VISION
As a partner to private sector investors, our thinking and action have always been in line with the free enterprise concept. Market oriented thinking, we believe, identifies not only potential markets, but the types of clients and demand driven services that deserves our support. PBC wants people once they see a project is supported by PBC, to know: it is financially sound, economically viable and has effective development impact on the Palestinian economy.
Entrepreneurs should see PBC as the engine of the Palestinian private sector. We are the first Palestinian development and investment bank and we will continue to be. We expect a lot from PBC and our staff. We must live up to our own image, with the highest quality of financial products and complementary advisory services and the best people.

MISSION
Our mission is to promote the sound and sustainable growth of Palestinian private sector companies and to build production capacity within the Palestinian economy. We enable our customers to seize investment opportunities that add value to their clients and create wealth to shareholders by extending the appropriate mix of credit facilities, equity capital and complementary advisory services.
PBC doesn’t compete with commercial banks. It cooperates with them where there is a mutual interest. All profits realized by PBC are re-channeled into new lending and investment operations.

CORE VALUES
PBC enjoys a culture that fosters diversity. Our people are drawn from every corner of Palestine. PBC values of honesty, integrity, transparency, competitiveness and teamwork, which shines through in everything we do.
Raw confidence, bold dreams, hard work, commitment, positive attitude, responsibility and accountability in all the decisions we make, are the foundation elements, on which PBC stands and puts our staff at the top of their profession.

CORE COMPETENCIES
Keeping the whole process going and taking clients’ needs from application to implementation. This is PBC smooth flowing process. We employ a tightly constructed, experienced and well organized team of loan officers distributed all over the cities and villages of Palestine, supported by investment and credit officers, business development consultants, administrative staff, innovative management and leadership. This is the backbone of developing a sustainable business. A business that values professionals.
PBC professionals who know all about being focused with team spirit and winning attitude. No matter where PBC employees do business, there are many things that remain constant: people with fire on the inside, a desire to win, positive attitude with the vision to dream and the courage to act. It is what sets PBC apart from the rest of the pack. At PBC we live moments like this every day. Every day is a challenge, but it is the kind of place where winners excel. We push ourselves as hard as our entrepreneurs do, often harder.

PHILOSOPHY
We believe that our clients’ satisfaction is a function of our staff satisfaction. Investing in our staff, responding to our clients’ needs on real time, enables us not only to grow faster, but to build a diverse team of partners.
PBC doesn’t provide subsidized finance. Experience indicates that only profitable projects with viable operations can contribute to sustainable growth in developing economies. We are interested in projects that have effective development impact on the Palestinian economy. Our philosophy is that capital finance is not a guarantee for project success. This philosophy has been the driving force for the installment of the Corporate Advisory Unit, which offer technical back up and consultancy services to our clients.

PALESTINIAN BANKING CORPORATION
The Palestinian Banking Corporation (PBC) is a private sector investment and development bank incorporated in March 2001 with the overall objective to create a banking entity capable of offering comprehensive and secure banking services to the business sector and investors in a rapidly changing Palestinian environment. PBC roots go back to the Palestinian Development Fund (PDF) established in 1996 after the merger of three EU-funded credit agencies. During 1995 it was realized that the three credit agencies, Arab Development Credit Corporation (ADCC), Economic Development Group (EDG) and the Technical Development Cooperation (TDC) were providing similar services to same sectors. Based on this, it was decided to merge their operations to provide a larger organization capable of surviving into the future, particularly as the agencies had less than satisfactory performance in the repayment of loans during the period of the first Intifada (1987-1993), and were themselves too small to be self-sustainable. The merger formally took place in August 1996, when the PDF commenced operations in its own name, whilst retaining the Jerusalem registration of the three agencies to allow lending operations to continue legally in East Jerusalem. Since 1987, various donors have been funding the Palestinian Credit Agencies established for the purpose of assisting the Palestinian small and medium sized enterprises (SMEs) under funding agreements. The majority of the funding was coming from EU in the form of grants, which were only repayable if the funding objectives were not met. The funding has been used in revolving accounts, with the repayment of loans being used for new lending. The funding provided by the EU has been recently converted to equity in a Cyprus Foundation (The Euro-Palestinian Foundation Ltd.) to form the PBC’s initial capital.

LEGAL STATUS
PBC is a public shareholding company; majority owned by the Euro-Palestinian Foundation Limited (90.4%), the European Investment Bank 8.3% and 1.3% owned by others. The Euro-Palestinian Foundation is a Cyprus-registered offshore charitable trust established by the European Commission for the benefit of the Palestinian people as a whole, a terminology which has been used according to the original agreement with the European Commission to ensure that the control of the organization remains in the private sector. The individual Palestinian shareholders are the 40 trustees of the three original agencies.
PBC is managed by a Board of Directors composed of 11 members elected by the General Assembly with the chairman elected by the Board.

ANNUAL REPORT AND FINANCIALS

• Chairman’s Statement
• Auditor’s Report