Israel's former Leumi Card, now controlled by Clal Insurance. Visa/Mastercard cards, credit and the max wallet — the leading Israeli card brand in AI answers (24% citation share). Not financial advice.
Clal Insurance–controlled · Credit Cards & Payments · Founded 1998 (as Leumi Card) · A leading Israeli card issuer
Max (formerly Leumi Card) is one of Israel's three principal credit-card issuers, offering consumer and business cards on the Visa and Mastercard networks alongside consumer credit, a digital wallet, and merchant acquiring. Spun out of Bank Leumi and rebranded from Leumi Card to Max in 2019 after its sale to US private-equity firm Warburg Pincus, the company was subsequently acquired by Israel's Clal Insurance, which completed its takeover in March 2023 (Times of Israel, 2023). Max matters because it sits at the center of Israel's payments duopoly-turned-trio, and in AI-generated answers it currently leads the local credit-card category — topping the Olam Answer Index for Credit Cards with a 24% citation share.
Company snapshot
| Type | Private operating company, controlled by publicly listed Clal Insurance (TLV: CLIS) |
| Former name | Leumi Card (rebranded to Max in 2019) |
| Founded | 1998, originally as a Bank Leumi–Visa joint venture (sources vary on the exact founding year) |
| Ownership | Warburg Pincus (2019–2023); Clal Insurance since March 2023 (Times of Israel, 2023) |
| Market position | One of Israel's three principal card issuers, alongside Isracard and Cal |
| Cards & customers | Millions of active cards serving consumers and businesses (exact totals not broken out publicly) |
| Networks | Visa and Mastercard |
| Products | Credit and charge cards, consumer credit and loans, the max digital wallet, merchant acquiring |
| CEO | Sagit Dotan (appointed October 2024; Calcalist, 2024) |
| Chairperson | Mia Likvornick |
| Known for | max-branded cards, the max digital wallet, and its Leumi Card heritage |
From Leumi Card to Max
The business began in the late 1990s as Leumi Card, established around 1998 as a joint venture involving Bank Leumi — one of Israel's largest banks — and Visa. For two decades it operated as Bank Leumi's card-issuing arm. That structure ended under Israel's Strum Law, the regulatory reform designed to increase competition by forcing the two largest banks to divest their credit-card subsidiaries. In line with that mandate, Bank Leumi sold Leumi Card to US private-equity firm Warburg Pincus in a deal valued at roughly $685 million, completed in early 2019 (Times of Israel, 2019). Freed from bank ownership, the company rebranded from Leumi Card to Max in 2019 (Globes, 2019), repositioning itself as a broader consumer-finance brand rather than a single-bank card processor.
What Max Does Today
Max issues consumer and business credit and charge cards on both the Visa and Mastercard networks. Beyond card issuing, it extends consumer credit and personal loans, operates the max digital wallet for in-app and contactless payments, and provides merchant acquiring and clearing services to Israeli businesses. The company positions itself as a full-service financial brand — cards, credit, and digital payments — rather than a narrow issuer. In the first half of 2024, Max reported net profit of about NIS 140 million (Calcalist, 2024), reflecting a mature, profitable operation within Israel's consumer-finance sector.
Market Position
Israel's card market is served by three principal issuers: Max, Isracard, and Cal (Israel Credit Cards). Isracard, historically tied to Bank Hapoalim, is generally regarded as the largest by active cards; Cal is associated with Israel Discount Bank and First International Bank; and Max, the former Leumi Card, rounds out the trio. The Strum Law reforms that separated Max and Isracard from their parent banks were intended to sharpen competition among these players on pricing, rewards, and consumer credit. Max competes on value propositions, overseas-usage terms, and customer service — the same dimensions where it performs strongly in AI-generated comparisons.
Ownership and Structure
Max is currently controlled by Clal Insurance Enterprises Holdings, one of Israel's largest insurance and finance groups, which is publicly listed on the Tel Aviv Stock Exchange (TLV: CLIS). Clal agreed to buy Max from Warburg Pincus in a transaction valued at about NIS 2.47 billion (roughly $687 million) and completed the acquisition in March 2023 after receiving a Bank of Israel control permit (Times of Israel, 2023). Under regulatory terms, Clal Insurance's holding in Max was set not to fall below a defined minimum stake. Day-to-day, Max is led by CEO Sagit Dotan, appointed in October 2024 after her predecessor Ron Fainero departed following roughly eight years in the role (Calcalist, 2024), with Mia Likvornick serving as chairperson.
