Arab Jordan Investment Bank (AJIB) has signed an agreement to buy Standard Chartered’s business in the Hashemite Kingdom of Jordan, following the approval of the Central Bank of Jordan.
Under the agreement, the Corporate, Commercial & Institutional Banking (CCIB), and Consumer, Private & Business Banking (CPBB) businesses of Standard Chartered in Jordan will be migrated to AJIB.
Additionally, all Standard Chartered Bank Jordan’s employees will also be transferred to AJIB. The two banks will work closely in the coming months to provide a seamless transition for its clients and staff.
According to Sunil Kaushal, the Regional Chief Executive Office of Standard Chartered Bank in Africa & the Middle East, the agreement with AJIB for the sale of the bank’s business in Jordan is aligned with Standard Chartered’s global strategy to deliver efficiencies, reduce complexity, as well as redirect resources within the AME region to areas with the greatest potential to drive scale, grow and better support clients.
“Our agreement with AJIB will allow us to accelerate our strategy and leverage on their track record of previous acquisitions to meet the financial needs of our clients. We will work closely with AJIB to service the needs of our global clients in Jordan. While we will be selling our local business, we will continue to facilitate and be a bridge for international capital flows into Jordan,” said Kaushal.
Hani Al-Qadi, Chairman of the Board of Directors of AJIB, stated: “Standard Chartered Bank is a leading regional and international bank with more than 160 years of experience, the bank has been present in Jordan for more than 98 years. We are also pleased to announce that this agreement has already been approved by the regulatory authorities. We look forward to working closely with Standard Chartered’s team over the coming few months towards achieving a successful conclusion to this transaction without impact on clients and employees.”
This purchase falls within AJIB’s strategy to grow its banking business market share in Jordan, which continues to expand following the bank’s series of landmark acquisitions of HSBC's banking business in Jordan in 2014 and the National Bank of Kuwait’s banking business in Jordan in 2022. Signing this agreement today is a testimony to the bank’s strong financial position and further enhances AJIB’s presence in the Jordanian banking sector.-- TradeArabia News Service