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    JCBK   JO1100311017

JORDAN COMMERCIAL BANK

(JCBK)
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The National Bank acquired the Palestinian operations of the Jordan Commercial Bank for $24.8 million.

07/29/2020 EDT

The National Bank (PLSE:TNB) acquired the Palestinian operations of the Jordan Commercial Bank (ASE:JCBK) for $24.8 million on July 29, 2020. Under the terms of transaction, National bank agreed to issue shares to Jordan Commercial Bank through a special stock offering, under which National Bank’s paid-up capital will increase to $92 million, while Jordan Commercial Bank will hold approximately 15% stake in National bank. Following this transaction, the number of banks in Palestine will decrease to thirteen. Michael Sayegh will join National Bank board. Jordan Commercial Bank customers in Palestine can expect to retain the same contractual arrangements following the acquisition and will benefit from TNB’s extensive product portfolio, digital services and solutions, and a wider network of branches. The two banks have obtained the approval of the Palestine Monetary Authority (PMA) and the Central Bank of Jordan (CBJ). The National Bank (PLSE:TNB) completed the acquisition of Palestinian operations of the Jordan Commercial Bank (ASE:JCBK) on July 29, 2020


ę S&P Capital IQ 2020
Stocks mentioned in the article
ChangeLast1st jan.
BIKE24 HOLDING AG -1.52% 23.3 Delayed Quote.0.00%
JORDAN COMMERCIAL BANK 1.32% 0.77 End-of-day quote.11.59%
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Financials
Sales 2020 34,7 M 49,0 M 49,0 M
Net income 2020 0,51 M 0,73 M 0,73 M
Net cash 2020 42,7 M 60,3 M 60,3 M
P/E ratio 2020 173x
Yield 2020 -
Capitalization 92,4 M 130 M 131 M
EV / Sales 2019 2,87x
EV / Sales 2020 1,16x
Nbr of Employees 5 000
Free-Float 5,87%
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Income Statement Evolution
Managers and Directors
Caesar Hani Aziz Qulajen Chief Executive Officer & General Manager
Abdallah Mahfouz Theodore Kishek Assistant General Manager-Finance
Michael Faiq Ibrahim Al-Sayegh Chairman
Muneer Mohammed Juma Ahmed Al-Mohtaseb Executive Manager-Information Technology
Alaa Mohammed Salim Qahef Chief Operating Officer & Deputy CEO