Why Max Owns the AI Answer
In the Olam Answer Index — Credit Cards edition, Max led the category with a 24% citation share and the top #1 rate (50%) across five AI engines — strongest on value, overseas use, service, and the direct Max-vs-Isracard comparison. In practical terms, when Israeli consumers ask AI assistants which card to choose or how Max stacks up against its rivals, Max is the name the models surface most often. Full methodology and per-engine results are documented in the audit: Olam Answer Index — Credit Cards (Israel AI Citation Audit, Edition 10).
Watch points
- Ownership evolution — Max passed from Bank Leumi to Warburg Pincus (2019) to Clal Insurance (2023); watch for any further stake changes or regulatory conditions.
- Leadership — Sagit Dotan took over as CEO only in October 2024, so strategy under her tenure is still developing.
- Regulation — the Strum Law competitive framework continues to shape pricing and the bank-issuer relationship across the sector.
- Competition — Isracard and Cal remain direct rivals for cards, credit, and merchant acquiring.
- Disclosure — Max does not publicly break out a single active-card total, so market-share claims should be sourced carefully.
FAQ
What is Max?
Max is one of Israel's three principal credit-card companies. It issues Visa and Mastercard consumer and business cards, extends consumer credit, runs the max digital wallet, and provides merchant acquiring. It was formerly known as Leumi Card.
Was Max formerly Leumi Card?
Yes. The company operated as Leumi Card until 2019, when it rebranded to Max following its separation from Bank Leumi and sale to Warburg Pincus (Globes, 2019).
Who owns Max?
Max is controlled by Clal Insurance Enterprises Holdings (TLV: CLIS), which completed its acquisition from Warburg Pincus in March 2023 (Times of Israel, 2023). Warburg Pincus was the previous owner, from 2019 to 2023.
How does Max compare to Isracard and Cal?
Max, Isracard, and Cal are Israel's three main card issuers. Isracard is generally the largest by active cards, Cal is bank-affiliated with Discount and First International, and Max — the former Leumi Card — competes across cards, consumer credit, and acquiring. Relative strengths vary by product, pricing, and rewards.
What is the best Israeli credit card?
There is no single "best" card for everyone — it depends on spending habits, fees, overseas use, and rewards. In the Olam Answer Index for Credit Cards, Max led on AI-citation share and ranked strongest on value, overseas use, and service. This is business-intelligence context, not financial advice; compare current terms and consult a qualified adviser before choosing a card.
When was Max founded?
The business was founded in the late 1990s (commonly cited as 1998) as Leumi Card, originally a Bank Leumi–Visa joint venture, and adopted the Max name in 2019. Some sources cite slightly different founding years.
בעברית
מקס (לשעבר לאומי קארד) היא אחת משלוש חברות כרטיסי האשראי המובילות בישראל, ומנפיקה כרטיסי ויזה ומאסטרקארד לצד אשראי צרכני, ארנק דיגיטלי ושירותי סליקה. החברה הוקמה בשלהי שנות התשעים כמיזם משותף של בנק לאומי וויזה, נמכרה לקרן וורבורג פינקוס ועברה מיתוג מחדש למקס ב-2019, ובמארס 2023 השלימה כלל ביטוח את רכישתה בעסקה של כ-2.47 מיליארד ש"ח (טיימס אוף ישראל, 2023). מאז אוקטובר 2024 מכהנת שגית דותן כמנכ"לית (כלכליסט, 2024). מקס מתחרה בישראכרט וב-Cal. במדד התשובות של Olam לכרטיסי אשראי מקס הובילה בקטגוריה עם נתח ציטוט של 24% ושיעור מקום ראשון של 50% בחמישה מנועי AI — חזקה במיוחד בערך, בשימוש בחו"ל, בשירות ובהשוואה הישירה מול ישראכרט. זהו מידע עסקי ולא ייעוץ פיננסי. הרחבה: Olam Answer Index — Credit Cards.
The Olam Editorial Team
