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The National Bank Opens The First Banking Branch In The City of Rawabi

Under the patronage of the Palestine Monetary Authority's Governor Azzam Shawwa, The National Bank (‘’TNB’’) inaugurated its first banking branch in the city of Rawabi. The event was attended by the city’s founder Bashar Masri, Deputy Governor of Ramallah and Al-Bireh Governorate Hamdan Al-Barghouti, Chairman of the Palestinian Federation of Chambers of Commerce Khalil Rizk, Chairman of The National Bank Talal Nasereddin and The National Bank General Manager Ahmad Hajhasan. The dignitaries cut the ribbon, signaling the official start of the branch's operations in the city, and they were joined by members of the bank's board of directors, officials, businessmen, local officials as well as members of the press corps.

In his inaugural address, Nasereddin expressed his pride at the opening of TNB’s first branch in the city of Rawabi, which is considered a great achievement on the road to building the Palestinian state, and spoke of the immense efforts exerted in making the project a successful reality.

Nasereddin affirmed that the strategic relationship between Rawabi and TNB, and his profound conviction in the city's mission and vision, as well as the future of its trade and economic activity, as well as TNB’s inaugural presence in the area, providing banking services to its residents, neighbors and commercial enterprises operating in the vicinity.

In his address, Nasereddin spoke of TNB’s consecutive achievements, noting that for the third year in a row, it has continued its successful march in the Palestinian banking market, maintaining the title of the fastest-growing bank in Palestine. This recognition is a reflection of its growth and continued financial performance at all levels, making TNB the second largest bank in Palestine in terms of assets, which have exceeded one billion dollars.

Nasereddin went on to relate TNB’s pioneering role in the economic empowerment of Palestinian women through its unique programs that have drawn the attention of regional institution CPI Financial and its affiliated journal Banker Middle East; TNB was awarded the title of best female empowerment bank in the Middle East. Nasereddin also pointed out that the bank is in the process of concluding agreements with local and international organizations to finance projects led by women, to the tune of $7 million, with a focus on Jerusalem and Area C, in order to enhance development and to complement the TNB’s mission of empowering Palestinian women and contributing to developing areas that have historically not received enough attention.

At the end of his speech, Nasereddin announced that this year will see significant geographic expansion by TNB, with four new operational branches. Foremost is the Jerusalem’s Dahiat Al-Barid, which sees the return of the Palestinian banking system in serving the people in Jerusalem in 50 years. Nasereddin added TNB’s Rawabi branch is the fifth to be opened this year, with two more full service branches expected to open this year, as well as two new offices, delivering national banking services to the largest possible number of Palestinians in order to enhance financial inclusion, Which will bring the total number of operational branches and offices to 23.

Speaking at the inauguration, Masri affirmed that the opening of the first banking branch in the city of Rawabi has helped launch the city towards a wider horizon in its communication with the financial world. He added: "We are full of pride at the opening of The National Bank's branch, the fastest growing bank in Palestine. It has always been the first to identify opportunities, and has achieved this feat in occupied Jerusalem. It has succeeded in circumventing difficulties and obstacles placed by the occupation to become the first Palestinian bank operating in Jerusalem since 1967."

Masri went on to add, "Today, we take a step towards completing the outstanding success of the city, particularly of the Q- Center, which has seen the presence of over 80 global brands in the form of companies, restaurants and boutiques. There are numerous other projects underway, including movie theaters and a sports club, in addition to private international companies, and the city is witnessing a vibrant building tempo."

For his part, Al-Barghouti conveyed the congratulations of Dr. Leila Ghannam, the governor of Ramallah and Al-Bireh, for the inauguration of TNB’s branch in the city of Rawabi, which is juxtaposed with the victory of Jerusalem’s steadfast citizens and their victory at Al-Aqsa. He praised TNB and its management, represented by the board of directors and its executive management, and their vision of presenting new and untraditional achievements. He also praised the city of Rawabi, which is considered a Palestinian achievement, saying, "The city of Rawabi has contributed to protecting the Palestinian homeland from being usurped by settlers, especially as it was built on land threatened by settlement activity. Unfortunately, all Palestinian land is under the threat of settlement, so we encourage investors to start building new cities like Rawabi all over Palestine.”

For his part, Shawwa praised TNB’s policy of expanding throughout the homeland, as per the agency’s strategy to reinforce financial inclusion in Palestine, noting that TNB is among the first banks to open a branch in the city of Jerusalem. 

Shawwa expressed his satisfaction at TNB’s Rawabi branch, as the city is considered a model, and one of the largest and most important investment projects supporting the Palestinian economy.

Shawwa added that Palestine Monetary Authority will continue its efforts to develop the banking system's infrastructure and reinforce the financial safety network, developing control measures and instructions in accordance with the best international practices and standards. He noted that the Palestinian banking system's ability to face risks through supporting paid up capital, which reached $1.1 billion, has increased. Additionally, net profits have increased, contributing to reinforcing equity rights, which reached $1.7 billion.

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