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Bank Of Palestine
- Phone: 970 (02) 2946700
- Fax: 970 (02) 2964703
- Email: firstname.lastname@example.org
- Website: www.bankofpalestine.com
Bank of Palestine (BoP) is the first and largest bank with a well-diversified branch network of 47 branches in Palestine, and a paid up capital of $134 million and assets of over $1.65 billion. Established in 1960, BoP has successfully expanded its presence and operations throughout the country and now has 1,200 employees serving more than 600,000 customers. BoP has around 20% market share of deposits and credit facilities in Palestine. Operating as a universal bank, BoP is engaged in retail, corporate, SME and Micro banking operations, with the largest card processing operations in Palestine. BoP is the sole agent for issuing and acquiring Visa and Master Card in Palestine with over 5,000 Point of Sale stations nationwide.
BoP has been very active in promoting the SME Finance and Micro Finance sector in Palestine and established dedicated units within the bank to service those customers with the aim of developing the economy through wider access to finance. Recently, BoP has also played a leading role in some of the largest project finance loan syndications such as Wataniya Mobile Palestine, launched in November 2009, and the Movenpick Hotel, Ramallah, opened in October 2010.
In the past few years, and in cooperation with the International Finance Corporation (IFC), BoP was the first bank in Palestine to develop a risk management structure, systems, procedures, and processes, as well as promoted and strengthened corporate governance practices.
Bank of Palestine’s stock (PEX: BOP) has been listed on the Palestine Exchange (PEX) since 2005. It is among the market’s blue chip stocks, and represents around 13% of total PEX market capitalization.
In 2007 BoP established a brokerage subsidiary, Al Wasata Securities, providing customers with trading access to stocks listed on the Palestinian Stock Exchange and regional markets, with offices in Gaza and Ramallah. In less than three years Al Wasata Securities has rapidly grown and is the 2nd largest brokerage company in Palestine out of 9 companies. And in 2011, the bank established another subsidiary, PalPay, which is a company that provides electronic payment solutions, where clients will be able to pay different types of utility bills and top up their mobile phones, through the bank’s network of over 5,000 Point of Sale stations spread throughout Palestine.
Bank of Palestine has played a very proactive role in several fundamental initiatives in Palestine. The bank has mobilized the Palestinian private sector to launch the first private pension fund. It led the efforts to set up the fund and to advocate for the required legislative reforms. This fund will be the first private pension fund in the region. It will be based on a model similar to the Chilean model. This pension fund is expected to contribute greatly to strengthening the Palestinian economy and society, through enabling access to finance for medium and long term projects, developing the Palestinian financial markets, creating employment and reducing poverty, and providing stability and reassurance to citizens, especially the elderly, leading to further spending and investments.
Bank of Palestine has been committed throughout the years to economic development on a community level. Therefore the bank has adopted a holistic sustainability strategy and has been the leader in Corporate Social Responsibility (CSR) in Palestine dedicating 5% of its net profit to areas of Youth, Innovation & Education, Health & Environment, Sports, Arts & Culture, Economic & Diaspora Affairs, and Social & Humanitarian Efforts.
In the past few years, the bank’s development, achievements, and contribution to the Palestinian society and economy have been recognized by several institutions; Some of these recognitions in 2011 include being awarded the prestigious Euromoney Award for Excellence, Global Finance Award, and EMEA Finance Award as "Best Bank in Palestine”.