Bank of Palestine
 Logo of the Bank of Palestine | |
| Headquarters | Ramallah, Ain Misbah, Palestine |
|---|---|
| Established | 1960 |
| Chairman | Hashim Shawa |
| Website | https://bop.ps |
The Bank of Palestine (BoP; Arabic: بنك فلسطين), is a Palestinian multinational banking organization founded in Gaza in 1960.[1] It is headquartered in Ramallah, West Bank and is the leading financial institution in Palestine, with a net worth of $6.5 billion USD.[2]
History
[edit]The bank was established in Gaza City in 1960, making it the first in Palestine.[3] Hasheem Atta Shawa founded it as an agricultural bank to help farmers develop their citrus business since Shawa's family was also in the citrus business at the time. The bank helped farmers with loans for farming equipment.[4]
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In the early 1990s, Dr. Hani Shawa took over in running the bank.[4] Hashim Shawa, aged 31, became chairman and CEO of the bank after his father passed away in 2007.[4] Since then, the bank has about 1,980 employees and serves over 900,000 customers.[5]
In 2019, the bank was the target of an amended complaint titled Singer v. Bank of Palestine (case number: 1:19-cv-00006)[6] which claimed that the bank aided the Palestinian militant group Hamas by providing financial services and maintaining accounts for the organization.[7] The Bank of Palestine claimed that there was no legal basis behind the plaintiffs' claims and that they were taking "prompt and strong measures" to get the lawsuit dismissed.[8]
According to a report in the French newspaper Le Monde, the bank informed its partners about a series of robberies and the loss of €66 million during the Israel–Hamas war in 2024. The theft of €2,8 Million in Israeli currency was discovered on 16 April, after perpetrators had broken into a vault. The staff tried to secure remaining cash reserves by pouring concrete over the cash boxes, but the concrete block was opened the next day with the help of explosives, and the attackers stole the equivalent of €29 million in various currencies. On 18 April gunmen got away with the equivalent of €33,6 Million from the second largest branch of the bank in Gaza, by identifying themselves as representatives of the authorities and forcing their way into the building.[9]
Locations
[edit]
The Bank of Palestine is the most geographically distributed banking corporation in Palestine, with 74 branches and sub-branches.[10][11] The bank's head office is located in Ramallah, Palestine. It also has representative offices in Dubai, United Arab Emirates, and Santiago, Chile.[12]
Philanthropy
[edit]In 2016, Bank of Palestine launched "NAHJ Project" to support school entrepreneurship in Jerusalem schools.[13]
See also
[edit]
References
[edit]- ^ "Bank of Palestine - SME loan, WiB loan, TFP limit". www.ebrd.com. Retrieved 9 October 2023.
- ^ "Hashim Shawa". World Economic Forum. Retrieved 9 October 2023.
- ^ "Disclosure". disclosures.ifc.org. Retrieved 9 October 2023.
- ^ a b c "Banking on peace: Bank of Palestine's Hashim Shawa". Arabian Business.
- ^ "Bank of Palestine". World Economic Forum. Retrieved 9 October 2023.
- ^ "Singer et al v. Bank of Palestine". www.law360.com. Retrieved 9 October 2023.
- ^ "Bank of Palestine Case". Osen LLC. 27 January 2019. Retrieved 9 October 2023.
- ^ https://bopwebsitestorage.blob.core.windows.net/assets/documents/ClCPbHREM8pACBeSn8av6TNUaInOhaQlKVxgj2Ta.pdf
- ^ "Bank of Palestine Case". Le Monde. 5 May 2024. Retrieved 5 May 2024.
- ^ "branches". Palestine Investment Bank. 18 October 2022. Retrieved 9 October 2023.
- ^ "Bank of Palestine, Ramallah, Palestine | Head office, address, tel, website and swift code". m.banksdaily.com. Retrieved 9 October 2023.
- ^ "Contact us". Bank of Palestine.
- ^ "The launch of "NAHJ" project to support school entrepreneurship in Jerusalem schools". Bank of Palestine. Retrieved 1 February 2024.
