Bank Leumi and CAL (Israel Credit Cards Ltd.) Sign Agreement for the Issuance and Operations of Credit Cards for Leumi Customers
Bank Leumi and CAL (Israel Credit Cards Ltd.) today announced the signing of an agreement for the issuance and operation of Visa, MasterCard and Diners credit cards to Leumi customers. The long-term strategic agreement relates to all of the commercial terms, operating arrangements and services that CAL will provide to Leumi and its customers.
The agreement is a significant milestone in the implementation of the Strum Committee recommendations by Leumi and CAL. In the coming months, technological and operational preparations will be completed, and the agreement will enter into force on February 1, 2019, subject to receipt of the required regulatory approvals.
The process was led by Ori Shuker, Head of Credit and Partners Division at CAL, and Hanan Friedman, Head of Leumi's Strategy and Regulation Division.
Leumi's President & CEO, Rakefet Russak Aminoach, said following the signing of the agreement: Leumi continues to implement the Strum reform and today we are taking another significant step forward in this matter; this follows the announcement, several weeks ago, of entering into an agreement to sell 'Leumi Card'
This is a long-term relationship, which constitutes a new cooperation between CAL and Leumi. From Leumi's point of view, the most significant target of the agreement is to ensure the quality of service Leumi customers will receive. At the end of the day, this is the most important basis for the success of the cooperation".
CAL's CEO, Levy Halevy said, "The strategic agreement with Leumi constitutes a major breakthrough in an era of rapid changes and increased competition in the Israeli credit card industry. We thank Leumi for choosing and having confidence in CAL".