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An affiliated institution for World Bank enters as a strategic partner in Bank of Palestine by %5

2008-06-18
A resource in Bank of Palestine assured that International Finance Corporation, which is the investment arm for the World Bank will enter as a strategic partner in Bank of Palestine by %5 from the capital. The bank had declared earlier within a disclosure that had been published on the PSE website that " the board of directors approved the entrance of a strategic partner by %5 from the bank capital, and the details of this deal will be disclosed in the coming few days" without any further details. The source said "the partner is International Finance Corporation IFC and 5 million shares will be allocated for this institution as private placement. The bank"s authorized capita reached $100 million and the subscribed capital is approximately $77 million until now. The source indicated that the subscribed capital will amount $82 million by the entrance of this strategic partner, and the private placement will be at the par value $1 in addition to an issuance premium that suits the bank share"s price in the stock market.