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The General Assembly of Bank of Palestine approves to capitalize $18.6 million from profits

2009-04-26
Ramallah- Al Ayyam: the General Assembly of Bank of Palestine approved the recommendation of the Board of Directors to distribute profits by %22.80 of the paid-up capital by $ 18595863, in the form of free shares to shareholders as they are in the records of the Palestine Stock Exchange on April 23 of each current contribution rate.
This brings the paid-up capital of the bank to 100 million dollars. The General Assembly of the Bank held a regular meeting in each of Ramallah and Gaza yesterday via video-communications technology, in the presence of the companies" observer Nizam Ayoub, and representatives from the Monetary Authority and the Capital Market Authority and the Palestine Securities Exchange, and the external auditor of the bank.
The chief of the Board of Directors and the General manager Hashim Al Shawa made a speech in which he discussed the global financial crisis in the year 2008, which is not unprecedented since the Great Depression in the thirties of the twentieth century, which brought the banking sector in a spiral of losses and disturbances due to granting loans without real estate guarantees and without the presence of sound policies and regulations for risks management, caused central banks in most countries of the world to cut interest rates to provide liquidity to rescue the global banking system.
He added: Although the crisis has not fundamentally affected the Bank of Palestine and the work continued and profits increased and the value of the assets increased to exceed one billion dollars, and became the largest Palestinian bank in terms of the volume of assets.