PMA Supervises Implementation of Optional Merger Agreement between Bank of Palestine and Palestine Commercial Bank
The Governor of the PMA, H.E. Azzam Shawwa, announced that the PMA has approved and overseen the transfer of all owners’ rights and obligations of the Palestine Commercial Bank (PCB) to the Bank of Palestine (BOP), following the merger agreement between the two parties. The merger was effectuated through the acquisition and transfer of the bank portfolio and all assets and liabilities of PCB by BOP. In that respect, the PMA has reassured depositors and customers that their deposits and rights are protected. Consequently, PCB branches become BOP branches as of Sunday morning, September 18, 2016.
This merger comes in line with PMA policy to enhance capital adequacy and robustness of the Palestinian banking system and foster its abilities to withstand shocks and risks surrounding the banking business environment. The aim of this policy is to protect customer funds and the rights of bank customers in general in a manner that contributes to achieving financial stability.
9192