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.
Palestine Monetary Authority
PALESTINE MONETARY AUTHORITY
Circular No. (188/2018)
To all banks operating in Palestine
Date: Thursday, August 16, 2018
Subject: Bank Al-Quds Acquisition of the Jordanian Kuwaiti Bank in Palestine
In light of the Palestine Monetary Authority Board of Directors' approval for Bank Al-Quds to purchase the banking portfolio of the branches of the Jordanian Kuwaiti Bank/Palestine pursuant to the ownership agreement signed between the two banks, we wish to inform you of the completion of the acquisition process and the integration of the Jordanian Kuwaiti Bank's portfolio into Bank Al-Quds. The Ramallah and Jenin branches of the Jordanian Kuwaiti Bank will continue to operate as branches of Bank Al-Quds, while the Nablus and Bethlehem branches of the Jordanian Kuwaiti Bank will be closed effective Sunday morning, August 26, 2018.
Accordingly, we request that you take the necessary measures on your part.
Supervision and Inspection Department
Palestine Monetary Authority
Ramallah - Palestine PO. Box 452 | Tel: +970 2 2415250 | Fax: +970 2 2415310 | Fax: +970 2 2415310 | Tel: +970 2 2415250 | Ramallah - Palestine P.O. Box 452
Gaza - Palestine PO Box 4026 | Tel: +970 8 2825292 | Fax: +970 8 2844487 | Fax: +970 8 2844487 | Tel: +970 8 2825292 | Gaza - Palestine P.O. Box 4026
Email: info@pma.ps | Email: info@pma.ps