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 Banks 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 TNBs 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