The National Bank and the Palestinian Pensions Agency renewed the Custodian Agreement to manage the funds and assets of the PPA. This agreement renews TNB's mandate to provide custody services for the PPA’s investments and financial assets, and regularly report to the Agency about interests, profits, and returns on its financial and investment portfolios. TNB will also manage cash and liquidity surpluses to ensure effective and optimal fund management for Palestinian retirees. The agreement was signed in the presence of the PPA Chairman, His Excellency Mr. Majdi Al-Saleh, and TNB’s Chairman, Mr. Samir Zraiq. It was also signed by the Director General of the PPA, His Excellency Dr. Majed Al-Hilou, and the CEO of TNB, Mr. Salameh Khalil, in the presence of several executives from both parties.
During the signing, Mr. Majdi Al-Saleh praised TNB’s journey and its success. He noted that the signing of this agreement was part of the cooperation between the PPA and TNB. He said that this partnership was primarily based on professionalism and transparency, emphasizing the PPA's constant commitment to transparency as a public national body and a public fund for all beneficiaries.
For his part, Mr. Samir Zraiq expressed his pride in renewing the strategic relationship with the PPA, explaining that the strong professional relationship that has brought the two parties together over the past years formed a solid foundation for a new phase of cooperation. He stressed that TNB would continue to play its role as a trustee of the PPA’s assets and investments in accordance with the laws and the highest standards of integrity and transparency.
For his part, His Excellency Dr. Majed Al-Hilou emphasized the PPA’s commitment to appointing a custodian in line with the Law of Public Retirement and selecting the best strategic partner. He said that the PPA had partnered with TNB since 2016. Back then, that partnership represented a new experience for TNB. He added that he was pleased to renew the custodian agreement with TNB, to further enhance its custodian role. He said: “On this occasion, I extend my deepest thanks and appreciation to TNB’s management for their perseverance and role in the success of this partnership. They have assumed the custodian role and shouldered this responsibility by providing the best service to the beneficiaries of the PPA's services. They have also effectively managed the PPA’s funds and assets, ensuring transparency, integrity, and improving performance across all Palestinian pension funds.”
Mr. Salameh Khalil said that this agreement represented an important step in strengthening national partnerships with a prestigious institution such as the Palestinian Pensions Agency. He added, "We are pleased to see the trust that the PPA has placed in us to manage its investments and assets, and we will continue to provide professional and exceptional custody services in order to achieve our shared goals and strengthen the Palestinian national economy."
It is worth noting that TNB was one of the first Palestinian banks to obtain a custodian license from the Palestine Capital Market Authority in 2015. In addition to the custodian services, the bank provides multiple investment services to the largest and most reputable institutions in Palestine.
