Regulatory Alerts2015-01-01
Circular No. 34 - Bank of Union - Ramallah
The Palestine Monetary Authority issued Circular No. 39/2015 to direct all operating banks that, following the final approval of the National Bank and Bank of Union merger, all customer rights and obligations from the Bank of Union Ramallah branch have been legally transferred to the National Bank. Effective March 1, 2015, all checks drawn on or returned to the accounts of the former Bank of Union Ramallah branch customers will be processed exclusively under the National Bank's accounts. This directive mandates immediate operational alignment to ensure uninterrupted banking services and regulatory compliance during the institutional transition.
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