Sunday, 4 June 2023

To target fastest growing markets, such as Saudi Arabia and ‎Egypt.. “Standard Chartered” to sell its unit in Jordan

Read More

Standard Chartered Bank intends to sell its unit in Jordan to Arab Jordan Investment Bank, according to what the two parties announced today, Sunday, as part of Standard Chartered’s efforts to move forward with plans related to exiting seven markets in Africa and the Middle East.

According to “Reuters”, the bank concluded an agreement with the Arab Jordan Investment Bank, which requires the approval of the Central Bank of Jordan to activate it, according to which Standard Chartered’s corporate, commercial and institutional banking activities, as well as consumer lending and private banking, will be transferred to the Bank of Jordan.

The bank said in a statement sent via e-mail that all of its employees in Jordan will be transferred to the Arab Jordan Investment Bank.

Sunil Kaushal, Chief Executive Officer for Africa and the Middle East at Standard Chartered, said that the agreement is in line with the banks’ global strategy “to achieve efficiency and reduce complexity as well as redirect resources within the Africa and Middle East region to areas that have the greatest potential for upgrading, growth and customer support.” better.”

The Arab Jordan Investment Bank said that the purchase comes within the framework of its strategy to increase its market share in the country, which increased after it acquired the HSBC unit in Jordan in 2014 and the unit of the National Bank of Kuwait in Jordan in 2022.

The Bank announced in April 2022 that it plans to exit seven markets, namely Angola, Cameroon, Gambia, Jordan, Lebanon, Sierra Leone and Zimbabwe.

The bank said at the time that it was seeking to get out of the markets in which it operates on a small scale and narrow its focus to focus on the fastest growing markets in the region, such as Saudi Arabia and Egypt.

Related Posts