send to a friend by email

Palestinian Monetary Authority announces that eight national banks merged in four

2010-04-15

Reuters - Ramallah - Palestinian Monetary Authority said on Wednesday that eight of the operating banks in the Palestinian territories will merge in four banks in 2010 to help supporting the banking sector in the face of potential financial crises. Jihad al-Wazir the chief of the Palestinian Monetary Authority which operates as a central bank said that the merger has been partly prompted by the need for banks to meet the new requirements for minimum paid-up capital of 50 million dollars, while the previous requirements were 35 million dollars. Currently, 19 banks are operating in the Palestinian territories. Al-Wazir said to "Reuters" and a local newspaper in an exclusive mutual interview: "There are four mergers in the next few months. It would be good for stability in the banking sector”.