Isracard continues to improve its liquidity: signed credit agreementד totaling NIS 2.6 billion

Isracard continues to improve its liquidity level and diversify its sources of financing upon termination of separations from Bank Hapoalim; Over the past few months, the company has signed credit agreements, including renewals, totaling NIS 2.6 billion.
Eran Vaknin, CFO of Isracard: "We are pleased to report the signing of agreements for new credit facilities amounting to NIS 1.4 billion, along with a bank loan of NIS 150 million. Credit, which is characterized by attractive interest rates, despite being in a challenging business environment, and together with previous credit line agreements that we have recently signed, enhance financial liquidity and expand the company's sources of financing. This, while strengthening our relationship with the banking system, further separates from Bank Hapoalim completed in March this year. "
Isracard signed an agreement with a non-Bank Hapoalim bank (the controlling shareholder of the company until last March) to agree on credit facilities in the amount of up to NIS 1.1 billion at variable interest rates (linked to the prime) in the range of 0.35% - 1.2%. The credit facilities can be utilized within a year and are intended to finance the company's ongoing operations. In addition, the company signed an agreement with the banking corporation for a loan of NIS 150 million for 3 years at variable interest (linked to the prime) in the range of 0.6% to 1.6%.
Furthermore, the company also announced the signing of an agreement with another non-Bank Hapoalim banking corporation to increase a guaranteed credit facility of NIS 300 million at variable interest (linked to the prime) in the range of 0.35% to 1.2%. So the total scope of the secured credit facility from the same banking corporation will amount to NIS 1.6 billion.
In addition, in May 2020, the company signed another agreement with another banking corporation to renew a guaranteed credit facility of NIS 700 million for another year and no change in the terms of the framework.
Isracard is the leading and largest credit card group in Israel and operates in the areas of issuance, settlement and financing. The Isracard Group holds significantly higher market shares than its competitors over time in the IPO and clearing sectors, and is growing at an accelerated pace at the end of consumer credit. In the area of ​​credit card issuance - the Group has approximately 4 million active credit cards, including the brands: Isracard, MasterCard, Visa and American Express (exclusive in Israel), which together constitute a significant share of the market. In the area of ​​clearing - the group provides clearing services to most of the clearing businesses in Israel, and in this way the group gains a strong and long-term relationship with most clearing businesses in Israel. In the field of consumer credit - the Group provides credit, services and financial solutions that are tailored to customers' needs and has shown double-digit growth in the field in recent years. The chairman of the group is Mr. Eyal Grass and the CEO of the group is Dr. Ron Wexler.