Isracard cancels acquisition of Nir Zuk’s Esh Bank
Isracard has officially cancelled its planned acquisition of the digital bank Esh Bank after the memorandum of understanding expired. The deal, valued at up to NIS 500 million, would have expanded Isracard's banking operations.
Why it matters
The collapse of this deal impacts the competitive landscape of the Israeli financial technology sector and the future of 'lean banking' in the region.
Six months after signing a memorandum of understanding (MOU) to acquire Israeli digital bank Esh, credit card company Isracard (ISCD) has announced that it will not be moving forward with the deal after talks have broken down.
In a notification to the Tel Aviv Stock Exchange (TASE), Isracard said that the MOU signed with Esh Bank had expired without a final agreement and would not be extended. This has in effect meant the collapse of the deal, in which Isracard was supposed to acquire the digital bank, at a value of up to NIS 500 million.
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