Ajib Acquires Standard Chartered Banking Operations In Jordan

(MENAFN- Jordan News Agency)

Amman, Aug. 13 (Petra) -- The Arab Jordan Investment Bank (AJIB) has successfully completed all necessary procedures to transfer its banking operations to Standard Chartered bank and its branches in the Kingdom.
The AJIB released a statement on Sunday revealing that the acquisition process was carried out seamlessly in under 5 months since an agreement was signed between the two banks.
This move grants Standard Chartered customers in Jordan a variety of advanced banking solutions and electronic products offered by AJIB. In addition, they can benefit from investment and private banking services, a large network of branches and ATMs, the presence of the bank in Cyprus, Qatar, and the United Kingdom, and brokerage and financial leasing services provided by AJIB's subsidiaries.
According to AJIB chairman Hani Al-Qadi, the acquisition will help solidify AJIB's position as one of the largest banks in Jordan's market. By actively seeking out growth opportunities and expanding its presence, the acquisition will also help the bank increase its market share.
He added that AJIB has a strong track record in acquisitions, with the most recent being the acquisition of the banking operations of National Bank of Kuwait - Jordan last year. This was preceded by the acquisition of the banking operations of HSBC Bank in Jordan in 2014, which was the largest foreign bank in the Kingdom at that time.
The CEO of Standard Chartered Africa and Middle East, Sunil Kaushal, expressed his gratitude to the Jordanian authorities for their support during the past few months while working closely with AJIB to finalize the acquisition deal.
Kaushal also affirmed that Standard Chartered will continue to function as a bridge for international capital flows to the Jordanian market.

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