CEO of Cal meets with Finance Ministry director general in bid to delay sale of the company

Yafit Geriani, CEO of credit card company Cal, met with Israel Malachi, director general of the Finance Ministry, and requested a postponement of the company's sale after the original agreement with the Union-Harel group expired. Regulators are divided on whether to grant an extension.

Yafit Geriani, CEO of the credit card company Cal, met yesterday with Israel Malachi, director general of the Finance Ministry, and requested a postponement of the company's sale. The meeting took place at the Finance Ministry offices. Earlier this month, Bank Discount, which holds 72% of Cal, initiated a renewed sale process after the original agreement to sell the company to the Union-Harel group at a valuation of up to 4 billion shekels expired. The request for a delay stems from uncertainty over whether the acquisition will be completed by the statutory deadline in April. The original deal fell through due to restrictions imposed by the Competition Authority on Union, which required it to sell its stake in Super-Pharm. Regulators are divided: some support an extension due to time constraints, while opponents cite the Strum Committee's decision to separate credit card companies from banks. The article notes that Geriani herself requested the delay, not Discount, which bears the responsibility to sell.