Discount Bank selling part of ICC-Cal to Azrieli

The sale will probably be at a NIS 1 billion company value. Around 8% of the credit card company will be sold.

Sources inform “Globes” that Israel Discount Bank (TASE: DSCT) is following the example of businessman Eliezer Fishman by selling part of its stake in Israel Credit Cards-Cal (ICC-Cal) to shopping mall tycoon David Azrieli.

Final terms for the deal have not yet been concluded, but the sale will probably be at a NIS 1 billion company value. Israel Discount Bank and David Azrieli have not yet decided the exact number of shares to be sold, but it appears to be 8%. Fishman also plan to sell some of his shares to Azrieli.

Discount Bank owns 51% of ICC-Cal, of which 35% is listed as a holding in the company, and 16% as designated for sale. Discount Bank owned 35% of ICC-Cal until 2000, and Bank Leumi (TASE: LUMI) 65%. In January 2000, Bank Leumi sold its stake to Discount Bank at a NIS 510 million company value, half of the company value for the planned sale to Azrieli.

When it acquired Bank Leumi’s shares, Discount Bank announced its intention of returning to its original 35% stake. Discount Bank has since sold 20% of ICC-Cal to First International Bank of Israel (TASE: FTIN1;FTIN5), 5% to Harel Insurance Investments (TASE: HARL), and 24% to Fishman, who now plans to sell some of his holdings. Discount Bank still has 16% designated for sale, half of which it plans to sell to Azrieli.

Fishman is the controlling shareholder in “Globes”.

Published by Globes [online] - www.globes.co.il - on August 31, 2004

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