The Bank of Israel has instructed Bank Hapoalim and Bank Leumi to make changes to the composition of the boards of directors of the two credit card companies that will be separated from them.

The banks must take the following steps by 31 March 2017.
 

• The chairman of the board of directors of each credit card company must not be an officer or employee of the bank.
• The directors of the credit card company on behalf of each bank cannot be members of the bank’s management or officers of the bank.
• The directors on behalf of the bank must not be involved in determining the strategy or managing the business activity of the bank.
• The composition of each credit card company’s board of directors shall be such that the directors on behalf of the bank do not comprise a majority.