The Bank of Jordan (BOJ)’s General Assembly recently approved a board decision to increase the bank’s capital from 8.4 million Jordanian dinars ($11.8 million) to JD 34.6 million ($48.8 million). The increase will be realized by distributing 32 free shares for every 100 shares to holders, reported the Jordan Times.
In line with government calls to increase the capitals of commercial banks and to facilitate mergers among local financial institutions, BOJ’s assembly also approved the distribution of 10 percent of its profits earned in 2001 among shareholders. The banks profits reached 11.4 million last year with deposits amounting to JD 562.7 million.
Found in 1960, BOJ is fully owned by the private sector. The bank’s head offices are located in Amman and Ramallah in Palestine. The Bank offers its services through a network of 70 branches, 65 of which are located in Jordan with the remaining five situated in Palestinian cities. — (menareport.com)
© 2002 Mena Report (www.menareport.com )