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Al Quds Bank plans to raise its capital to $ 100 million through strategic partners and capitalizing profits

2012-05-13

The chairman of the Board of Directors of Al Quds Bank Akram Abdul Latif, said announced that the bank plans to raise its capital gradually from $ 50 million to $ 100 million, expressing his hope that half of the increase to be covered in the coming months through the strategic partners, and the rest through the capitalization of profits in the coming years. While Abdul Latif has eliminated the chance of merging the bank with any of the other banks, stressing out that Al Quds’s indicators are strong and in a steady growth, with no need to merge with any other bank. He continued: We have a plan to raise the capital to 100 million dollars. There are contacts with potential strategic partners that have expressed willingness to partner with us, and we expect to issue new shares by 20 to 25 million dollars in the coming months, while the rest to be covered by capitalizing earnings (distribution of bonus shares) in the coming years. "