Bank of Africa and Bank of Palestine sign strategic partnership

Signed by Othman Benjelloun, President of BOA and Hashim Shawa, President of BOP, this partnership mainly aims to strengthen economic cooperation between Palestine and Morocco, the two parties stated in a joint press release.

As a result of exchanges of visits and discussions both in Morocco and in Palestine, this partnership provides for a symbolic cross-shareholding in the capital of each of the two banking institutions, through the acquisition of securities on the stock markets. stock exchanges where these banking institutions are listed, in Casablanca and Nablus respectively.

In addition to this symbolic participation, which starts with the acquisition of BOP securities by the Bank of Africa for approximately 1.2% of its capital, the two groups have agreed to develop extensive banking cooperation, especially in “Trade Finance” and “Correspondent banking professions, and to exchange their expertise in the field of financing small and medium-sized enterprises (SMEs) and supporting entrepreneurship and innovation.

This partnership is also about economic promotion aimed at boosting trade and investment flows between Morocco and Palestine, as well as cultural cooperation, in particular through the realization of joint projects that highlight their unshakable historical ties.

On this occasion, Mr Benjelloun indicated that this multi-dimensional strategic partnership, beyond its financial, economic and cultural scope, constitutes an institutional act of solidarity and confidence in the future of the Palestinian territories, as well as a contribution from the Bank of Africa, as a pan-African private operator with Moroccan roots, to forge a common economic destiny between the two nations.

“There are so many reasons to come together today for this strong, solemn and symbolic act: the conclusion of a multi-dimensional strategic partnership between our two financial groups that play an important role in their respective countries and in their regions: Bank of Palestine and Bank of Africa,” he said.

In this sense, the BOA president underlined that Morocco and Palestine maintain a thousand-year-old relationship dating back to the Moroccan Almohad dynasty, which maintained economic, military and cultural ties with the Palestine of Salaheddine Ayoubi, known in the West as Saladin. Furthermore, Mr. Benjelloun, who mentioned the Royal Message of December 23, 2020, sent by HM King Mohammed VI, Chairman of the Al Quds Committee, to the President of the State of Palestine, Mahmoud Abbas Abou Mazen, emphasized the special importance that the Sovereign is committed to the Palestinian cause, which has been elevated to the same rank as the cause of the territorial integrity of the Kingdom.

And to note that Morocco’s multidimensional support to Palestine – humanitarian, social, cultural and economic – even today in the dramatic context of the aggression against Gaza, is constant and unconditional. This support comes from the Moroccan public authorities in all their components and must come more from the Moroccan private sector, Mr. Benjelloun continued, adding that the BOA group is witness to this.

“Bank of Africa and Bank of Palestine, born almost at the same time, in 1959 and 1960 respectively, share common values. They are private multi-business groups, with institutional and family shareholders. Our two banks act in favor of inclusive and sustainable in their territories: in Palestine for the Bank of Palestine, in Morocco and in the rest of Africa for the Bank of Africa,” he argued.

The two banks thus create economic and financial value, even as it is socially and socially at the service of their shareholders, their customers and their various stakeholders, Mr. Benjelloun noted, specifying that this partnership provides a symbolic crossroads in equity investments. capital from both banking institutions, cooperation in a few initially identified areas, in addition to the economic promotion of Palestine and Morocco as a platform towards Africa with a view to intensifying trade flows and investments.

It is also a cultural collaboration that particularly benefits from the exceptional presence of Morocco in Al Quds East, through the cultural center “Bayt Al Maghrib” and from the development of a common work on multi-secular relations between the historical capitals of Al Quds involved and Fez, he added.

For Mr. Benjelloun, “this partnership is sealed for current and future generations. It represents an institutional act of trust in the future of the Palestinian territories but also in a common economic destiny that will emerge with the growing involvement of Moroccan private entrepreneurs.

For his part, Mr Shawa said he was proud of the evolution of the partnership with the Bank of Africa, stressing that this is “in line with our vision of regional expansion and our desire to attract institutional investors to the Bank of Palestine .

“We are grateful to the President of the Bank of Africa and the Kingdom of Morocco for their foresight and proactive decision to strengthen this investment in the Bank of Palestine in these difficult times,” he affirmed, noting that this is a sign of confidence in forms the bank. and in the economic future of Palestine.