TNB celebrates opening its 7th branch in Bethlehem


In the presence of PMA governor Mr. Jihad Alwazir , the deputy governor of Bethlehem  Mr. Mohammed Taha, and some Palestinian officials and business men, TNB celebrated opening its new branch in the city of Bethlehem.

The chairman of Board Mr. Talal Nasereddin took the guests in a tour in the new branch, introducing them to its different sections. The new branch is located on the main street that connects Jerusalem with Hebron in a dynamic area in Bethlehem.

In his speech Nasereddin, pointed that the opening of this branch is a real achievement for TNB, which comes within the bank’s strategy to expand its presence in the Palestinian territories, aiming to reach a larger segment of people and provide them with TNB’s distinguished financial solutions in a modern and dynamical way.

Nasereddin, also reviewed TNB’s financial performance for the last 3 years, pointing that the bank has proved its eligibility in the Palestinian banking market, as a strong and sound financial institution growing in a remarkable way. Referring to a growth in the bank’s deposits from 80 Million dollars in the end of 2010 to reach 283 million dollars at the end of Q3 this year, recording 253% , 208%  growth in assets recording 487 million dollars at the end of Q3 this year compared with 158 million dollars at the end of the year 2010, 402% growth in credit facilities portfolio reaching 211 million dollars in Q3 this year compared with 42 million dollars at the end of 2010. Thanking at the end of his speech the PMA for its major role in guarantying the stability and development of the banking system in Palestine.

From his part Mr. Alwazir confirmed that the merger experience that led to this new identity of TNB, is an added value to the Palestinian banking system and a development to the Palestinian economy. Alwazir also stressed that expanding the presence of banks aims to deliver the banking services to the largest social segment, pointing that opening new branches for any bank is an indicator of the soundness of the bank, because issuing a license is subjected to transparency and professionalism standards from the PMA to insure and maintain a healthy banking system.