The logo of Israel Discount Bank is reflected in mirrors outside a branch in Tel Aviv, Israel July 27, 2016. REUTERS/Baz Ratner/File Photo JERUSALEM, Jan 19 (Reuters) – Israel Discount Bank (DSCT.TA) will have to sell its credit card business CAL under draft rules aimed at boosting competition in the country’s banking and credit sectors. Israel’s Finance Minister Bezalel Smotrich said he was changing regulations to force Israel Discount Bank to sell the business and create a new player in the overly-concentrated credit market for the benefit of households and small businesses. "This step, combined with additional steps that we will bring soon, will lead to a competitive credit market and contribute to economic growth," Smotrich said. He said Bank of Israel Governor Amir Yaron had approved the draft regulations, which need parliamentary finance committee approval. A committee, which included representatives from the Bank of Israel, regulators and the finance ministry, had recommended changing the legal definition of what constitutes a bank, a move that would require Discount to sell CAL. Latest Updates Discount, Israel’s fourth-largest bank, has opposed the decision. "The decision to separate CAL from Discount … is wrong, and certainly will not increase competition in the […]
K&X Design and Investment Technology, LLC
Invest The Invisible Impact
K&X Design and Investment Technology, LLC
Invest The Invisible Impact
