A strategic partnership between Bank of Africa and Bank of Palestine

BANK OF AFRICA and BANK OF PALESTINE (BOP) sealed, on Tuesday May 7, a multidimensional strategic partnership, based on common values ​​such as sustainable development, financial inclusion and support for entrepreneurship. This partnership mainly aims to strengthen economic cooperation between Palestine and Morocco. The result of exchanges of visits and discussions carried out both in Morocco and in Palestine, this partnership agreement provides for cross-participation, on a symbolic basis, in the capital of each bank through the acquisition of securities on the stock exchanges where these institutions are listed. , in Casablanca and Nablus, respectively.

In addition to this symbolic participation, which begins with the acquisition of BOP securities by BANK OF AFRICA for approximately 1.2% of its capital, the two groups have agreed to develop expanded banking cooperation, particularly in the banking professions. Trade Finance and Correspondent Banking, and to exchange their expertise in SME financing, as well as support for entrepreneurship and innovation. This partnership also includes economic promotion aimed at boosting trade and investment flows between Morocco and Palestine, as well as cultural cooperation, through the implementation of joint projects highlighting their unwavering historical ties.

“We are pleased to conclude a multidimensional strategic partnership with President Shawa of BANK OF PALESTINE. Beyond its financial, economic and cultural scope, it is an institutional act of solidarity and confidence in the future of the Palestinian Territories as well as a contribution from BANK OF AFRICA, as a pan-African private operator. of Moroccan roots, to forge a common economic destiny between the two nations,” indicated Mr. Othman BENJELLOUN, President of BANK OF AFRICA.

For his part, Mr. Hashim Shawa, Chairman of the Bank of Palestine Group, said: “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 President of BANK OF AFRICA and the Kingdom of Morocco for their foresight and proactive decision to cement this investment in BANK OF PALESTINE during these difficult times, thereby expressing a mark of confidence in the bank and in the economic future of Palestine.”