Ayalon explores CAL deal: what April 2027 means for Israel Discount Bank stock

Published on 10/16/2026 at 09:04 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Discount Bank holds 72.00 percent of CAL and faces an April 2027 deadline. For Israel Discount Bank stock, second-quarter revenue was ILS 3.40 billion.

CAL ownership and earnings

Ayalon explored CAL on October 14, 2026, while Discount Bank holds 72.00 percent.
Second-quarter 2026 revenue was ILS 3.40 billion, down 1.00 percent year over year.
Discount Bank faces an April 2027 statutory deadline for selling or floating CAL.

Israel Discount Bank, IL0006912120, Illustration mit AI erstellt.

Israel Discount Bank (ISIN IL0006912120) is weighing a new approach for its 72.00 percent stake in credit-card company CAL after Ayalon expressed initial interest on October 14, 2026. Globes reported that discussions are exploratory, not a completed transaction.

What does CAL mean for the bank?

The stake places Discount Bank at the center of a forced separation from CAL. Globes reported on October 14, 2026, that the bank must sell its holding or float CAL by April 2027 under the applicable regulatory timetable, while the prior Union-Harel sale agreement expires in November 2026.

The financial scale is material. CAL was previously tied to a proposed ILS 4.00 billion transaction, while the current valuation remains unsettled after that deal collapsed, according to Globes.

Three dated CAL milestones

On September 22, 2026, a court approved a class-action proceeding involving customer balances of ILS 3,000 or more for at least one business day, as reported by Simply Wall St. On October 2, 2026, the bank's second-quarter results were summarized with revenue of ILS 3.40 billion, down 1.00 percent year over year. On October 14, 2026, Ayalon opened exploratory discussions over CAL, according to Globes.

Two deadlines shape the process

November 2026 marks the expiry of the prior Union-Harel agreement, while April 2027 is the statutory deadline for a sale or flotation. For investors, the difference between an exploratory approach and a binding offer is central because the bank's timetable is fixed while the transaction value is still unsettled.

Earnings frame the next move

Second-quarter 2026 revenue of ILS 3.40 billion was 1.00 percent lower than a year earlier, while net income reached ILS 1.10 billion, down 4.40 percent. Earnings per share was ILS 0.89 versus ILS 0.93 in the second quarter of 2025, according to Simply Wall St. The figures make the CAL process an additional strategic issue alongside the bank's operating performance.