Bank of Africa and Bank of Palestine have sealed a new partnership. This partnership aims primarily to strengthen economic cooperation between Palestine and Morocco.
The result of exchanges of visits and discussions carried out in Morocco and in Palestine, this partnership agreement provides a cross-participation in the capital of each of the two banking establishments, through the acquisition of shares in the stock exchanges where these banking institutions are listed, in Casablanca and Nablus, respectively.
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Bank of Africa purchases 1.2% of Bank of Palestine’s capital
This participation begins with the acquisition of Bank of Palestine shares by Bank of Africa for approximately 1.2% of Bank of Palestine’s capital. The two groups have agreed to develop extensive banking cooperation, in particular, in Trade Finance and Correspondent Banking as well as to exchange their expertise in financing SMEs and supporting entrepreneurship and innovation.
This partnership also revolves around economic promotion aimed at boosting trade and investment flows between Morocco and Palestine, as well as cultural cooperation, in particular through the realisation of joint projects highlighting the historical ties between Morocco and Palestine.
Othman Benjelloun, Chairman of Bank of Africa commented: “We are happy to conclude with Chairman Shawa of Bank of Palestine, a multidimensional strategic partnership. Beyond its financial, economic and cultural scope, it is an institutional act of solidarity and confidence in the future of Palestine as well as a contribution from Bank of Africa, as a pan-African private operator with Moroccan roots, to forge a common economic destiny between the two nations”
Hashim Shawa, Chairman of the Bank of Palestine Group, stated: “We are proud of the evolution of our partnership with Bank of Africa. This partnership is in line with our vision of regional expansion and our desire to attract institutional investors to Bank of Palestine. We are grateful to the Chairman of Bank of Africa and the Kingdom of Morocco for their foresight and proactive decision to cement this investment in the Bank of Palestine during these difficult times, thereby expressing a mark of confidence in the bank and in the economic future of Palestine.”
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