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.
Palestine Monetary Authority
PALESTINE MONETARY AUTHORITY
Circular No. (39/2015)
To all banks operating in Palestine
Date: Wednesday, February 25, 2015
Subject: Bank of Union – Ramallah
Based on the decision of the Board of Directors of the Palestine Monetary Authority dated December 29, 2014, regarding the final approval of the merger request by the National Bank and Bank of Union, we inform you that all rights and obligations of the customers of the Bank of Union – Ramallah branch have been transferred to the National Bank.
Accordingly, effective March 1, 2015, all checks drawn and returned on the accounts of the customers of the Bank of Union – Ramallah branch will be processed under the National Bank's accounts.
Supervision and Inspection Department
Palestine Monetary Authority
Ramallah - Palestine P.O. Box 452 | Tel: +970 2 2415250 | Fax: +970 2 2409922 | Phone: +970 2 2415250 | Fax: +970 2 2409922 | Ramallah - Palestine P.O. Box 452
Gaza - Palestine P.O. Box 4026 | Tel: +970 8 2825292 | Fax: +970 8 2844487 | Phone: +970 8 2825292 | Fax: +970 8 2844487 | Gaza - Palestine P.O. Box 4026
Email: info@pma.ps | Email: info@pma.ps
www.pma.ps