Brief

Warburg-Pincus Completes Acquisition of Israeli Credit Card Issuer

The $640 million deal was first announced in July 2018 following a law mandating separation between Israel’s largest banks and their credit card subsidiaries

New York-headquartered private equity firm Warburg Pincus LLC has completed its acquisition of Israeli credit card issuer Leumi Card, Israel-based Leumi Bank announced Monday in a filing to the Tel Aviv Stock Exchange. The two first announced the $640 million (NIS 2.5 billion) deal in July 2018. The sale is a result of a 2017 Israeli law that mandates a separation between the two largest banks in Israel and their credit card subsidiaries.

 

Leumi card. Photo: Shutterstock