The General Assembly of Bank of Palestine confirms the recommendations of the Board of Directors to distribute shares to the shareholders and the increase of the authorized capital to USD 100 million.

BoP held Friday morning on April 6th, 2007 the 46th an ordinary/extraordinary meeting of the General Assembly of the shareholders at the Bank of Palestine Centre, Rimal, Gaza and in the meeting hall Regional Management at Ramallah in the West Bank. The two halls were connected by video conference system in the presence of Vice Chairman, Board Members, PMA representatives, Mr. Imad AL Aga the companies controller, Dr. Atef Alawna the Executive Chairman of Palestine Capital Market Authority, Dr. Hasan Abu Lbda Chairman of Board of Directors of PSE and a large number of shareholders and Media representatives. The meeting was opened by Vice Chairman, Board of Directors Mr. Youssef Nijim who welcomed the shareholders by himself and by the representation of Dr. Hani Shawa and presented the Chairman's Statement that he mentioned the achievements and the progress of the bank through the last year 2006 despite the attaches that attested our region.
Mr. Hashem Hani Shawa who welcomed the shareholders by himself and by the representation of Dr. Hani Shawa expressed his pride of the bank achievements during the post 46th years. He thanked every one who contributed to realize the vision of Bank of Palestine to be a distinguished banking financial institution and regionally widespread and contributing to build the nation to be connected to the external world . He confirmed that the Palestinian cadres in the level of Board of Directors, The Executive Management or the technical and Management staff who proved to be able and qualified to realize the vision and mission of the bank in spite of the difficult circumstances that prevailed in the area then he thanked the shareholders for allowing him to contribute in this event.

The ordinary Meeting

The ordinary meeting was opened by Vice Chairman, Board of Directors Mr. Youssef Nijim and followed by the bank legal adviser Mr. Khamis Asfour who narrated the report of The Board of Directors to present the ordinary meeting for voting that include the approval of the content of the Annual Report Board of Directors and the discharge of the Board of any liability for the year 2006 and approving the balance sheet and income statement for the year 2006, and approving the boards recommendation to disburse the net profits amounting to USD 10,470,591 in the form of shares to the shareholders proportional to the percentage of their ownership as of 05/04/2007, and approving the Auditors Report and appointing an auditor for the financial year 2007. Approving the Auditors remuneration , or alternatively authorizing the Board of Directors to do so, and the Assembly approved totally all the articles of the ordinary meeting.

The extraordinary Meeting

The Khamis Asfour meeting was opened by Vice Chairman, Board of Directors Mr. Youssef Nijim and followed by the bank legal adviser Mr. Khamis Asfour who narrated the extraordinary meeting articles for voting that include the following articles, approving a closed subscription of thirteen million shares among the existing shareholders at the par value of one dollar per share to increase the paid -up capital to USD 60 million, and a public subscription to increase the paid -up capital to USD 100 million. Authorizing the Board of Directors to choose the date and the means the find suitable to execute the public share subscription. The unsubscriped shares and shares fractions to be managed by the Board of Directors and should not contradict the regulations and instructions and after getting the approval of Palestine Capital Market Authority, approving the increase of the authorized capital to USD 100 million according to the article regarded to the increase of authorized capital, amending article 33 of the banks Articles of Association regarding authorized signatures, approving the change of the banks name to Bank of Palestine p.l.c., and all the extraordinary session articles were approved totally.