The National Bank (TNB)has renewed its custodian agreement with the Palestinian Pension Agency (PPA), to manage the financial portfolio and assets of the PPA. The signing ceremony took place at TNB HQ in the presence of the PPA Chairman, His Excellency Dr. Majed Al-Hilou, TNB’s Chairman Samir Zraiq, TNB’s CEO Salameh Khalil, and several officials from both institutions. 

Under the agreement, TNB will provide custody services for the PPA’s funds and assets, manage its investments and regularly report to the agency about interests, profits, and returns on its financial and investment portfolios. The bank will also manage cash and liquidity surpluses according to the agency’s investment policies and laws. An experienced and expert team will oversee this, ensuring effective management of the funds.  

In his speech, Mr. Zraiq said “We are glad to renew this strategic relationship with the Palestinian Pension Agency. The PPA is one of our most prestigious national institutions and a strategic partner which has had a strong professional relationship with TNB for several years.”

“The signing of this agreement is the beginning of a new phase of cooperation with the PPA. TNB is entrusted with preserving its properties, assets, and investments, in accordance with the law and highest standards of professionalism and transparency. We thank the PPA for its continued confidence in TNB.” 

Mr. Zraiq also praised the exceptional efforts made by the bank’s executive management team to enhance the quality of the bank’s operations and services, outlining the development plans that are currently underway to develop the technological platforms and infrastructure, internal policies and procedures, and human capital resources to reinforce corporate governance and provide an exceptional banking experience to the bank’s clients. Mr. Zraiq also noted that in line with these plans, the bank has raised its authorized capital to $110 million and paid-up capital by 15%, making it the second-largest bank in Palestine, in terms of capital.

PPA Chairman, H.E Dr. Al-Hilou outlined that the agreement with TNB had been signed after a rigorous tender, in accordance with the laws of appointing a custodian.  Dr. Al-Hilou added that the PPA had worked with TNB since 2016 and was delighted that the bank would continue to use its experience and expertise to manage the PPA’s funds and assets.  Dr. Al-Hilou thanked the bank’s management for making the partnership a success and added that the PPA was looking forward to cooperating further with TNB to manage the PPA’s funds transparently and with integrity and raise the level of performance of the Palestinian pension funds. 

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.