AJIB Completes the Acquisition of Standard Chartered Bank's Operations in Jordan

Arab Jordan Investment Bank— AJIB announced today, Sunday, 13th August 2023, the completion of the acquisition and transfer of Standard Chartered Bank's banking operations and its branches in Jordan. The transfer process was carried out seamlessly in accordance with applicable regulations and was accomplished in less than five months from the date of signing the sale and purchase agreement with Standard Chartered Bank.

Hani Al-Qadi, Chairman of AJIB said: "This milestone acquisition contributes to reinforcing AJIB’s position as one of the largest banks operating in Jordan, enhancing its market share through pursuing growth opportunities and expanding its presence, while delivering on its strategy of innovative banking solutions and digital transformation."

Sunil Kaushal, Regional CEO for Africa and Middle East at Standard Chartered Bank said: “We’ve worked closely with AJIB to complete this acquisition and as we transition the business to AJIB, I wanted to thank the regulators in Jordan for their support and all employees for their contributions and wish them best in their future career with AJIB. Standard Chartered will continue to facilitate and be a bridge for international capital flows into Jordan.”

AJIB was selected by Standard Chartered Bank, a leading global and regional bank that is the oldest operating bank in Jordan since almost a century ago, as the preferred bidder in March 2023.

Al-Qadi highlighted AJIB’s ability and extensive experience in acquisitions, the last of which was the purchase of the banking operations of National Bank of Kuwait - Jordan in 2022. This was preceded by the acquisition of HSBC's banking operations in Jordan in 2014, which was then the largest foreign bank operating in the Jordanian market. The successful execution of these acquisition transactions, along with the financial strength of the bank contributed to the success of this acquisition, which has enhanced the bank's position in the Jordanian banking market.

Former clients of Standard Chartered Bank— Jordan will enjoy AJIB’s extensive services through a wide range of advanced banking products and solutions for individuals, companies, and private banking clients. Additionally, they will benefit from a wide network of branches, offices, and ATMs spread across strategic locations, residential areas, and major commercial areas throughout Jordan. The bank also has international presence in Cyprus, Qatar, and the UK, along with diverse brokerage and leasing services provided by its subsidiaries.