JERUSALEM:  Israeli carrier Israir said on Tuesday it was buying 20% of a local credit card company for 40 million shekels ($12 million) in a bid to grow its passenger base.

Israir will buy the stake from retailer Rami Levy and credit card firm Isracard.

It said a new credit card would be called SuperFly and compete directly with market leader FlyCard, operated by flag carrier El Al Israel Airlines.

"The SuperFly card will allow us to deepen our relationship with the Israeli customer beyond the flight ticket," Israir said. "This is a strategic move that will reshape customer loyalty in the industry."

Israir said it aims to have 300,000 cards issued by the end of 2026 "turning the card into a growth engine for its broader target of flying 2.5 million passengers in 2026."

The carrier is a smaller rival to El Al and flies mainly domestic routes and to Europe.

 

 

($1 = 3.3404 shekels) (Reporting by Steven Scheer; Editing by Sharon Singleton)