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Azzam Al-Shawa : Private subscription for shareholders, profit capitalization and a partner's entry are potential sources for the capital increase

2011-09-15

Azzam Al-Shawa, the General Manager of Al-Quds Bank reported that the Bank seeks to complete the required procedures to double the capital of $50 million to $100 million by the end of the year, in implementation of a decision that was adopted by the general assembly earlier in the year. Al- Shawa indicated during a meeting with journalists in Ramallah yesterday, to a three possible sources of this increase; the subscription for shareholders, capitalizing portion of the profits, and if these data sources are not enough to cover the entire increase, it is likely to enter strategic partners, local or external. In the case of profits capitalization (the distribution of shares), the Bank -which was founded in 1997- will distribute profits to shareholders for the first time, after completing the coverage of accumulated losses. And regarding the entry of a strategic partner, Al-Shawa said " there are deliberations with several potential partners, but nothing official yet. The priority in the capital increase is for shareholders, and then we will look at other sources ".