From Bank Leumi and Maccabi: New Appointments in CAL Management

The rapid turnover in the management of the credit card company CAL, under the leadership of Yafit Gariani, continues. Globes has learned of two new appointments in the top management of the credit card company, which is currently in the process of being sold to the Union Group of the Horesh family and the Harel company, and is awaiting approval from the Competition Authority to complete the deal. Two new senior executives will join the top management of CAL, coming from fields outside the credit card industry.

Zoarit Yogev, who served as deputy head of the mortgage division at Bank Leumi, is expected to step into the role of Deputy CEO and Head of the Business Clients Division at CAL, replacing Odalia Moshe Ostrovsky, whose departure was reported yesterday. In addition, Tony Cohen, CEO of the Maccabi dental clinic chain, Maccabident, is expected to take the position of Lital Wechsler, the company's Deputy CEO and Head of the Resources and Customer Experience Division.

The sale of CAL to the Union Group of the Horesh family and the Harel company for a sum of up to 4 billion shekels has been ongoing for almost a year. The delay is rooted in regulatory complexity regarding the Competition Authority's approval. One of the limitations concerns the Super-Pharm chain, which is partially held (35%) by the Union Group, while CAL holds the Shufersal club, which owns the second-largest pharmacy chain in the country — Be.

The Competition Authority is concerned about the potential leakage of sensitive information into the hands of a single group. CAL is held by Discount Bank (72%) and the First International Bank (28%), which will publish their financial results this week. Both banks are forced to wait for the Competition Authority's decision to finally put this saga behind them.