(MENAFN) Standard Chartered Bank has announced its plans to sell its Jordanian business to Arab Jordan Investment Bank (AJIB) in its bid to exit seven markets in Africa and the Middle East. According to a statement released by the bank, the agreement with AJIB is subject to central bank approval and will include the migration of Standard Chartered's corporate, commercial and institutional banking, consumer lending and private banking businesses to AJIB. The bank has also assured that all its employees in Jordan will be transferred to AJIB as part of the agreement.
The move is in line with Standard Chartered's global strategy to deliver efficiencies, reduce complexity and redirect resources within the Africa Middle East region to areas with the greatest potential to drive scale, grow and better support clients. The bank's Africa and Middle East CEO, Sunil Kaushal, said that the agreement is in line with the bank's efforts to deliver greater value to clients and shareholders while ensuring that it remains competitive in the current market.
For AJIB, this purchase is in line with the Jordanian lender's growth strategy as it seeks to expand its market share in the country. AJIB had previously acquired HSBC's banking business in Jordan in 2014 and National Bank of Kuwait's banking business in Jordan in 2022. With the acquisition of Standard Chartered's Jordanian business, AJIB is set to further strengthen its position in the Jordanian market.
The move by Standard Chartered highlights the increasing focus on efficiency and competitiveness in the banking sector as banks look to streamline their operations and focus on areas with the greatest potential for growth. The acquisition by AJIB is also a testament to the growing strength of the Jordanian market and its potential for growth in the coming years.
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