Business brief
Domestic Consolidation and Regulatory Friction
WeSure reshapes asset management in a ₪1B deal, Discount Bank pushes back on credit card divestment, and Energean locks in $1.4B in gas supply.
Business
WeSure's takeover of Altshuler Shaham Finance rescues an asset manager hit by massive redemptions — expanding digital insurance consolidation across Israel's pension market.
BackgroundAltshuler Shaham Finance manages over ₪112 billion in pension assets but suffered massive capital redemptions after prolonged fund underperformance. WeSure operates Ayalon Insurance and uses digital underwriting platforms to consolidate domestic financial services.
- WeSure acquires 45% control, while CEO Yair Levinstein expands his personal holding to 25% for ₪180 million, solidifying management control.
- Altshuler Shaham experienced cumulative redemptions exceeding ₪142 billion from provident funds in recent years, forcing original owners to sell.
- The acquired business will operate alongside WeSure's 59%-owned Ayalon Insurance subsidiary to form a unified domestic asset management powerhouse.
Business
Energean's $1.4 billion Sorek contract locks in long-term power plant demand — cementing its position as a primary energy provider across Israel's electricity grid.
BackgroundEnergean operates the Karish offshore gas field in Israeli waters, supplying domestic power generators and industrial customers. Sorek is a major new private power generation facility expanding Israel's natural gas electricity grid.
- Deliveries from the Karish offshore field will reach 0.5 BCM annually starting in 2029 before ramping to 0.6 BCM per year.
- The agreement follows recent long-term natural gas supply contracts signed with domestic power producers Kesem and Dalia 2, broadening off-taker commitment.
- Energean's total contracted Israeli gas backlog now stands at $20 billion over 20 years, securing baseline cash flows for field expansions.
Business
Discount Bank's petition to retain Cal shows how antitrust gridlock and shareholder vetoes can derail mandated banking reforms — leaving financial separation policy in regulatory limbo.
BackgroundIsrael's Strum Law mandated major commercial banks to divest credit card operations to boost domestic banking competition. Discount Bank agreed a year ago to sell its 72% stake in Cal to Harel Insurance and George Horesh.
- Discount Bank CEO Avi Levi cited antitrust delays at the Competition Authority that stalled the ₪2.7 billion sale to Harel Insurance.
- First International Bank of Israel, holding 28% of Cal, vetoed a Tel Aviv Stock Exchange IPO that Discount sought as a backup option.
- Bank of Israel approval is required to extend holding rights past the mid-2027 deadline, setting up a test of banking reform enforcement.
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