Bank of Palestine continues to lead as “The Best Bank in Palestine” within Euromoney Global Magazine’s classifications for year 2016, for the sixth consecutive year

Bank of Palestine continues to be the leader in the banking sector, locally and regionally, over the past years. For the sixth consecutive year, The Bank received the most prominent award from the international awards provided by Euromoney Global Magazine, as the Magazine continued to classify the Bank as the best Bank in Palestine over the past years.

The awards were distributed during a grand ceremony held in Raffles Hotel in Dubai, United Arab Emirates, with participation of businessmen, chairmen and directors of banking institutions in the Gulf and Middle East region, and in the presence of the leaders of the Arab and global banking sector. A delegation from Bank of Palestine received the award, led by Mr. Abdallah Ghanem, member of Board of Directors, who came from Kuwait. The delegation also included Mr. Moa’wiya Qawasmi, Director of Bank of Palestine’s Representative Office in UAE, Mr. Malek Melhem, President of Palestinian Emiratis Business Council, Mr. Jawwad Ali, Legal Advisor and businessman residing in Dubai, Mr. Habib Hazaan, Ibtikar Fund’s Managing General Partner, and staff of the Representative Office in Dubai.

Bank of Palestine received this award due to its continued distinction in the banking sector and its outstanding performance in financial operations, in addition to providing various banking services that meet the customers’ needs, including the development and innovation of new technological services. In addition to the Bank’s expansion policy and achieving excellent financial results throughout the past years. Euromoney Magazine awarded Bank of Palestine based on international standards related to qualitative and quantitative classification standards, including key performance indicators (KPIs), financial ratios and innovation over the past twelve months. The global magazine held a ceremony to distribute the excellence awards, which are considered a standard for quality in the financial services sector in the world, for the twenty fifth consecutive year.

Shawa expressed his extreme contentment for the Bank to receive the Euromoney Award for the sixth consecutive year. He confirmed that the ongoing journey of success reflects Bank of Palestine’s long-term strategy to create a grand national economic body that makes all Palestinians proud. Shawa confirmed that the Bank’s success is due to the customer’s trust, appreciation and demand to the products and services, in addition to the employees’ loyalty and support for the Bank’s success, to confirm once again that we are continuing in building and advancing individuals and the society.

Shawa explained that this award reflects the Bank’s ability to preserve the position and reputation it accomplished. This in turn motivates the Bank’s family to work harder and to innovate creative foundations for development, and to present new and suitable services within competitive markets, locally and internationally with broad prospects. The Bank continued with its approach to develop new financial and banking products and services that meet the needs of its customers and are up to date with various modern developments in the business and economic worlds.

Shawa presented a series of accomplishments that the Bank achieved during the past year, which were the reason behind receiving the international award. He indicated that the Bank achieved a net profit in the value of USD43.16 million during 2015. Last year’s financial statements also indicated an increase in the Bank’s assets to reach USD2.78 billion. Customers’ deposits also increased to reach USD2.24 billion; the Bank’s market share in customers’ deposits increased to more than 23%. The credit facilitations also increased to reach USD1.39 billion. The shareholder’s equity increased to reach USD305 million by the end of last year, with an increase rate of 9%. In addition to an increase in the total income by 13.7%, as it amounted to USD136.7 million during last year, compared with USD120 million during 2014.

Shawa also presented the Bank’s expansion operations due to the Bank’s belief in the importance of long-term investment in Palestine. Bank of Palestine continued with its expansion strategy to deliver its services to all Palestinian villages and areas and meet the needs of various economic and social segments, by opening four new sub-branches. He also indicated the opening of the first representative office for the Bank outside of Palestine, in Dubai, United Arab Emirates, to become a communication center with Palestinian in diaspora in the Gulf region.

Shawa also presented the Bank’s activities during the past years to support micro, small and medium-sized enterprises, which account for 90% of the economic components. The Bank launched a grand campaign to support enterprises and contribute to the productivity, development and growth, in addition to employing a large number of unemployed cadre, and achieve sustainability and financial inclusion to all segments of the society. In addition to the successive achievements in the field of electronic services, which were culminated in the Bank’s launching to the Mobile Banking application to facilitate the banking operations for customers through their smart phones, easily and securely. As well as the “Pay to Friend” service through the “Mobile Banking” application, which enables customers to transfer small amounts to their friends through the registered phone numbers at the Bank.

According to Shawa, the Palestinian women received a great share of the Bank’s support, as the Bank developed a group of financial programs and tools that meet the needs of Palestinian women and enhance their role in the society and economy. The Bank launched the “Felestineya” Program that provides exclusive banking products for women and awareness programs that benefited around 1000 Palestinian women, in addition to providing non-financial advisory services to enable women to develop and manage their projects in all financial, administrative, marketing and other aspects.

Shawa added that the Bank continued to support the Palestinian society by allocating 6% of its annual profit for social responsibility programs towards development projects in different sectors inside Palestine and abroad. The Bank’s programs focus on education, sports, health, culture and art, development and economic affairs, humanitarian endeavors and women empowerment.

In closing, Shawa expressed his pride in the Bank’s family and staff, for their support, sincere commitment and loyalty, and for their contribution in the Bank’s growth and development, enabling the Bank to receive international classifications and advanced local and international positions. He thanked and expressed his gratitude to the Bank’s customers and shareholders for their continuous trust in its services; he also commended the efforts of the Palestinian Monetary Authority that aims to ensure the safety and stability of the banking system.

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