On Thursday, 19/05/2016, the final draft of the merger agreement between Palestine Commercial Bank and Bank of Palestine was signed at Bank of Palestine’s General Management Head Office. The agreement was signed by Mr. Hashim Shawa, Bank of Palestine’s Chairman and General Manager, and Mr. Mahmoud Malhas, Palestine Commercial Bank’s Chairman, in the presence of board members of both banks and with participation by the banks’ executive management.
Under the final agreement, the merger of Palestine Commercial Bank with Bank of Palestine will be through an exchange of shares, in which every three shares in Palestine Commercial Bank are equivalent to one share at Bank of Palestine. Alternatively, all customer deposits, facilitations and assets of Palestine Commercial Bank will be added to the financial indicators of Bank of Palestine. Palestine Commercial Bank’s shareholders will become an essential part of Bank of Palestine’s investors and shareholders as they will be added through an enrollment issued through the official channels and in accordance with the applied regulations, instructions, and laws.
Hashim Shawa emphasized that the priorities adopted by Bank of Palestine within the merger with Palestine Commercial Bank are to send a message that Palestine is our sole investment compass, and to enhance the trust in the Palestinian economy, and contribute in advancing the banking services by merging and expanding with geographical distribution, in addition to strengthening the capital adequacy. He confirmed the Bank’s decision to keep the employees of Palestine Commercial Bank with the same salaries they used to receive. He indicated that the Bank has a vision of sustainable presence in Palestine, and has a collective responsibility, along with its partners, to achieve long-term economic and social development.
Mahmoud Malhas expressed his pride for the merger between Palestine Commercial Bank and Bank of Palestine. He indicated that Palestine Commercial Bank’s shareholders became primary partners in the largest Bank in Palestine, and that this partnership will positively reflect on the development of the banking services and advancement in various sectors. Malhas added that Bank of Palestine, which they became a part of, is the best and largest Bank is Palestine, and that they will work together towards a better economic and social future, in order to grow together for the sake of the next generations. Malhas also expressed his appreciation to Bank of Palestine’s Board of Directors, who approved to keep the employees of Palestine Commercial Bank with the same salaries that they used to receive.