Nir Stern (Photo by Sivan Farage, Flash 90 / Yossi Aloni)
After announcing its intention to distribute the shares of the Ashdod refinery as a dividend in kind, Paz takes another step on the way to becoming a local retail giant. The company has signed an agreement with the credit card company ICC, under which ICC will provide loans to Paz customers who use the app while distributing profits.
The loans, underwriting, collection and so on will be guaranteed by ICL while access to Paz customers will be done through the company’s app (yellow app). At the end of the day, Paz makes a move similar to that of Shufersal, which during Itzik Aberkhan’s leveraged its large customer club also into the areas of credit, which allowed it to make better use of the large database of registered customers at the club.
More in-
Paz’s app is considered attractive because it provides significant benefits to its customers which helps it turn the app into a type of e-wallet that may in the future be an e-wallet that will be expanded beyond Paz’s convenience stores and gas stations.
Here it is worth noting that since Nir Stern was appointed CEO of Paz, he has been taking the company strongly in the direction of retail and has in fact led the acquisition of the “Super Yehuda” branches located in the heart of Tel Aviv’s residential neighborhoods.
Paz is considered the largest gas station company in Israel. The company was the first to launch a chain of convenience stores in gas station complexes under the “yellow” brand, convenience stores that were a success that actually marked the direction for the company.
Last year, Paz had to make a decision on the direction it wanted to go when the agenda included merging with Shikun VeBinui Energy or splitting the Ashdod refinery and focusing on the world of retail. And Paz made the decision to go in the retail direction (acquisition of Super Yehuda and merger with Freshmarket) and the current phase of cooperation with ICC is a necessary and complementary activity to the move.
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