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2012-11-21
Alrafah Microfinance Bank announced completing the merger agreement with The Arab Palestinian Investment Bank, where Alrafah Bank acquired the bank according to its book value versus issuing 10 million shares of Alrafah Bank for The Arab Palestinian Investment Bank’s shareholders in par value and pay the difference in cash for the bank’s shareholders. According to the agreement, Alrafah Bank’s paid up capital reached $50 million, where the shareholders of the merged bank own 20% of its capital. Based on the agreement, Alrafah Microfinance Bank changes its name to The National Bank TNB starting from today Wednesday 21/11/2012, and decided to raise its capital to $75 million in 2013 after the approval of the extraordinary general assembly of the bank.
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