Regulatory Alerts2018-01-01
Circular No. 188: Bank Al-Quds Acquisition of the Jordanian Kuwaiti Bank in Palestine
The Palestine Monetary Authority issued Circular No. 188/2018 to formally announce the completion of Bank Al-Quds' acquisition of the Jordanian Kuwaiti Bank's Palestinian banking portfolio. The circular mandates that the Ramallah and Jenin branches will continue operations as Bank Al-Quds branches, while the Nablus and Bethlehem branches are ordered to close effective Sunday, August 26, 2018. All regulated banks are instructed to implement the necessary internal and operational procedures to comply with this portfolio integration and branch restructuring.
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