Company Lookup
عربي
Download Demo
 

Market News

This Month News

This Month News

send to a friend by email

The National Bank acquires Bank al Etihad in Palestine

2015-02-08

AME INFO- The National Bank (TNB), headquartered in Ramallah, Palestine, announced the signing of a definitive acquisition agreement with Bank al Etihad (Etihad), headquartered in Amman, Jordan, to acquire Etihad’s operations in Palestine. Bank Al-Etihad, one of the largest banks in Jordan, was established in 1978 and has been operating in Palestine since 1995. The announcement was made during a press conference in Ramallah in the presence of Dr. Jihad Alwazir, Governor of the Palestine Monetary Authority (PMA), Mr. Talal Nasereddin, TNB chairman, Issam Salfiti, Etihad chairman, Hatem Sirhan, the Companies Controller in addition to the board members of both banks, senior managements of various banks and companies, as well as the media. In his statement, Nasereddin announced that TNB, with a capital of $75 million, will acquire Etihad’s operations in Palestine and Etihad will own a 10 per cent stake in TNB as well as assume one seat on TNB’s board. Nasereddin stressed the importance of this transaction, which is expected to reflect positively on TNB and its client base, helping to also strengthen the Palestinian banking sector and the overall Palestinian economy. Nasereddin also added: “This transaction is the first of its kind in the Palestinian banking sector, whereby an indigenous Palestinian bank acquires a Jordanian bank, noting that Jordanian banks in Palestine hold a significant share of the banking sector. The Etihad acquisition would mark the second M&A transaction for TNB, which was born in 2012 out of the merger of Alrafah Microfinance Bank and the Arab Palestinian Investment Bank.” Nasereddin also commented: “One TNB’s notable achievements in 2014 was the award it received as the fastest growing bank in Palestine by Banker Middle East Magazine, which also ranked TNB as the fastest growing bank in the Middle East relative to various reputable and well known Arab banks.” Regarding TNB’s financial performance, Nasereddin said: “The bank’s assets grew by 284 per cent reaching $606 million at the end of Q3 2014 up from $158 million at the end of 2010. Regarding customer deposits, they grew by 384 per cent reaching $387 million compared to $80 million at the end of 2010. Credit facilities also grew to reach $299 million at the end of Q3 2014, a 610 per cent increase from $42 million at the end of 2010.” He stressed that this growth underscores TNB’s robust operation and its ability to reposition itself in the Palestinian financial market as a major player, buoyed by TNB clients’ high confidence in the bank.” In closing, Nasereddin thanked the PMA and the Ministry of Economy for their continuous support and efforts to ensure the success of this transaction, while welcoming Etihad as a new strategic partner in TNB, a step that will help TNB achieve further growth and meet its aspirations. During his speech, Salfiti expressed his confidence in the Palestinian economy and praised the financial performance of TNB, which encouraged Etihad to invest in TNB. He said that Etihad’s staff in Palestine will be assimilated into TNB and shall enjoy the same rights and privileges as their fellow TNB colleagues in line with the Palestinian labor laws.For his part, Alwazir reiterated his support for this transaction and praised the high level of professionalism exhibited by both parties in reaching an agreement. He was encouraged that this move will contribute positively to the financial stability of the Palestinian banking sector and is in line with the PMA’s plans to raise the minimum capital requirements to encourage consolidation across the sector, helping mitigate shocks to the system. Alwazir also added that “despite the challenging economic and political conditions in Palestine, especially after Israel’s latest war on Gaza, Palestinian banks have defended against difficulties and proven their ability to manage risk through close coordination with the PMA. In closing, Alwazir congratulated TNB’s board of directors for taking this step, which will enhance the bank’s position in the banking sector. Alwazir also thanked Etihad for maintaining their operations in Palestine despite the challenging environment.


 

2017-05-18
PADICO is higher than its equivalent price and the PMA is planning to issue digital currency

2017-05-16
PADICO approves distributing 5% cash dividends for the year 2016

2017-05-11
The PEX records an average PE of 11.1x in Q1 2017

2017-05-10
Manaseer Cement & Mining Company signs a partnership agreement with Sanad Construction Industries Company

2017-05-09
QUDS approves distributing 12% stocks dividends for the year 2016

2017-05-07
RSR approves distributing 7% cash dividends for the year 2016

2017-05-07
AZIZA approves distributing 18% cash dividends for the year 2016

2017-05-07
PIIC approves distributing 6% cash dividends for the year 2016

2017-05-04
Al-Quds Index increases with the end of the quarterly financial data disclosures’ season

2017-05-03
PIBC approves raising its paid-up capital to $61 million

2017-05-02
RSR reports net income of JD0.094 million in Q1 2017

2017-05-02
WASSEL posts net income of $0.14 million in Q1 2017

2017-05-02
PADICO reports net income of $4.71 million in Q1 2017

2017-05-02
AHC realizes net loss of JD0.53 million in Q1 2017

2017-05-02
ISBK posts net income of $3.04 million in Q1 2017

2017-05-02
BOP reports net income of $12.35 million in Q1 2017

2017-05-02
PID realizes net loss of JD0.01 million in Q1 2017

2017-05-02
BPC records net income of $2.92 million in Q1 2017

2017-05-02
PICO reports net income of $1.00 million in Q1 2017

2017-05-02
MIC posts net income of $0.31 million in Q1 2017

2017-05-02
JCC realizes net loss of JD0.06 million in Q1 2017

2017-05-02
JPH records net income of $1.60 million in Q1 2017

2017-05-02
GMC posts net income of JD0.25 million in Q1 2017

2017-05-02
NSC records net income of JD0.05 million in Q1 2017

2017-05-02
NCI records net income of $0.06 million in Q1 2017

2017-05-02
PRICO realizes net loss of JD0.13 million in Q1 2017

2017-05-02
ABRAJ records net income $0.08 million in Q1 2017

2017-05-02
ELECTRODE reports net income of JD0.01 million in Q1 2017

2017-05-02
PIIC records net income of JD1.70 million in Q1 2017

2017-05-02
LADAEN realizes net loss of JD 0.03 million in Q1 2017

2017-05-02
AZIZA posts net income of JD1.33 million in Q1 2017

2017-05-02
PALTEL records net income of JD18.04 million in Q1 2017

2017-05-02
AQARIYA posts net income of JD0.24 million in Q1 2017

2017-05-02
GUI reports income of $0.87 million in Q1 2017

2017-05-02
NIC posts net income of $1.54 million in Q1 2017

2017-05-02
TRUST reports net income of $1.74 million in Q1 2017

2017-05-02
TIC records net income of $0.82 million in Q1 2017

2017-05-02
QUDS posts net income of $3.94 million in Q1 2017

2017-05-02
ARAB records net income of JD0.029 million in Q1 2017

2017-05-02
PIBC posts net income of $0.98 million in Q1 2017

2017-05-02
PALAQAR reports net income of JD0.025 million in Q1 2017

 

 

 
Sahem Trading & Investments Company - PEX Member and licensed by PCMA
© All Rights Reserved 2013