Bank of Africa signs strategic partnership with Bank of Palestine

Bank of Africa signs strategic partnership with Bank of Palestine
Bank of Africa signs strategic partnership with Bank of Palestine

Bank of Africa and Bank of Palestine signed, this Tuesday, May 7, a multidimensional strategic partnership. This agreement is supported by “common values, shared between the two groups, namely sustainable development, financial inclusion and support for entrepreneurship”. In this sense, this partnership will make it possible, as a priority, to “strengthen economic cooperation between Palestine and Morocco,” said a joint press release from the banking groups.

This partnership is the culmination of “exchanges of visits and discussions carried out both in Morocco and in Palestine”. Thus, it provides for “a cross-participation, on a symbolic basis, in the capital of each of the two banking establishments, by acquisition of securities on the stock exchanges where these banking institutions are listed, in Casablanca and Nablus, respectively”.

This investment begins with the acquisition of Bank of Palestine securities by Bank Of Africa worth nearly 1.2% of the capital. Furthermore, “the two groups agreed to develop broader banking cooperation, particularly in the trades of Trade Finance and Correspondent Banking, as well as to exchange their expertise in financing SMEs and supporting entrepreneurship and to innovation,” said the two banks.

On the occasion of the signing of this partnership, the president of Bank of Africa, Othman Benjelloun, welcomed this approach. “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 private operator pan-African with Moroccan roots, to forge a common economic destiny between the two nations,” he added.

President of the Bank of Palestine group, Hashim Shawa, for his part, expressed his pride in the evolution of this partnership. “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 the economic future of Palestine,” he added.

In addition, this partnership is structured around “economic promotion aimed at boosting the flow of trade and investment between Morocco and Palestine, as well as cultural cooperation, in particular through the realization of joint projects highlighting highlights their unwavering historical ties.

-

-

PREV AXA: first capital increase of 280 million for the consolidated real estate fund
NEXT Potou: onion producers want market regulation