Isracard will continue to issue credit cards for Bank Hapoalim

Isracard announces today that it has reached an understanding in preparation for a strategic agreement with Bank Hapoalim for the issuance and operation of credit cards for the bank's customers.

The agreement is for a period of 8 years, starting in April 2022. This is a significant long-term cooperation with the Bank, which began even before Isracard became an independent company.

Walla!

Of money

18/07/2022

Monday, 18 July 2022, 09:08 Updated: 09:20

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Isracard hopes the new agreement will balance the expense account (Photo: ShutterStock)

Isracard and Bank Hapoalim have reached an understanding for long-term strategic cooperation for the issuance and operation of credit cards for the Bank's customers.

The agreement is for a period of 8 years, starting in April 2022. This is a significant long-term cooperation with the Bank, which began even before Isracard became an independent company.

The understandings reflect a significant change in the distribution of receipts between the parties in accordance with market conditions and regulate the long-term relationship between the parties in the post-Strum reform era.

In the Company's opinion, the cooperation will make a positive contribution to the Group's profitability throughout the entire period of the agreement.

In addition, the company will record in the second quarter of 2022 an increase in the volume of expenses in the estimated amount of NIS 50 million, and the volume of quarterly expenses is similar in accordance with the volume of activity over the period of the agreement.

Tamar Yasur, Chairman of the Board of Directors of Isracard (Photo: Sivan Farage)

The company estimates that the growth of joint operations with Bank Hapoalim, along with a series of business and managerial moves, collaborations and strategic focus in implementing growth engines, will make it possible to mitigate the effects of change and compensate for it in the future

. This is done so that the Bank's share of revenues from the joint operations will increase significantly.

The company estimates that the growth of joint operations with Bank Hapoalim, along with a series of business and managerial moves, will enable an increase in revenues and moderate the effects of the agreement while growing profitability.

The moves include extending agreements with the largest consumer clubs in Israel, implementing growth engines, using data to offer non-banking products, strategic collaborations and actions to improve operational efficiency.

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Ran Oz, CEO of the Isracard Group (Photo: Pazit Oz)

Tamar Yasur, Chairman of the Isracard Board of Directors

: "The Company's Board of Directors welcomes the significant and long-term cooperation between the Isracard Group and Bank Hapoalim.

The company has been prepared and well prepared for the launch of a new and independent Isracard.

"The updated strategy and work plans, led by CEO Ran Oz and the management he formulated, have been launched for a long time. This is the most professional and suitable team for managing the company in the new era and we are already seeing actual results in the defined growth engines."

"Bank Hapoalim's choice of Isracard expresses the company's strength in the face of increasing competition and the various alternatives available in the market. The new agreement creates certainty for a long time and will allow us to continue to grow the joint activity for Bank Hapoalim customers. "In a market with new growth engines, in line with the new work plan and in the light of future trends. Increasing the Bank's share sharpens the need to improve our operational efficiency, as part of this plan."

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• Isracard

• Bank Hapoalim

• credit cards