April 23, 2019 - His Excellency Mr. Azzam Shawwa, the Governor of Palestine Monetary Authority, inaugurated today, Palestine Investment Bank branch in Nablus governorate. Mr. Abd al-Aziz Abu Dayah, the Chairman of the Board of Director of Palestine Investment Bank and bankers and economists attended the inauguration. This event was followed by an inauguration of Palestine Investment Bank office in Tulkarem governorate, which the Governor of Tulkarem Mr. Isam Abu Bakir and the Chairman of Tulkarem Chamber of Commerce Mr. Ibrahim Abu Hasib and Mayor of Tulkarem Mohammad Yacob attended.
Mr. Shawwa said in the opening remarks of the inauguration he was glad to inaugurate a branch and an office of Palestine Investment Bank in Nablus and Tulkarem governorates. Mr. Shawwa said he was confident that the new bank expansion would have positive impact on more achievements of banking business and services to the public and empower financial inclusion.
Mr. Shawwa affirmed the strength of the banking sector and resilience in the face of all political and economic challenges especially the financial crisis Palestinian people underwent nowadays. Mr. Shawwa said Palestine Monetary Authority and banks would take whatever possible measures to alleviate the impact of the financial crisis on the public taking into consideration the current circumstances and the importance of all national institutions working together to overcome the crisis.
Mr. Shawwa said “the net assets of the banking sector reached more than $15.8 billion at the end of February 2019 while the net assets of Palestine Investment Bank reached approximately $452.6 million for the same period. The total number of bank branches and offices in Palestine at the end of February 2019 was 356 including 20 for Palestine Investment Bank. This shows the continuous activity in banks business and continuous development of their services and banking products.”
Mr. Shawwa said that Palestine Monetary Authority was going ahead with developing the infrastructure of the banking system and enhancing the financial safety net and developing supervisory procedures and instructions in accordance with the best international practices in order to ensure financial stability of the banking sector and financial inclusion and development of the national economy.