Skip to content
Subscriber Only
Markets
Deals

Israel’s Largest Credit-Card Business Is Headed for a $1 Billion IPO

  • Bank working on draft prospectus for Tel Aviv share listing
  • Hapoalim must sell Isracard due to Israeli banking reforms
A Bank Hapoalim branch in Jerusalem

A Bank Hapoalim branch in Jerusalem

Bank Hapoalim Ltd. is leaning towards an initial public offering for Israel’s largest credit-card business, rather than a sale or distributing its stake to shareholders, that could value the unit at about $1 billion, according to people familiar with the matter.

Israel’s second-biggest bank has been working with Citigroup Inc. on options for Isracard Ltd. and could list the unit’s shares on the local exchange shortly after reporting annual earnings in March, the people said, asking not to be identified because the plans are private. Hapoalim has almost finished working on a draft prospectus for the offering, but is cautious about when and if to proceed with the IPO because of recent market volatility, the people said.