For the fourth year in a row, BOP was named the “Best Bank in Palestine” by Euromoney for 2014. Euromony follows a set criteria including KPI performance indicators in order to identify winning banks in MENA. The award ceremony took place in Al-Jumeira Hotel in Dubai, UAE, with the participation of high-profile officials from global banking sector. BOP Deputy General Manager Rushdi Ghalayini and Human Resources and Training Division Deputy Director Randa Mousa received the award on behalf of BOP.
Euromoney has organized its Award for Excellence for the 23rd consecutive year and its awards are recognized as one of the most prestigious international banking awards in the industry and are given to institutions that demonstrate leadership, innovation, and momentum in the markets in which they operate.
BOP Chairman and General Manager Hashim Shawa Hashim Shawa expressed great pleasure for the progress and sustained growth of the Bank leading to this award. He confirmed that the Bank’s continuous success reflects its vision and determination to be a leading financial institution that provides distinguished services to the public.
On this occasion Shawa expressed his deepest gratitude and appreciation to BOP clients for their trust and confidence in the Bank and its services. He also valued the tremendous efforts made by BOP employees, their fidelity and perseverance. Shawa stated Euromony Award will egg on the Bank to give more, innovate and offer new services to meet the needs of all segments of the Palestinian community.
According to Shawa, BOP has managed over the past five years to raise its assets from USD 1.28 billion in 2009 to USD 2.35 billion in 2013, a growth rate of 55 percent. BOP deposits grew from USD 1.01 billion in 2009 to USD 1.75 billion in 2013, a growth rate of 58 percent, and its credit facilities rose from USD 343 million up to USD 1.103 billion in 2013, achieving a growth of approximately 31 percent. Moreover, BOP profit rocketed from USD 27 million to USD 40.4 million, a growth of 67 percent.
The policies of BOP has led to its continuous growth and maintained its stability. In addition to the unprecedented growth in deposits, facilities, investments and services achieved by BOP, the Bank has also adopted and carried out risk management procedures and mechanisms as well as good governance practices and criteria. Furthermore, BOP has implemented social environment policies through launching a program for financing green projects in the Middle East. The program provides loans for the construction of artesian wells, desalination of waste water and provision of electrical power through solar energy especially in remote and marginalized areas.
Shawa also briefed on BOP’s expansion and reach out policy which aims to provide banking services to all governorates and in particular to rural area. BOP is striving to maintain the largest banking network consisting of 50 branches and offices as well as a network of more than 120 ATMs distributed all over Palestine.
The continuous growth in BOP’s indexes, Shawa explained, goes hand in hand with development projects BOP finances from its corporate social responsibility budget. He added the humanitarian, development and social responsibility is part and parcel of the Bank’s mission and policy to push forward economic development. BOP continues to earmark 5 percent of its annual net profit to corporate social activities.
On another note, Shawa said BOP is the first bank that has established electronic points of sale (POS) to facilitate transaction for its clients and has launched the plastic cards campaign with local and international banks. BOP has 6000 POS distributed throughout the West Bank and Gaza Strip.
BOP’s winning of Euromoney Award has coincided with the Bank named the Best Bank in Palestine by Banker ME. BOP has also received other awards including Global Finance and EMEA Finance for its outstanding achievements.