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The National Bank (TNB) has acquired 100% of its subsidiary the National Islamic Investment Company (NIIC) and kept its direct stake of 25% in the Palestine Islamic Bank (PIB), under the regulations of the Governor of the Palestine Monetary Authority (PMA). TNB purchased all of its partners’ shares in its subsidiary, the NIIC and in exchange, NIIC sold part of its shares in PIB to its partners. The transactions were executed during today’s trading sessions in the Palestine Stock Exchange.
The new shareholding arrangement will have no impact on TNB’s ownership in PIB neither will it affect its financial position or its shareholders’ profit share, but under international financial reporting standards, the financial statements of the two banks will no longer be consolidated.
TNB’s General Assembly recently raised its authorized capital to USD 110 million and increased its paid-up capital by 15%, making TNB the second-largest Palestinian bank in terms of capital. This step was taken to enhance the bank’s financial solvency in line with the ongoing development plans which are reflected in the level of services provided to the clients.
© Press Release 2021
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