Cal Credit Company Appoints New Senior Executives Amid Pending Sale to Union Group

Cal, the Israeli credit card company led by Yafit Griani, continues to see rapid changes in its senior management as it awaits regulatory approval for its pending sale. Two new senior executives are set to join the company from different sectors within the financial and healthcare industries. Zoharit Yogev, formerly deputy head of the mortgage division at Bank Leumi, is expected to replace Odelia Moshe Ostrovski as deputy CEO and head of the business clients division. Additionally, Toni Cohen, CEO of Maccabi’s dental clinic network Maccabident, will take over from Lital Wexler as deputy CEO and head of the resources and customer experience division.

The sale of Cal to the Union Group, owned by the Horesh family, and Harel Insurance for up to 4 billion shekels has been ongoing for nearly a year. The delay is primarily due to pending approval from the Israeli Antitrust Authority, complicated by regulatory concerns. One key issue involves potential conflicts of interest, as Union Group partially owns Super-Pharm (35%), while Cal owns Shufersal Club, linked to Be, the country’s second-largest pharmacy chain. The Antitrust Authority is concerned about sensitive customer data potentially leaking to the same group.

Currently, Cal is owned by Discount Bank (72%) and the International Bank (28%), both of which are expected to release their financial results this week. Both banks are eager to conclude the sale but must await the regulator’s decision. The ongoing management reshuffle reflects preparations for the company’s transition under new ownership.