Warburg-Pincus Plans to Keep Chairman of Israeli Credit Card Issuer in Seat
The New York-headquartered private equity firm wants to appoint Yaron Bloch to chairman of Leumi Card, which it acquired in July
For daily updates, subscribe to our newsletter by clicking here.In a meeting with representatives of Israel’s Central Bank last week, Daniel Zilberman, managing director and head of Warburg Pincus’ European division, said that the firm intends to offer Bloch to continue to lead Leumi Card, the person said. The terms of Warburg Pincus’ offer were not disclosed.
In January 2017, the Israeli Parliament passed a law that mandates a separation between the two largest banks in Israel and their credit card subsidiaries, forcing Bank Leumi to divest Leumi Card. The credit card issuer employs 1,400 people.