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Alrafah Microfinance Bank announced completing the first phase of raising the bank’s capital. The bank has offered its capital increase shares to its major shareholders in a private subscription that ended on 12/01/2012. 25% of the subscribed shares have been covered by Palestine Telecommunications PALTEL through subscribing five million shares paid in cash value.
The Palestinian Monetary Authority approved distributing the bank"s capital increase of $ 30 million to $50 million in two phases, by displaying the shares during the first phase to the senior Bank shareholders, while the capital raising process will be completed through offering shares to strategic partners. In a statement, the discussions with the strategic partners had crossed important steps and got the initial approval from the PMA to initiate the second phase that is expected to be completed within weeks.
The statement also added that in the light of the new capital requirements and the changes in the banking environment, the bank has completed the process of preparing a new vision of its new strategy for the next five years. This strategy has been built on the directions approved by the bank’s board of directors, where the detailed plan will be displayed on the board of directors after completing the process of raising the bank’s capital.
The bank’s new directions will depend on formulating a new vision, built on its achievements during its first years of operations, especially during the year 2011, where the bank achieved growth rate several times above the average growth of the banking industry.
The general manager of the bank; Mr. Ahmad Haj Hasan said :” the bank’s performance during the year 2011 has shown the success of the new vision in its first year application, especially in the high growth rates of the core items in the bank’s budget ( deposits and credit facilities). The bank, despite recognizing the significant challenges in the banking environment, and the current economic situation, has set ambitious targets for the current year. “
Alrafah Microfinance Bank has achieved a wide range of developmental projects in 2011, including many new services, such as: electronic banking, credit cards, expanding its ATM network , reviewing its organizational structure to consist with the modern banking standards in addition to moving its management headquarter to meet the current and future needs.