Representation of a syndication of lenders in financing the acquisition of Leumi Card by Warburg Pincus
FBC represented a syndication of lenders led by Harel Insurance group, in a NIS 1.1 billion acquisition financing of the acquisition of Leumi Card by Warburg Pincus, a leading global private equity firm.
The sale underlying the financing is the first transaction pursuant to the Law for Increasing Competition and Reducing Centralization in the Banking Market (“Strum Law”) implementing the regulatory vision to separate the credit card companies from their existing controlling banks (Bank Hapoalim and Bank Leumi).
The financing transaction was highly complex and included also the representation of the syndication before the Bank of Israel whilst overcoming regulatory challenges pertaining to the obtainment of the permit for the syndication lenders from the Bank of Israel.
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