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Jordan Commercial Bank to merge its branches in Palestine with the Alrafah Microfinance Bank

2010-05-05

Jordan Commercial Bank announced on Tuesday reaching an agreement to merge its operating branches in Palestine with the Alrafah Microfinance Bank. The bank stated –after informing the Jordanian Central Bank and the Capital Market Authority with details of the agreement- that the merger would avoid pumping extra money to raise the capital and and not to use part of the Bank’s capital in Amman for this purpose. The Palestinian Monetary Authority which asked the operating foreign banks in Palestine for raising their capital by the end of this year from 35 million dollars as a minimum to 50 million dollars. The bank forecasts that the Palestinian official authorities to provide incentives to the bank to complete the merger. It is said that the number of Jordanian banks with branches working in Palestine are 8 banks with 61 branches and 14 representative offices distributed within the Palestinian areas in the West Bank and Gaza Strip, including Arab Bank, Housing Bank for Trade and Finance, Jordan Kuwait Bank, Al Ahli Bank , Cairo Amman Bank , Bank of Jordan, Jordan Commercial Bank and Union Bank.