The Arab Jordan Investment Bank (AJIB) on Sunday signed a deal, subject to central bank approval, to buy out Standard Chartered Bank’s Jordan business. Under the deal, the Corporate, Commercial and Institutional Banking (CCIB), and Consumer, Private and 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 an AJIB statement. Commenting on the agreement, Hani Al-Qadi, Chairman of the Board of Directors of Arab Jordan Investment Bank, stated, “We are pleased to sign this agreement today and to have been selected by Standard Chartered Bank as the preferred buyer. 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.” He indicated that the 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.
Source: Jordan News Agency