Yitzhak Tshuva Acquires Control of Israel's Isracard Credit Card Company

Prominent Israeli businessman Yitzhak Tshuva has acquired controlling interest in the credit card company Isracard, a move he aims to leverage into establishing a small bank. The acquisition was approved by the Concentration Committee, despite Tshuva's status as a major Israeli gas tycoon whose ventures generate billions annually.

Tshuva's past business dealings have been tumultuous, including near-failures of his public company Dalia Real Estate in 2008 and during the COVID-19 pandemic in 2020. He successfully navigated these crises through debt arrangements and aggressive asset sales, aided by the Tamar and Leviathan gas discoveries in the first instance and a recovery in oil prices in the second.

Currently, Tshuva is one of Israel's wealthiest individuals. He holds over 50% of Delek Group, valued at approximately 8 billion shekels, and significant real estate assets in the U.S. through his Elad Group. His acquisition of Isracard positions him to enter the financial sector.

The Concentration Committee's approval was facilitated by the fact that Tshuva's primary income streams are international, allowing him to exploit a loophole in the concentration law that permits control of a financial entity. This allows him to hold significant stakes in the Leviathan gas field, real estate, and now a financial services company.

Tshuva's current business empire also includes Mohadrin, a company controlling much of Israel's citrus groves, and private real estate firms like Tziloo Blue (formerly Hanan Mor), which also owns Livinsky Real Estate involved in urban renewal. Furthermore, he is developing a substantial hotel business within Israel.