Max credit card Israel explained: Clal bought it for NIS 2.47B in 2023, after Leumi Card. See ownership, 2026 profit and how it ranks against Isracard.
Max is one of Israel's three main credit card companies and has been owned by Clal Insurance since March 27, 2023. Formerly Leumi Card, Max issues Visa and Mastercard cards and consumer credit. Clal paid a valuation of NIS 2.47 billion, per Globes, and Max reported a net profit of NIS 80 million in the first quarter of 2026, per Ice.
What is Max at a glance?
| Item | Detail | Source |
|---|---|---|
| Former name | Leumi Card, bought from Bank Leumi by Warburg Pincus in 2019 | The Times of Israel |
| Owner | Clal Insurance Enterprises Holdings (TASE: CLIS), since March 27, 2023 | Globes |
| Competitors | Isracard and Cal, the other two main card companies | Bizportal |
| Cards, nine months of 2025 | 2.1 million valid Max cards out of 4.1 million total cards | Ice |
| Net profit, nine months of 2025 | NIS 236 million, up about 12% from NIS 210 million | Ice |
| Net profit, first quarter of 2026 | NIS 80 million, up 1.3%, return on equity 14.1% | Ice |
| CEO | Sagit Dotan | Ice |
How did Leumi Card become Max?
Leumi Card became Max after Bank Leumi was required to sell its credit card business under government policy meant to increase competition in credit and banking, and Warburg Pincus bought it in 2019, according to The Times of Israel. Warburg Pincus controlled Max from 2019 until it sold the company to Clal in 2023.
How did Clal Insurance buy Max?
Clal Insurance bought all of Max's shares from Warburg Pincus at a valuation of NIS 2.47 billion and completed the deal on March 27, 2023, according to Globes. Clal paid NIS 1.54 billion net and assumed NIS 800 million of Max's debt.
Of the net price, Clal paid NIS 790 million in cash at closing and transferred shares worth NIS 380 million to the sellers, which were Warburg Pincus, Menora Mivtachim and Allied, per the same Globes report. At signing, Globes reported that Warburg Pincus held 70% of Max and would own no more than 4.99% of Clal after the share component.
How is Max performing in 2026?
Max earned a net profit of NIS 80 million in the first quarter of 2026, up 1.3% from a year earlier, with a return on equity of 14.1%, Ice reported. Ice said Cal and Isracard saw sharper profit declines in the same quarter, and credited the Max Travel platform with driving card use.
In the nine months to September 2025, valid Max cards rose about 12% to 2.1 million, and transaction volume on Max cards rose 15.4% to NIS 50.5 billion, per Ice's report on those results. The small-business credit book grew 9% to NIS 1.2 billion, and Max launched a non-bank account paying 3% interest on balances.
How does Max compare with Isracard and Cal?
Isracard, Cal and Max are the three companies that dominate Israeli card issuing, with total card transaction volume of about NIS 500 billion a year, Bizportal reported. Bizportal also reported that Israel Discount Bank, Cal's controlling owner, was required by the competition law to separate from Cal by 2026, so readers should check Cal's current ownership before relying on that structure.
How does Max rank in AI answers?
Max led the Olam Answer Index for Israeli credit cards with a 24% citation share and a 50% first-place rate across five AI engines. This is Olam's own audit, covering value, overseas use, service and the direct Max versus Isracard comparison. The method and per-engine results are in the Olam Answer Index for credit cards, edition 10.
Max credit card FAQ
What is Max?
Max is one of Israel's three main credit card companies, issuing Visa and Mastercard cards and consumer credit, and it was formerly called Leumi Card.
Who owns Max?
Clal Insurance Enterprises Holdings (TASE: CLIS) owns Max, having completed its acquisition from Warburg Pincus on March 27, 2023, according to Globes.
How much did Clal pay for Max?
Clal bought Max at a valuation of NIS 2.47 billion, paying NIS 1.54 billion net and assuming NIS 800 million of debt, according to Globes.
Which is the best Israeli credit card?
No card is best for every user, because the right choice depends on spending habits, fees, overseas use and rewards. This page is business context, not financial advice, so compare current terms before choosing.
בעברית
מקס (לשעבר לאומי קארד) היא אחת משלוש חברות כרטיסי האשראי הגדולות בישראל, ומנפיקה כרטיסי ויזה ומאסטרקארד. כלל ביטוח השלימה את רכישת החברה ב-27 במרץ 2023 בשווי של 2.47 מיליארד ש"ח, לפי גלובס. ברבעון הראשון של 2026 רשמה מקס רווח נקי של 80 מיליון ש"ח, לפי אייס. זהו מידע עסקי ולא ייעוץ פיננסי.
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How we report: Olam stories draw on public filings, company disclosures and named sources, checked by our editors. Read our methodology · Corrections
