Palestine Monetary Authority

Circular No. (2010/125)

To all banks operating in Palestine
Date: Sunday, December 05, 2010

Subject: Liquidation of Palestine International Bank

Based on the Palestine Monetary Authority Law No. (2) of 1997, the Banks Law No. (9) of 2010, and the Board of Directors decision of the Palestine Monetary Authority No. (96/1) and (96/2) dated 2010/11/28, the Board of Directors of the Palestine Monetary Authority decided on 2010/11/28 to revoke the license of Palestine International Bank, delete it from the register of banks operating in Palestine, and liquidate it.

Based on the Governor's decision of the Palestine Monetary Authority dated 2010/11/28, the firm Palestinian Company for Auditing and Accounting, represented by Mr. Youssef Mohammad Hamouda, was appointed as liquidator for Palestine International Bank to carry out all procedures related to the liquidation and make all necessary decisions to implement it fully in accordance with the procedures and duties stipulated in the appointment decision.

Based on the liquidator's decision regarding the transfer of deposits and facilities of Palestine International Bank to Al-Quds Bank, all rights and obligations of Palestine International Bank's clients, as well as checks withdrawn and deposited to their accounts, will automatically transfer to Al-Quds Bank's accounts.

Dr. Ra'fat Al-Taftash
Dr. Ra'fat Al-Taftash
Palestine Monetary Authority

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Ramallah - Al-Bireh - P.O.Box: 452 - Tel: 02-2409920 - Fax: 02-2409922 Gaza - P.O.Box: 4026 - Tel: 08-2825713 - Fax: 08-2844487