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Al-Rafah Microfinance Bank (AMB) raises its capital to $40 million

2012-05-03

The general manager of Al-Rafah Microfinance Bank AMB announced that the bank was able to reach an acquisition and merger agreement with the Arab Palestinian Investment Bank, where this acquisition will be officially announced after approving it in the general assembly of the Bank in its meeting on the 9th of May 2012.He also emphasized that the bank was able to raise its capital from $30 million to $40 million till this moment after signing a memorandum of understanding with Massar International Group in which contributed in $5 million of the bank’s capital in addition to the contribution of Palestine Telecommunications PALTEL of $5 million. He also announced that before the 30th of June 2012 the bank will be able to raise its capital to $50 million.