The National Bank Raises its Capital as Jordan Commercial Bank Becomes a Strategic Partner
Following the successful acquisition of Jordan Commercial Bank’s (JCB) Palestinian operations in July, The National Bank (TNB) announced today that it had raised its paid-up capital to $92 million. The capital raise will be through a private stock offering in favor of JCB for 13.76 million shares. JCB will own 15% of TNB’s paid-up capital and will hold a seat on the bank’s board.
TNB’s Chairman, Talal Nasereddin, welcomed JCB as a strategic partner and highlighted that the partnership will allow TNB to tap into the experience of a bank that has been operating in the Jordanian market for more than 40 years.
“This partnership will allow TNB greater access to the Jordanian market bringing additional benefits to both the bank and its clients and further strengthen TNB’s position, as it now counts two Jordanian banks as strategic partners following two successful acquisitions.
“Following the acquisition of Jordan Commercial Bank’s Palestinian operations, TNB finds itself in a strong financial position with its Capital Adequacy Ratio now standing at 15%, cementing its position as one of Palestine’s largest banks and giving it a greater ability to respond effectively to potential risks.”
JCB’s representation on TNB’s board increases the number of directors to thirteen, further enhancing the breadth and depth of experience and knowledge from some of the region’s largest and most reputable banks and companies.
TNB is the second largest Palestinian bank and is viewed as leading the digital transformation of the country’s banking sector, pioneering new high-tech solutions and services to better serve its customers and the overall sector.