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Alrafah Microfinance Bank ends merger talks with Jordan Commercial Bank

2011-03-23

The board of directors of Alrafah Microfinance Bank (AMB) decided yesterday to end the talks that started since the beginning of the year regarding the merger with branches of Jordan Commercial Bank (JOGB) in Palestine. The board held a meeting in Ramallah yesterday and approved the financial statements of the Bank for the year 2010, and discussed the issue of raising the bank"s capital to meet the requirements of Palestine Monetary Authority (PMA). The bank"s paid up capital is $ 30 million, while the regulations of the PMA require raising the minimum capital of banks to $ 50 million by year end 2010. The bank said through a disclosure after the BOD’s meeting “the board decided to end merger talks with Jordan Commercial Bank, and authorize the chairman of to consider potential alternatives in order to raise the capital."