Under the Auspices and Participation of His Excellency the Governor; Inauguration of Two Branches of Jordan Commercial Bank in Jenin and Al-Ram

Under the auspices and participation of His Excellency the Governor of Palestine Monetary Authority, Mr. Azzam Shawwa, two branches of Jordan Commercial Bank were opened in the City of Jenin, and in al-Ram, in Jerusalem governorate, with the participation of Mr. Michel al-Sayegh, Chairman of the Board of Directors of Jordan Commercial Bank.

The branch of Jordan Commercial Bank in Jenin was opened in the presence of the Deputy Governor of Jenin governorate, Mr. Kamal Abu al-Rub, the President of the Jenin Chamber of Commerce and Industry, Mr. Ammar Abu Bakr, and a group of economic figures and representatives of the security services in Jenin governorate.

The deputy governor of Jerusalem governorate, Mr. Abdullah Siam, the mayor of Al-Ram, Mr. Raqi Ghazouna, a member of the Board of Directors of the Jerusalem Chamber of Commerce and Industry, Mr. Tawfiq Habash, and a number of economic and public figures and representatives of the security services in Jerusalem governorate, also participated in the opening of Jordan Commercial Bank branch in al-Ram town.

His Excellency the Governor of Palestine Monetary Authority Mr. Azzam Shawwa expressed his pleasure to open two branches of Jordan Commercial Bank in both Jenin and al-Ram, pointing out that the banking branching policy is in line with the strategy of Palestine Monetary Authority in delivering banking services to all Palestinian cities, and will undoubtedly contribute to the development of the economic situation across the governorates, especially Jerusalem, support for Jerusalemites in various banking needs and revive the economic and commercial situation in Jerusalem and the various governorates of the homeland. His Excellency the Governor of Palestine Monetary Authority added that Jordan Commercial Bank was one of the banks that had their contributions in Palestine, by providing the best competitive banking products and services, and was one of six Jordanian banks operating in Palestine and contributing to the economic and social development through 121 branches and banking offices owned by these Jordanian banks in various governorates of the country, accounting for 33% of the total branches and offices of the total banks operating in Palestine of 360, and had $5.4 billion of the total deposits of clients in Palestine, which amounted to more than $12.5 billion, representing 43%. The total direct credit value of Jordanian banks is approximately $3.3 billion out of a total of $8.9 billion, or 37%.

His Excellency the Governor of Palestine Monetary Authority confirmed that the continued efforts of Palestine Monetary Authority had worked to develop the infrastructure of the banking system, strengthen the financial safety net and develop the procedures and control in accordance with best practices and international standards, and that many major projects had been launched recently, and others will soon be launched, in preparation for the transformation into a modern central bank with full powers and responsibilities, including the electronic clearing projects, and the initiative to develop a national strategy for the development of financial technology (Fintech) services in Palestine.

Source: Palestine Monetary Authority