Dolek Rechev Explores Acquiring Shares in Cal Credit Card Company
Translated & summarized from Ice by baba
Dolek Rechev is exploring a preliminary acquisition of shares in Cal, Israel's largest credit card company, according to a company announcement. This follows reports of discussions between Dolek Rechev, investor Gil Agmon, and Discount Bank, which must divest most of its stake in Cal by May 2027. A previous deal with George Horesh's Union Group and Harel Insurance stalled over regulatory concerns. Cal reported strong financial results for the second quarter of 2026.
The story in 5 lines · by baba
- Dolek Rechev is conducting a preliminary review for a potential share acquisition in Cal.
- Investor Gil Agmon is reportedly in talks with Discount Bank about purchasing Cal.
- Discount Bank must reduce its Cal holdings to 40% by May 2027 due to regulatory reforms.
- A prior deal to sell Cal to George Horesh's Union Group and Harel Insurance failed.
- Cal reported NIS 104 million in net profit for Q2 2026, a 42% increase year-over-year.
Dolek Rechev announced Tuesday that its management has begun a preliminary review of potentially acquiring shares in Cal, Israel's largest credit card company. The company stressed that this review has not yet reached the board of directors and there is no certainty it will lead to a deal, with no terms or structure yet determined.
This announcement follows a report in the "Calcalist" newspaper stating that Dolek Rechev and investor Gil Agmon had initiated discussions with Discount Bank regarding the purchase of Cal. The report suggested Agmon is interested in acquiring Cal for NIS 3 to 3.5 billion.
Discount Bank is obligated to reduce its stake in Cal to a maximum of 40% by May 2027, as part of a regulatory reform to increase competition in the credit market. Cal is the last of Israel's three major credit card companies to be separated from its parent bank. Discount Bank currently holds 72% of Cal's shares, with the International Bank holding the remaining 28%.
A previous deal to sell Cal to the Union Group, controlled by George Horesh, and Harel Insurance Company for up to NIS 4 billion, signed in September 2025, stalled. The Israel Competition Authority conditioned its approval on Union Group selling its 35% stake in Super-Pharm, citing concerns over sensitive business information. The buyers stated the agreement would be canceled on November 1 if the conditions were not altered.
Recent reports indicate an effort to revive that deal by bringing in an additional partner, the investment fund Glotin, to allow Horesh to relinquish control. Concurrently, Discount Bank is exploring other options, including selling the company to different investors or listing it on the stock exchange.
Cal, led by CEO Yafit Griani, is one of Israel's top three credit card firms, alongside Isracard and Max. Founded in 1979, Cal offers credit card issuance, clearing services, and consumer and business credit. In the second quarter of 2026, Cal reported revenues of approximately NIS 843 million and a net profit of NIS 104 million, a 42% increase year-over-year. The company processed approximately NIS 55 billion in transactions, maintained about 4.2 million active cards, and had a consumer credit portfolio of roughly NIS 9.3 billion. For the full year 2025, Cal's revenues were approximately NIS 3.25 billion with an adjusted net profit of NIS 331 million.
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