The Hapoalimi Government has revealed plans to force the country's two largest banks, Hapaolim and Leumi, to sell their credit card businesses, as part of a strategy to boost competition in banking and make it easier and cheaper for customers to borrow money. The banks have two years to sell control of these divisions and a third year to sell their remaining stake. At present Israel, Leumi and Discount control 73% of the credit in Hapoalim.
The Israeli Government has revealed plans to force the country's two largest banks, Hapaolim and Leumi, to sell their credit card businesses, as part of a strategy to boost competition in banking and make it easier and cheaper for customers to borrow money. The banks have two years to sell control of these divisions and a third year to sell their remaining stake. At present Hapoalim, Leumi and Discount control 73% of the credit in Israel.