RAMALLAH, July 26, 2018 (WAFA) – The general assembly of Al-Quds Bank, the third largest in Palestine, approved on Thursday the acquisition of the West Bank branches of the Amman-based Jordan Kuwait Bank by issuing 8.35 million shares that would make up 10% of the paid bank’s capital for the Jordan Kuwait Bank.

The new shares would raise Quds Bank capital to $83.6 million, out of a declared capital of $100 million.

The assembly, which met in Ramallah, Gaza and Amman via video conference, also agreed to raise the number of the board members from 11 to 12, with the extra seat assigned for the Jordan Kuwait Bank.

Quds Bank made $11.2 million profit in 2017.

M.K.