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Chairman of the Board disclose the new identity of the bank ... Palestine Commercial Bank holds its annual general assembly

2009-05-28

Ramallah - The Palestinian Commercial Bank held yesterday the regular annual assembly for the year ending in 31/12/2008 in the halls of Best Eastern Hotel in Ramallah and Amman via video conferencing, with the presence of the bank"s board chairman and some members of the former and new board of directors and a group of shareholders, and all of Nizam Ayoub the observer of the companies, Raed Abu Zarour the representative of the Palestinian capital market authority, the representative of the Monetary Authority Afifif Al Shuabi, Mohammed Hejaz the representative of Palestine Securities Exchange, in addition to Jacob Youssef  the representative of Saba & Partners Co. the bank"s external auditor. The assembly approved the minutes of the meeting for the year ending in 31/12/2007 that had been held 10/5/2008, and discussed the report of the board of directors for the financial year ending in 31/12/2008 and the future plan for 2009 and approval. The chairman Mahmoud Malhas reviewed the main achievements of the Bank in the year 2008, which was the most important that the Bank assets increased by %19.50 and deposits by %8.50 compared with the year 2007 in addition to a rise in the bank"s capital from $20 million to $ 35 million that is paid by $ 30 million, and the restoration of the of t of 2,675,399 dollars of bad debts, and to achieve operating profits of $ 2.5 million for the first time in its history.