AMMAN: Arab Jordan Investment Bank (AJIB) has entered into a memorandum of understanding with Gulf Commercial Bank of Iraq, setting the stage for a potential equity acquisition of up to 20% over the next two years. The agreement is aimed at enhancing Gulf Commercial Bank's market presence and bolstering Iraq's banking sector by introducing comprehensive financial services. According to Jordan News Agency, the strategic partnership intends to utilize AJIB's banking expertise to advance Gulf Commercial Bank's position in the market. Gulf Commercial Bank, a Private Joint Shareholding Company established in 1999, operates 19 branches across Iraq and has been a significant contributor to the country's economic development. AJIB Chairman Hani Al-Qadi described the partnership as a crucial milestone in expanding AJIB's presence in the Iraqi market, emphasizing the bank's commitment to supporting Gulf Commercial Bank's growth and enhancing its role in Iraq's financial landscape. Gulf Commercial Bank Chairman Mohamm ed Saleh Faraj expressed optimism about the collaboration, citing AJIB's strong financial position and extensive banking services as key advantages. This agreement is the latest in AJIB's regional expansion efforts, following acquisitions of Jordanian operations from HSBC, the National Bank of Kuwait, and Standard Chartered. Additionally, AJIB has established Al Kawthar Leasing Company, an Islamic leasing subsidiary. The partnership is subject to regulatory approvals and is anticipated to be finalized in the coming months.