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Pan-African banking giant Bank of Africa, led by Moroccan billionaire Othman Benjelloun, has partnered with the Bank of Palestine to foster economic cooperation and drive growth across the region. This collaboration underscores a commitment to sustainable development, financial inclusion, and entrepreneurship in both Morocco and Palestine.
The partnership includes a symbolic cross-shareholding arrangement. Bank of Africa, listed on the Casablanca bourse, will acquire a 1.2-percent stake in Bank of Palestine, which trades on the Palestine Exchange in Nablus.
Bank of Africa broadens economic links with Palestine
Beyond the capital markets, the collaboration will encompass several key areas. These include developing trade finance and correspondent banking services, alongside the exchange of expertise in financing small and medium-sized enterprises (SMEs) and supporting entrepreneurial ventures.
Othman Benjelloun, Chairman of Bank of Africa, highlighted the broader significance of the partnership. He described it as “an institutional act of solidarity and confidence in Palestine’s future,” underscoring Bank of Africa’s commitment to forging a shared economic destiny between the two countries.
Collaboration to drive trade, culture
Bank of Africa, led by Othman Benjelloun, is Morocco’s leading banking group with a presence in 32 countries across Africa, Europe, Asia, and North America. The group boasts total assets of $38 billion and serves nearly 6.6 million customers through its network of more than 2,000 points of sale and 14,900 employees.
Bank of Palestine, for its part, is the largest domestic bank in the Palestinian territories. The collaboration aligns with the bank’s strategic vision of regional expansion and its aim to attract institutional investors, according to Chairman Hashim Shawa.
The partnership between Bank of Africa and the Bank of Palestine extends beyond financial cooperation. It also aims to promote trade and investment flows between Morocco and Palestine, while fostering cultural cooperation through joint projects that celebrate the historical ties between the two regions.
