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AMMAN, Feb 17 (Reuters) – Jordan’s Capital Financial institution agreed a
deal on Thursday to accumulate Societe Generale Financial institution Jordan (SGBJ),
its chairman stated, in its second foray inside a yr to increase
its foothold regionally and domestically.
Capital Financial institution will purchase 100% possession of SGBJ, a totally
licensed Jordanian financial institution, together with its wholly owned monetary
brokerage agency, its chairman Bassem Al-Salem instructed Reuters. He
didn’t disclose the worth of the deal.
“This acquisition will assist assist the financial institution’s drive to
enhance its aggressive place in its house market and push
ahead its regional growth plans,” Al Salem stated.
The board of Capital Financial institution in December accepted a compulsory
provide to accumulate SGBJ, which is 87.7% owned by Societe Generale
de Banque au Liban, in response to the most recent data on
SGBJ’s web site.
Final yr Capital Financial institution, considered one of Jordan’s largest banks,
accomplished its acquisition of Lebanese Financial institution Audi’s companies in
Iraq and Jordan in a transfer to diversify and increase its regional
operations.
The financial institution can be pursuing growth in Iraq through its 62%
majority shareholding in Nationwide Financial institution of Iraq, a retail financial institution
whose belongings have nearly doubled inside a yr to $1.1 billion,
Al Salem stated.
Capital Financial institution additionally acquired approval from the Saudi cupboard
to open a department of the Nationwide Financial institution of Iraq in Saudi Arabia,
which might increase commerce finance between the three neighbouring
nations.
Belongings of Capital Financial institution, whose shareholders embrace Jordan’s
most important industrialists and companies, have grown 45% in lower than
a yr to round 6 billion dinars ($8.5 billion), Al Salem stated.
The financial institution has lately expanded to serve small and
medium-sized corporations and retail clients.
($1 = 0.7080 Jordanian dinars)
(Reporting by Suleiman Al-Khalidi; Enhancing by Susan Fenton)
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