Tycoon George Horesh Expands Empire Into Financial Services
George Horesh, a prominent Israeli businessman known for his quiet demeanor, is reportedly facing significant media attention due to his involvement in the acquisition of the credit card company Cal (Israel Credit Cards Ltd.). Horesh, who amassed his initial fortune importing Toyota vehicles into Israel, has diversified his business interests considerably over the years.
Having immigrated to Israel from England 35 years ago, Horesh secured the Toyota dealership in 1991. His company, Union Motors, which also imports the luxury Toyota brand and Chinese Geely cars, has expanded into leasing and electric vehicle charging. Beyond automotive ventures, Union Motors holds franchises for fashion brand H&M and sports retailer Decathlon, a 33% stake in the pharmacy chain Super-Pharm, and a 45% share in Dyson vacuum importer.
In the past two years, Horesh has also entered the energy sector. He holds a 15% stake in Dalia Energy, and together they acquired the Eshkol power station for NIS 9 billion. His energy holdings now account for approximately one-sixth of Israel's electricity supply. Additional assets include the Hershberg Brothers Group, supplying industrial materials and equipment, and a substantial real estate portfolio both domestically and internationally.
The acquisition of Cal is seen as a strategic move to establish a strong financial arm, potentially evolving into a small bank. This expansion highlights Horesh's growing influence across various sectors of the Israeli economy, from energy and transportation to retail and finance, contrasting with his previously low public profile.
