Cal CEO Meets Finance Ministry Over Sale Deadline Extension

Yafit Grani, CEO of the Israeli credit card company Cal, met with the Director General of the Ministry of Finance to discuss efforts to postpone the deadline for Discount Bank to sell its controlling stake in Cal. Under current law, Discount Bank, which owns approximately 72% of Cal's shares, must complete the sale by the end of April 2027. The International Bank holds the remaining shares.

The meeting occurred after a previous deal to sell Cal to George Horesh and Harel Insurance Investments fell through due to conditions imposed by the Competition Authority. That transaction valued Cal between NIS 3.75 billion and NIS 4 billion, depending on performance. The authority demanded Horesh divest his holdings in Super-Pharm, citing concerns about market competition. The agreement expired in early November, prompting Discount Bank to initiate a new sales process.

Several parties are reportedly interested in acquiring Cal, including Gil Agmon, the controlling shareholder of Dror Motors, who is seen as a leading contender. Other potential buyers include Assaf Rappaport, a co-founder of Waze; Muki Schneidman of the Direct Insurance Group; Jerusalem Bank; and investment funds Centerbridge and General Atlantic. Horesh and Harel have not entirely abandoned their interest in purchasing the company, though many interested parties are reportedly seeking only a minority stake.

Grani was appointed CEO of Cal in December 2025, having previously served as deputy CEO of Isracard. Her tenure began amidst uncertainty regarding the company's ownership future. The chances of securing an extension are considered possible, as government officials were reportedly open to granting a delay in September, partly because Discount Bank's prior sale agreement had been stalled for months by regulatory approval processes.