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The Bank of Africa, led by Moroccan billionaire Othman Benjelloun, has formed a partnership with the Bank of Palestine to promote regional economic cooperation and prosperity. This relationship demonstrates Morocco and Palestine’s shared commitment to sustainable development, financial inclusion, and entrepreneurship.
The partnership incorporates a symbolic cross-shareholding arrangement. Bank of Africa, which is listed in Casablanca, will purchase a 1.2 percent share in Bank of Palestine, which is traded on the Palestine Exchange in Nablus.
The relationship will extend beyond the capital markets to a number of crucial sectors. These include improving trade finance and correspondent banking services, as well as exchanging knowledge on how to fund small and medium-sized enterprises (SMEs) and assist entrepreneurial projects.
Bank of Africa Chairman Othman Benjelloun emphasized the partnership’s larger significance. He described it as “an institutional act of solidarity and confidence in Palestine’s future,” emphasizing the Bank of Africa’s commitment to establishing a shared economic destiny for the two countries.
Bank of Africa, led by Othman Benjelloun, is Morocco’s major banking organization, operating in 32 countries across Africa, Europe, Asia, and North America. The company has $38 billion in total assets and serves almost 6.6 million consumers through a network of over 2,000 retail locations and 14,900 workers.
Bank of Palestine is the largest domestic bank in the Palestinian Territories. The relationship is consistent with the bank’s strategic vision of regional expansion and its goal of attracting institutional investors, according to Chairman Hashim Shawa.
The connection between the Bank of Africa and the Bank of Palestine goes beyond financial cooperation. It also seeks to increase trade and investment between Morocco and Palestine, as well as to develop cultural cooperation through cooperative projects that commemorate the two territories’ historical ties.
