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2016-03-27
The general assembly GA of Bank of Palestine BOP approved, on its ordinary and extraordinary meetings on 25/03/2016, to merger with Palestine Commercial Bank PCB by allocating every three shares in PCB equivalent to one share in BOP, in addition to purchasing an additional stake of 31% in the Arab Islamic Bank AIB, where its stake will reach 51.98% by noting that Palestine Monetary Authority PMa has given the approvals for these two deals. BOP also obtained the approval to provide custody services. Furthermore, the GA also approved distributing $28 million as dividends (16% from the paid-up capital); divided by $10 million (5.71%) stocks dividends and $18 million (10.29%) as cash dividends for the bank’s shareholders as for 24/03/2016.
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