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Tuesday, July 23, 2024
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Arab Jordan Investment Bank Purchases Standard Chartered’s Banking Business in Jordan

Arab Jordan Investment Bank Purchases Standard Chartered’s Banking Business in Jordan

Arab Jordan Financial Investment Bank (AJIB) has signed an arrangement to acquire Common Chartered Financial institution’s organization in the Hashemite Kingdom of Jordan, following the authorization of the Reserve bank of Jordan

The contract details that the company, industrial and also institutional financial (CCIB), as well as the consumer, private and also company financial (CPBB) companies of Requirement Chartered in Jordan, will certainly be wholly migrated to AJIB.

The move likewise sees every one of the staff members of Requirement Chartered Financial institution in Jordan transfer to AJIB. Because of this, both entities will work together over the coming months to shift every one of the clients as well as staff across.

The purchase of business in Jordan comes as AJIB seeks to grow its financial organization market share in the country. It intends to proceed this expansion after AJIB’s procurement of HSBC’s banking service in Jordan in 2014, alongside the National Bank of Kuwait’s banking service in Jordan in 2022.

AJIB’s latest purchase highlights its strong setting economically, as it looks to enhance its existence in the Jordanian banking industry.

AJIB strengthens position in Jordan

Sunil Kaushal, local chief executive officer of Criterion Chartered Financial Institution between East as well as Africa (MEA), described that the contract with AJID straightens with Criterion Chartered’s own global technique. Requirement Chartered is seeking to provide efficiencies, lower intricacy, in addition to redirect resources within the AME area to locations with the best potential to drive scale, grow and far better support clients.

Kaushal commented: “Our arrangement with AJIB will certainly allow us to increase our technique and also leverage on their record of previous procurements to satisfy the monetary requirements of our customers. We will work very closely with AJIB to service the requirements of our global customers in Jordan. While we will be marketing our local business, we will certainly remain to help with and be a bridge for worldwide capital flows into Jordan.”

Hani Al-Qadi, chairman of the board of directors of Arab Jordan Financial investment Financial institution, also reviewed the purchase. Al-Qadi claimed: “Standard Chartered Financial institution is a prominent local as well as global bank with greater than 160 years of experience, the bank has existed in Jordan for greater than 98 years.

” The regulatory authorities have actually likewise already authorized this agreement. We anticipate functioning carefully with Conventional Chartered’s team over the coming couple of months in the direction of achieving an effective verdict to this transaction without impact on customers and employees.”

Last Updated: 28 March 2023

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