Jordan Kuwait Bank PSC agreed to acquire a 10% stake in Quds Bank and merge its branches in Palestine with the latter.

The two banks signed an agreement under which Jordan Kuwait Bank will also obtain a seat on Quds Bank's board of directors.

Financial terms of the stake purchase were not disclosed.

Jordan Kuwait Bank noted that execution of the merger arrangements will take some time.

Sanad Capital served as financial adviser to both banks, in collaboration with PricewaterhouseCoopers.