Announcing a strategic partnership between Bank of Africa and Bank of Palestine, which includes purchasing a 1.2% stake in Bank of Palestine shares

Casablanca and Ramallah - Together - Today, May 7, 2024, the Bank of Africa and the Bank of Palestine launched a multi-dimensional strategic partnership that translates the shared values ??between the two banking groups, namely the commitment to sustainable development, financial inclusion, and support for entrepreneurship. It also aims to strengthen the bonds of economic cooperation between Palestine and Morocco. The strategic partnership, which was the result of a round of consultations and meetings held in both Morocco and Palestine, stipulates: On a mutual investment in a share of the capital of each of the two banking institutions, by purchasing shares in the Palestinian and Moroccan stock exchanges on which they are listed in both Casablanca and Nablus. In addition to the mutual investment, which will begin with the Bank of Africa owning shares equivalent to about 1.2% of the Bank of Palestine's capital, the two banking partners will work to develop expanded banking cooperation in the areas of trade f inance and banking correspondence, in addition to exchanging experiences in financing small and medium enterprises, and supporting entrepreneurship and innovation. The strategic partnership between them also includes: Providing a platform dedicated to mutual economic promotion, with the aim of enhancing the flow of trade and investments between Morocco and Palestine, in addition to cultural cooperation through the implementation of joint initiatives that highlight the deep-rooted historical ties between the two countries. In a statement by Mr. Othman Benjelloun, President of the Bank of Africa, following the signing ceremony, he said: 'We are pleased to conclude this multi-dimensional strategic agreement with Mr. Hashem Shawa, Chairman of the Board of Directors of the Bank of Palestine Group. In addition to its financial, economic and cultural aspects, this partnership constitutes an institutional initiative that embodies solidarity and confidence in the future of Palestine and the contribution of the Bank of Africa, as an African private actor with Moroccan roots, in shaping the future joint economic development between the two countries. Regarding the importance of this partnership, Mr. Hashem Shawa, Chairman of the Board of Directors of the Bank of Palestine Group, expressed his pride in launching the partnership with the Bank of Africa, which is one of the major banking and economic institutions in Morocco and the African continent. He stressed that this partnership is consistent with the bank's drive to expand regionally, in addition to its commitment to bringing investments to Palestine, in the interest of customers, shareholders and all of the bank's partners, and in a way that contributes to achieving sustainable economic development and supporting Palestinian society as a whole through the bank's programs and products aimed at empowering various segments economically. . Shawa added, "Signing the partnership with the Bank of Africa, in light of the great challenges that Palestine is experiencing, refle cts the great trust and good reputation that the Bank of Palestine Group has been able to build and consolidate over the course of nearly 65 years." He also praised the role of the Chairman of the Board of Directors of the Bank of Africa, and the interest of the Kingdom of Morocco in investing in Palestine and showing insight and vision. About Bank of Africa The Bank of Africa represents one of the main financial groups on the African continent, headquartered in Morocco, where it is present in 32 countries around the world, including 20 countries in Africa, presenting itself as a global banking group with multiple activities, providing its services in various fields: commercial banking, investment banking, and financing services. Specialized services such as financial leasing, discount or consumer credit, in addition to participatory banking services. The Bank of Africa is committed to various areas of sustainability, and has excelled in harnessing its knowledge in impact finance and social and environment al responsibility. About Bank of Palestine The Bank of Palestine, which was established in 1960, with the city of Ramallah as its headquarters. A global bank that complies with the supervision and control of the Palestine Monetary Authority. It is the first financial institution operating in Palestine, among 13 other banks. The bank occupies more than a third of the banking sector in terms of customer deposits and credit facilities, with total assets of US$7.1 billion. The Bank of Palestine owns a leading local banking network that includes 103 branches distributed throughout Palestine. The bank provides its banking services to more than 900,000 customers (individuals, companies, small, medium and micro enterprises, and government institutions), through a variety of distinguished services, which include individual banking services, corporate banking services, digital banking services and mobile banking, in addition to... To sub-activities. The Bank of Palestine is the leading bank in financing and supporti ng small and medium enterprises, in addition to its significant contribution to financial inclusion, sustainability, and entrepreneurship. Source: Maan News Agency