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Bank Of Palestine Named Best Bank In Palestine By Euromoney’s Awards For Excellence 2012 For The Second Year

2012-06-11

In recognition of its pioneering role in the Palestinian banking industry and its Corporate Social Responsibility, Bank of Palestine (BoP) was awarded the award for excellence as "Best Bank in Palestine” for the year 2012 by Euromoney, in a ceremony held at the Mina Al Salam Hotel in Dubai. During the ceremony, which was attended by leading figures in the global banking sector and documented by various international media agencies, Hashim Shawa, Chairman and General Manager of BoP, received the award, which singles out outstanding institutions in finance recognizing institutions and individuals that demonstrate leadership, innovation, and momentum. Named the “Best Bank in Palestine” is an accreditation of the bank"s notable growth rate throughout its 50 years of establishment, positioning it as one of the most important financial institutions in Palestine. This is the first time that Euromoney considers Palestine in any of its awards. Such recognition is part of an increasing global institutional recognition of Palestinian readiness for a well governed state. Chairman and General Manager of BoP, Mr. Hashim Shawa expressed great pleasure with the progress and sustained growth of the bank, leading to this award. He confirmed that the bank’s continuous success reflects its vision and determination to be a leading financial institution. Despite the political instability and the various extrnal impediments to doing business in Palestine, BoP continued to grow. In 2011, BoP"s net profit amounted to 33.98 million USD, a growth of 12.82%. BoP"s total assets amount to 1.65 billion USD, maintaining a leading position among the largest Palestinian companies in terms of assets. Shareholders’ equity increased by 18.62% to 194.39 million USD, and paid-up capital increased by 20% to reach 120 million USD. Customer deposits amount to 1.297 billion USD, credit facilites 720 million USD with an increase of 32.1%. Along with BoP"s continuous growth, the concept of CSR and sustainable development continued to be one of BoP"s main pillars. Dedicating 5% of its net profit to CSR to develop youth, sports, education, health, arts, tourism, and charity, BoP is a leader in community development. Dr. Jihad Al-Wazir, the Governor of the Palestine Monetary Authority was also present at the award ceremony and stated: “Achieving this award is not just a stamp of approval for Bank of Palestine alone, but for Palestine as a whole, as this is the first year Euromoney considers the Palestinian financial sector in its awards.” While in Dubai, a BoP delegation led by Shawa met a group of Palestinian expatriates residing in the UAE and representatives of international press, in an attempt to change the stereotypes about investing in Palestine by showing success stories and discussing investment opportunities. The meeting was part of the bank"s responsibility to reach out to the 7 million Palestinians around the world, an attempt led by BoP"s specialized Exodus Unit. Moreover, during a visit to "Gulf Business" magazine, Shawa announced the bank"s intention to open its first representative office in the Gulf in Dubai, which is home to 200,000 Palestinians, before the end of 2013. In addition to the strong ties between businesses in Palestine and the UAE, 3% of BoP"s shareholders live there. BoP is also preparing to open a representative office in Chile, which is home to more than half a million Palestinians. Furthermore, Dubai"s Rasmala Investment Bank started a Palestinian fund to explore opportunities stock market in cooperation with several Palestinian parties, including Bank of Palestine. In one year, the company was able to support the Fund with 37 million USD. Simultaneously, UAE-based Abraaj Capital, in cooperation with Bank of Palestine, the Palestine Investment Fund, CISCO and the European Investment Bank (EIB) launched the Palestine Growth Capital Fund, a $50 million private equity investment vehicle entirely dedicated to investing in the Palestinian SME sector. Bank of Palestine (PEX: BOP) has been listed on the Palestine Exchange (PEX) since 2005, and is a blue chip stock with 13% of market capitalization.


 

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