. Shortly thereafter, the Nawi Brothers Group submitted an application to the Bank of Israel for permission to control Isracard, with a stake of between 20% and 25%, which was below the banking supervisor's threshold for primary control. So Isracard was left without a controlling kernel.

This situation has attracted investors to buy shares in Isracard due to the growth of credit card companies in the credit sector along with income from core operations. At the end of March, a private investor, whose identity was not revealed, bought about 4% of Isracard shares for about NIS 100 million.

In March, the Israel Competition Authority removed Tshuva and Delek Group from its list of focus entities in the economy and its list of important real economy companies.

Delek Group stated that “the company does not provide information about its investment portfolio other than the reports that the company publishes from time to time.”

Published by Globes, Israel Business News – en.globes.co.il – on June 9, 2024.

© Copyright Globes Publisher Itonut (1983) Ltd., 2024.


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