Bank of Africa and Bank of Palestine announced today a strategic partnership to promote economic cooperation between Palestine and Morocco, including sustainable development, financial inclusion, and support for entrepreneurship.
“Based on exchanges of visits and discussions held in both Morocco and Palestine, this partnership agreement provides for a symbolic cross-shareholding in the capital of each of the two banking institutions, through the acquisition of shares on the stock exchanges where these banking institutions are listed, in Casablanca and Nablus respectively”, it continues.
The same source adds that, in addition to this symbolic equity investment, which begins with BOA’s acquisition of BoP shares representing around 1.2% of its capital, the two groups have agreed to develop broader banking cooperation, notably in the Trade Finance and Correspondent Banking businesses, and to exchange their expertise in SME financing and support for entrepreneurship and innovation.
Othman Benjelloun, Chairman of Bank of Africa, said: “We are delighted to enter into a multi-dimensional strategic partnership with Chairman Shawa of Bank Of Palestine. Beyond its financial, economic and cultural significance, this is an institutional act of solidarity and confidence in the future of the Palestinian Territories, as well as a contribution by Bank of Africa, as a pan-African private operator with Moroccan roots, to forging a common economic destiny between the two nations”, he explained.
add your comment
Terms of publication : Not to offend the writer, people, sacred things, or attack religions or the divine self, and refrain from racist incitement and insults.