Regulator tells Horesh-Harel not to help choose ICC-CAL CEO

Last month Israel Discount Bank (TASE: DSCT) announced that it had chosen George Horesh’s Union Investments and Harel Insurance and Finance (TASE: HARL), controlled by the Hamburger family, to purchase its 72% stake in the ICC-CAL credit card company.

Shortly afterwards, ICC-CAL’s veteran CEO Levy Halevy stepped down to become the next CEO of El Al. This forces Israel Discount Bank to locate a new CEO. The Israel Competition Authority has refused to allow Union Investments and Harel to be involved in procedures to appoint the new ICC-CAL CEO.

Discount Bank to sell control of ICC-CAL to Horesh, Harel

Harel, George Horesh bid for Cal

George Horesh’s Union Investments and Harel are due to buy the ICC-CAL stake at a company valuation of NIS 3.75-4 billion, depending on the credit card company’s performance. The process will take many months, because approval is also required from the Competition Authority, headed by Michal Cohen. The Authority previously disqualified Harel from buying Isracard due to concerns about harming competition in the health insurance market.

Yitzhak Tshuva’s Delek Group ultimately bought control of Isracard. The Horesh-Harel Group must also receive approval from the Bank of Israel’s Banking Supervision Department – a strict body whose review takes months. However, this approval is supposed to be less complex for the group.

These are complex examinations that will continue over a period of time, and after Halevy resigns from his position, there is a need to appoint a permanent CEO, and not a temporary acting CEO until the deal is completed. There is a need for ICC-CAL to continue to develop and implement a clear business strategy by a CEO with full authority. This is why the CEO of Israel Discount Avi Levi will probably soon be required to find the next CEO of ICC-CAL.

Published by Globes, Israel business news – en.globes.co.il – on October 16, 2025.

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