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Standard Chartered is planning to sell its business in Jordan, and Arab Jordan Investment Bank (AJIB) has been named as the buyer. The two companies were said to have signed the agreement for sale last weekend.
Standard Chartered is selling its Jordanian business unit as part of its plans to withdraw in seven markets in the Middle East and African region. According to Reuters, the London-headquartered consumer banking corporation’s deal with AJIB is still subject to the approval of the central bank.
After the completion of the deal, corporate, commercial and institutional banking, consumer lending and private banking businesses of Standard Chartered would be transferred to AJIB. As for the company’s workers, they will also be transferred to the Jordanian investment bank.
In a statement, AJIB said that its acquisition of Standard Chartered’s business is also part of its strategy in increasing its market share in the country. The company already applied this tactic before when it bought HSBC’s Jordanian banking unit in 2014, followed by another purchase of Kuwait’s National Bank’s banking business in 2022. Both acquisitions were said to have helped AJIB to grow continuously up to this time.
The Jordan Times reported that after signing the agreement, Standard Chartered and AJIB would be working closely in the coming months. This needs to be done for a smooth transition not only for the employees but for the customers as well.
“Our agreement with AJIB will allow us to accelerate our strategy and leverage on their record of previous acquisitions to meet the financial needs of our clients,” Standard Chartered Bank in Africa & the Middle East’s regional chief executive officer, Sunil Kaushal, said in a statement. “We will work closely with AJIB to service the needs of our global clients in Jordan. While we will be selling our local business, we will continue to facilitate and be a bridge for international capital flows into Jordan.”
Hani Al Qadi, AJIB’s chairman of the board of directors, also commented, “We are pleased to sign this agreement and to have been selected by Standard Chartered Bank as the preferred buyer. We are also pleased to announce that this agreement has already been approved by the regulatory authorities.”
Photo by: Cheung Yin/Unsplash
