Bank of Palestine, the largest financial institution in Palestine has set up its first international representative office worldwide at the Dubai International Financial Centre (DIFC).
The bank will offer financial, investment and advisory services to the Palestinian diaspora living in the Gulf region and beyond. The move is the Palestine banking sector’s first foray into international markets with the UAE being its first footprint.
The inauguration ceremony was held yesterday where Essa Kazim, governor of DIFC, welcomed the Bank of Palestine to DIFC.
Hashim Shawa, chairman and general manager of Bank of Palestine, dubbed the move as the “most significant milestone” since the bank’s establishment in 1960.
He said that firm’s new office in the UAE will offer banking and financial services to the 250,000 Palestinian expats loving in the UAE. He also added that, at a later stage, further offices will be opened to target Palestinians working in the wider Gulf area.
Azzam Shawa, governor of the Palestinian Monetary Authority (PMA) dubbed the move a “major stepping stone” for the Palestinian banking system.