New bank in Israel? (Illustration)
צילום: גלעד קוולרצ'יק
Palestinian bank wants to open branches in Israel
Al-Rafah Microfinance Bank, one of the largest financial institutions in the PA, seeking to establish cooperation with Israeli banks, open branches in country
Al-Rafah Microfinance Bank, one of the major financial institutions in the Palestinian Authority, is seeking to open branches in Israel, thus becoming the first Arab bank in the world to do so.
Yedioth Ahronoth has learned that the bank's shareholders have recently appointed Attorney Eitan Liraz to represent the bank in Israel and lead this venture into the Israeli capital market.
Al-Rafah Microfinance was established nearly a year and-a-half ago with equity capital of some $30 million. The bank is traded on the Palestinian stock exchange.
Liraz is currently in negotiations with several Israeli banks over cooperation with the Palestinian institution. At a later stage, al-Rafah Microfinance will also seek to open its own branches in the country.
Liraz is also holding talks with representatives of the Bank of Israel in order to obtain the required permits for operation in Israel.
