Bank of Palestine signs an agreement with Palestine Exchange to conduct the role of “Safe Custodian”for investors’ securities
24 | 11 | 2015
On Thursday, 19/11/2014, Bank of Palestine signed an agreement with Palestine Exchange that entails the Bank to take the role of the “Safe Custodian” for the investors’ stocks in the Exchange Market. The agreement includes the provision services by the Safe Custodian to all foreign and local investors in the exchange market, as the Bank was certified as a Safe Custodian to equity and stocks by the Palestine Capital Market Authority in 2014.
The “Safecustody” process enables the Bank to open accounts for investors at deposit and transfer centers in Palestine Exchange; when securities listed in one of the securities companies (brokerages) are purchased, they will be directly deposited and maintained within their accounts at the Safe Custodian.
Bank of Palestine’s signing to the agreement is due to its belief in the importance of advancing its services both locally and regionally, and is in line with its vision to support investment in Palestine, support Palestine Exchange and attract local Palestinians, Palestinians in Diaspora and foreigners to invest in Palestinian stocks, which leads to the enhancement, stimulation and growth of national economy. This agreement adopts and practices the regulations and laws of good governance in Palestine, which reflects on Palestine as a secure country for investment as it practices international standards in managing investments, securities, stocks and bonds.
Under this agreement, Bank of Palestine is able to provide various services to investors in addition to maintaining securities under its control; for example, to organize and save accurate records of its customers, receive the paid amount for sold securities from the brokerage and pay the value of the purchased securities to the brokerage on behalf of its customers. Bank of Palestine, as the “Safe Custodian”, will also send periodic reports to its customers about their portfolios and cash accounts and notify them about all procedures taken by the issuers of securities, related to interest, profit and proceeds of their securities; in addition to receiving the profit and proceeds of securities of customers and any other services consistent with the law and the adopted regulations within the Exchange Market.