Commercial Bank’s Authority of Bond Owners approve early repayment and liquidation in preparation for the approval by the Extraordinary General Assembly

Bank of Palestine and Palestine Commercial Bank announced that in light of the necessary procedures for merging between the two banks, the Commercial Bank’s Authority of Bond Owners held a meeting on Tuesday 12/04/2016 at the Bank’s headquarters in Ramallah. The meeting was attended by 99.64% of bond owners, representatives of Palestine Capital Market Authority and Palestine Exchange, in addition to Al-Wasata Securities who chaired the meeting as the issuing secretary and the Companies Controller at the Ministry of National Economy. During the meeting, it was decided to approve the cancellation and liquidation of all issued bonds by the bank, which amounts to ten thousand bonds, with a total value of USD10 million, and the payment of their interest by 13/07/2016.

The Authority of Bond Owners’ approval is an essential step within the procedures that aims to complete the merging with Bank of Palestine. Palestine Commercial Bank’s Extraordinary General Assembly will be invited within two weeks for final approval on the merger process and on the full payment of the bonds and their interest by 13/07/2016, which paves the path for the actual merger between the two banks.  Accordingly, the final merger agreement will be signed, which includes all the details and mechanisms related to the merging procedure. One of the most important provisions within the merger agreement is to accommodate all Palestine Commercial Bank’s employees with their same salaries within Bank of Palestine’s staff, in order to preserve the job stability of Palestine Commercial Bank’s employees, and the banking labor market in Palestine.

              Mahmoud Malhas                                                          Hashim Shawa

Palestine Commercial Bank Chairman                              Bank of Palestine Chairman

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