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Bank of Palestine opens first int'l branch in Dubai

Xinhua, May 17, 2016 Adjust font size:

The Dubai International Financial Center (DIFC) Authority said here Tuesday that Bank of Palestine marks its entry into international markets by opening its first overseas office at Dubai.

Through its new branch in the DIFC, the biggest financial free zone in the Middle East, Bank of Palestine will offer financial, investment and advisory services to the Palestinian diaspora living in the Gulf region and beyond, the DIFC Authority said in an e-mailed statement.

Marking the Palestine banking sector's foray into international markets with the UAE being its first footprint, Bank of Palestine's DIFC operations will help connect and encourage Palestinians living abroad to enhance synergies with the Palestinian economy.

An inauguration ceremony for Bank of Palestine was held Tuesday in the presence of Essa Kazim, Governor of DIFC, Azzam Shawwa, Governor of the Palestinian Monetary Authority (PMA), Hashim Shawa, Chairman and General Manager of Bank of Palestine, and a number of Palestinian expat businessmen from Chile, Malaysia, United States, Europe, United Arab Emirates (of which the sheikhdom of Dubai is part of) and the wider Gulf.

Excellency Essa Kazim, Governor of DIFC, said "The bank's choice serves as the latest endorsement of Dubai and the wider UAE as an ideal location for businesses to establish and thrive."

Hashim Shawa, Chairman and General Manager of Bank of Palestine, said the move into the Dubai "is our most significant milestone since the bank's establishment in 1960. Our presence at DIFC will strengthen the Palestinian financial and banking system and help us gain the trust of our customers and offer our services to millions in the GCC area."

He expressed hope that the branch in the DIFC will serve as an economic bridge that connects 250,000 Palestinian expats in the UAE to their homeland.

Azzam Shawa, Governor of the Palestinian Monetary Authority said "The move is a major stepping stone for the Palestinian banking system, enhancing the status of Palestine in the Arab region and the world at large." Endit